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 ?
from escheat leaders in formulating and delivering the petition is
"The act affects all insurance contracts issued by plaintiffs in force at any time after January 1, 1992, regardless of whether an insurance contract has been terminated, surrendered, expired, lapsed, already paid, or already escheated to the state," the lawsuit said.
(96) By 1742 there were 2,180 Acadians on Prince Edward Island (lie Royal); by 1758, only about 200: Wicken, Mi'kmaq Treaties, supra note 91 at 103; Bitterman, "Escheat Movement", supra note 92 at 173.
674 (1965), the Supreme Court established that unclaimed property first escheats to the state of the owner's address according to the holder's records, i.e., the primary state.
(109) From the beginning, though, British courts electing to give effect to negative wills carved out an exception for those resulting in an escheat, which the courts invalidated.
(5) Simply put, the transformation of unclaimed property into revenue first requires a state to "escheat," or take custody of property from a "holder," which is generally a corporation.
(90) In the midst of this legal battle, Congress amended ILCA to escheat interests that represented less than two percent of the total acreage and were incapable of earning $100 in one of the five years preceding the decedent's death.
If you have time, you can lead students into a discussion of the general operation of escheat laws.
A spokesman for the Crown Estate said: "The Crown Estate is aware that the freehold interest in the property may have recently become subject to escheat (property reverting to the State), and is awaiting documentation from the council.
He begins with cases, such as joint tenancy: accounting for continuity, leases: misled by a simile, and escheat: picking up the pieces.
ineligible for citizenship would escheat, or transfer to the state,