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 1981 and 1995 Acts authorize the use of estimation and statistical sampling techniques to determine amounts that should be escheated if a holder fails to maintain adequate and accurate records.
Instead, most escheated gift card money reverts to the state's general fund.
Furthermore, earlier 'private' Plantations, for example those in Antrim and north Down, would have had a higher Scots to English ratio than the six escheated counties because these private Plantations had largely excluded English settlers (Montgomery 2003: 237).
Thereafter the legislature repealed this measure and directed that all escheated property which the trustees had not already sold should revert to the state.
three children were included in his estate that escheated to the state.
* The escheated funds that derive from monies allocated for distribution to creditors in bankruptcy cases that are never actually distributed because the creditors cannot be located.
(2) In 1783, as the original grantees did not live up to their obligations, it was escheated and taken back by the Crown.
The settlements with insurance departments focused on such "asymmetrical" use of the DMF as a potentially unfair and deceptive trade practice, while the settlements with state treasurers were based on identification of escheated benefits through initial runs of the DMF on in-force policy databases.
The division also handles probate matters in respect of escheated estates.
that parcel, estate or interest to the Nisga'a Nation." (155) While the formal rights of the Crown to escheated property remain constant, the perpetual right of the Nisga'a Nation to repossession may reflect the creation of a new type of interest in law.
New York-based Keane offers services such as risk mitigation, customer communication programmes, recovery of escheated assets, consulting and reporting, among others.
Ultimately, Verus officials say, perhaps 75 to 80 percent of the escheated funds are returned to beneficiaries.