escheat

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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 acquisition of property by a state or government from the estate of a deceased person. An escheat occurs when the deceased person has no will, no relatives, and no survivors to whom the property would otherwise go. Because it is rare for a person to have no relatives at all, escheats are fairly unusual. The concept has its origins in feudalism, when the immediately superior feudal lord would inherit property that would otherwise be left without an owner. Different states have different laws governing escheats.

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.

escheat

The reversion of property to the state because of the lack of anyone to inherit it.

References in periodicals archive ?
The code for tonsillectomy in patients aged 12 and older (42826) is appropriate regardless of which method is used to perform the procedure.
Again, the voluntary and non-binding nature of the mediation procedure should afford the IRS ample protection from being whipsawed or otherwise disadvantaged in any particular case.
A plausible but incorrect client explanation can lead to unnecessary, costly procedures in testing the explanation.
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108 states the auditor "must develop an audit plan in which the auditor documents the audit procedures to be used that, when performed, are expected to reduce audit risk to an acceptable low level.
Second, improving patient understanding of the procedure helps ensure they follow physician instructions carefully.
2004-23 explains the procedures for obtaining automatic consent to change an accounting method provided in the recently published Sec.
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Generally, a taxpayer that wants to change its treatment of advance payments to either the full-inclusion or deferral method may obtain automatic consent under revenue procedure 2002-9 (as modified by revenue procedure 2002-19, announcement 2002-17 and revenue procedure 2002-54), ignoring section 4.
On the other hand, the procedure notes created in PowerNote became automatically available to the EMR as soon as they were created.
Written in an informal style, Writing Effective Policies and Procedures can assist any writer in becoming a word master, word miser, and a design expert capable of shaping a policy or procedure document to meet the needs of the intended readers.
To determine a breakpoint for the admission chronic disease score, we followed the same procedure, except logistic regression was used rather than conditional logistic regression.

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