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escheat
(redirected from escheats)

    Also found in: Dictionary/thesaurus, Legal, Wikipedia, Hutchinson 0.06 sec.
Escheat
When property and/or an estate is transferred to the government because a person has died without a will or an heir to his or her estate.

Notes:
Transferred property can be claimed back by relatives if they have a worthwhile case.

Escheat
Reversion of monies or securities to the state in which the securityholder was last known to reside, when no claim by the securityholder has been made after a certain period of time fixed by state law. This is known as the holding period or cut-off date.
escheat
The right of the state to claim a deceased person's property when there are no individuals legally qualified to inherit it or to make a claim to it. This occurrence is fairly unusual even when the deceased leaves no will.
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? Mentioned in ? References in periodicals archive
 
It thus held that owner-unknown property escheats to the state in which the debtor is incorporated.
Exemptions in unclaimed property: Fact or fiction? by Jensen, Garth V. / The Tax Adviser
The literary fund is a constitutional perpetual fund for school purposes that receives escheats, fines, forfeitures, unclaimed property, and unclaimed lottery prizes.
Fitch Rates Virginia Public School Authority's $262MM 2006B Bonds ... by Business Wire
Under the secondary rule, property for which there is no owner's last known address escheats to the holder's state of "corporate domicile" (state of incorporation).
Unclaimed property reporting for LLCs under Texas v. New Jersey by Winther, Christian M. / The Tax Adviser
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