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 ?
107) When escheating funds, a state merely acts as a "conservator" of the property, rather than a primary party with a claim to the property.
Most courts considering this issue have determined that an escheating state cannot participate as a claimant unless the property at issue was deemed abandoned before the date of the filing of the bankruptcy petition.
For example, if the state that has priority (the state of the owner's residence) exempts businesses from escheating gift cards, then the state of the business's incorporation has a basis for stepping in as a surrogate to safeguard the owner's assets.
While due process prevents more than one jurisdiction from escheating a given property item (Western Union Tel.
The expiration of the relevant civil statute of limitations, however, typically does not prevent unclaimed property from escheating to the state.
These resources are what ultimately make the difference when we're working against the clock to protect clients' accounts from escheating.