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 ?
State laws dealt solely with real-property escheatment throughout most of the nineteenth century, but by its end, some states had begun to apply escheat principles to personal property.
Modern escheat is a vastly different legal form but provides a similar practical benefit to the state.
Violations of state escheat laws may also provide substantial penalties.
Rather, the inclusion of the LeBone petition within the broader documentation Cooper carried to London to press for land reform on Prince Edward Island suggests that Cooper and other Escheat leaders thought about property struggles in the colony as being between those who monopolized vast portions of the land base and those who actually lived on the land and needed it for their livelihood.
At the expiration of this period, the monies must be turned over to the state's escheat division.
Marvell telescopes time, bringing the two events together, and the result is the creation of a dramatic and providential moment of founding: "At the demolishing, this seat / To Fairfax fell as by escheat.
In two recent decisions, state escheat laws sere enforced against ERISA plans on the ground that their impact on ERISA plans was too tenuous to warrant preemption.
The BSP said banks must give three notices to dormant accounts: potential dormancy prior to the commencement of the dormancy period; charging of dormancy fee; and escheat of account pursuant to the Unclaimed Balances Act.
The company said it will also supplement its outsourced escheat reporting services and unclaimed property consulting and compliance services through the addition of key management and operational talent.
The DOL also stipulates that a plan should not escheat (return to a state) funds that belong to a missing or non--responsive participant.
The property would then escheat to the state, which assumes custody of the property.