escheat

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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 ?
For example, having possession of owner information could imply that the issuing company should establish a basis for escheating to the state of the owner's residence, rather than the company's state of incorporation, since, as previously noted, priority over abandoned property goes to the state in which the owner claims residence.
The expiration of the relevant civil statute of limitations, however, typically does not prevent unclaimed property from escheating to the state.
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.
An additional, and growing, audit concern for issuers is proper identification and handling of accounts that are at risk of escheating due to "inactivity" - where there has been no demonstrable recent contact with a shareowner.