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 ?
76) Due to a combination of the relative infrequency of owners coming forward to claim escheated property and the limited jurisprudence of auditing practices and procedures, states and their auditors have been able to move relatively unchecked in this area.
Given this low rate of reunification, escheated funds could be viewed as "interest-free loans that a state may never be required to repay.
However, interviews with the directors of unclaimed property of several states suggest that the amounts escheated from gift cards are substantial.
71, never received an explanation of why the $459 was escheated to the State but the $1,349.
Nationwide, the total value of the escheated properties in state custody is more than $33 billion, and less than a third will ever wind up back with its rightful owner.
It is a depository for moneys derived from the commonwealth from most criminal fines and forfeitures, escheated property, unclaimed lottery prizes, and investment income from these moneys.
In a new effort to help customers keep their own money and reduce the amount of checking, savings and other unclaimed balances sent to the state each year, First National Bank & Trust is announcing a major push to reduce dormant accounts and keep customers' money from being escheated to the Indiana Attorney General's Office.
It is a depository for moneys derived from the Commonwealth from most criminal crimes and forfeitures, escheated property, unclaimed lottery prizes, and investment income from these moneys.
The Company used substantially all of the proceeds from the private placement to purchase 592,730 shares of escheated convertible preferred stock at $0.
The schedule by which unclaimed property is escheated varies by state, but is generally within three to five years of abandonment.
com a division of NAPPCO, is a free, national database that allows companies and individual owners of lost assets to search for their abandoned property after it has been escheated to the states.