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  • noun

Words related to escheat

a reversion to the state (as the ultimate owner of property) in the absence of legal heirs

the property that reverts to the state

References in periodicals archive ?
The law will cause plaintiffs "to incur significant monetary loss from increased administrative costs expended to adhere to the act's requirements and reduced cash flow resulting from the earlier escheat of funds to the state," the suit says.
To the extent that a gift card issuer has had a gift card program for several years, they also need to be aware of state unclaimed property or escheat laws, which might require unredeemed balances to be reported to a given state," she explained.
In that case, New Jersey had codified the so-called place-of-purchase presumption, under which stored-value cards purchased in New Jersey would escheat to New Jersey even if the primary state exempted that property from escheatment.
Under escheat laws, the holders of abandoned property are required to remit the property to the applicable state, which then holds the property in custody for the owners.
13) This Note will begin by explaining the history and development of escheat law, from its common-law origins in England to its modern evolution in the United States.
15) Part I introduces the concept of escheat, notes the significance of revenue-raising unclaimed property laws, and details a recent holder-initiated substantive due process challenge to such an escheat statute, which has raised the specter of challenges to similar unclaimed property 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.
ACH disbursements also helped the treasury meet its goal of reducing escheat workloads.
Subjects range from debts, escheat, recital, devisee and more specialty terms but definitions are geared to consumers, investors and others both within and outside the industry, making it a perfect pick for both specialty college-level courses in real estate and the general-interest library.
A city's zoning ordinances are the single most affective tool to implement the general plan, however, on the fringes, land use can be shaped through the governments right of taxation, eminent domain, and escheat (the right for the government to assume title in certain estate situation).
Some states exclude gift cards outright from the state escheat (defined as the reversion of property to the state in the absence of legal heirs or claimants) laws, while others (including New York) explicitly require unspent gift card funds to be paid to the state.
In this regard, one could petition the king for a lettre de naturalite and thereby escape the royal right of escheat (a process that usually cost around 600 livres, a not inconsiderable sum that was out of reach for many immigrants).
Instead, he had come to London as the representative of a grassroots rural protest movement now known as the Escheat movement.
15, six states), and (h) statutes expressly abolishing the common law of escheat or forfeiture of the land and property of suicide victims to the state (r = -0.
At the lower end of the scale, she noted, control areas include escheat, payroll taxes, and excise taxes.