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 ?
If the owner has registered the card, the registration information may provide a basis for escheating any remaining unclaimed balance to the state of the owner's residence (State B).
Although there were no requirements to act differently, unpaid or unclaimed policies now pose significant risks to insurance companies, and UPRR knows the most effective way to reduce this risk and avoid costly interest assessments is to find and pay the owners proactively rather than escheating.
Instead of turning these cases back to our clients, who then have to undertake the hardship of escheating the assets to the states.
Additionally, this past year saw Equisearch help their clients prevent the escheating in excess of 6,000 dormant accounts belonging to missing or deceased individuals.