escheat

(redirected from escheats)
Also found in: Dictionary, Legal, Financial, Encyclopedia, Wikipedia.
  • 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 dormancy period represents the period of time a gift card can go unused until it escheats to the state.
If neither State B nor State C escheats unused gift card balances, then State A may have a basis for escheating any unclaimed balances.
ACH disbursements also helped the treasury meet its goal of reducing escheat workloads.
The Escheats Fund, which holds long-forgotten cash from insurance policies, checking accounts and utility deposits, is flush with $600 million.
The Supreme Court has supplied a bright-line test and some jurisdictions have carved out escheat exceptions for certain types of property.
Until seven to 10 years ago, the majority of jurisdictions did not aggressively enforce their escheat statutes.
As state unclaimed property administrators continue to broaden their audit efforts to target more and more holders (or potential holders) of unclaimed property, LLCs and other noncorporate holders (such as limited partnerships) are beginning to discover that they are not immune from compliance requirements imposed by the escheat laws of 53 different jurisdictions (50 states, the District of Columbia, Guam and Puerto Rico).
Fajt said the increased escheat collections were a one-time occurrence that will not recur in future years.
In the area of escheat, most states just fall back on their "catch-all" provisions, which provide that any tangible or intangible property not specifically enumerated elsewhere in the statute escheats to the state in a set period.
Most of the non-tax collections are non- recurring revenue from Treasury earnings and escheats (unclaimed property).
Nearly half of the March surplus can be attributed to one-time revenue from escheats," Fajt said.
The Association has also supported legislation authorizing the State Treasurer to invest monies from the North Carolina Escheats Fund in partnerships or limited liability companies investing in equities and subordinated debt of innovation-based startups and other privately held enterprises.
Saad will oversee Sales and Use Taxes, Licenses, Escheats, Property Tax and Payroll Tax areas and will to report to James Misplon, Vice President, Taxes.
However, unlike the prior resolution programs, ultimate security derives from a 'sum sufficient' appropriation for debt service from the Literary Fund (a constitutional perpetual fund receiving escheats, unclaimed property, etc.
The state of the holder's domicile also has second priority escheat rights where the state of the owner's last known address does not assert a claim to the type of property in question (e.