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 ?
Each state has been left to create its own unclaimed-property laws and regulations outlining property types qualifying as escheatable, reporting and remittance requirements for holders, dormancy periods, and the like.
The conclusion is the same for escheatable property arising out of uncashed checks.
A privately held company called Verus Financial, for example, is working with more than 30 state agencies to audit life insurers for escheatable funds.
In certain recent settlements, for instance, the insurer will receive a list of between 11,000 and 15,000 accounts per month over five or more months from the states' auditor that are accounts the auditor has identified as escheatable.
Some items are so clearly escheatable that FAS 5 does not apply, since there is no contingency other than one: that the liability will not be discovered by the appropriate state officials.
280) The Court held that the extreme impact of the statute on the economic value of the property in question was not outweighed by the reciprocity of advantage to the heirs and the tribe from maintaining any escheatable interests in the tribe, or consolidating Indian lands in the tribe.