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 ?
(40.) See Snider, supra note 12, at 57 ("Except for an early $10,000 loan [from the legislature] later converted into a gift, the campus had survived on funds from escheated lands and arrearages, private benefactions, two lotteries, and tuition fees."), 59 ("The student body grew from about 89 at the lime of [UNC President Swain's] arrival to over 450 by the opening of the Civil War....
Keane provides corporations, mutual funds, banks, brokerages, insurance companies and transfer agents with a suite of outsourced services, including locating account owners or beneficiaries, risk mitigation, customer communication programs, recovery of escheated assets, consulting, reporting and other unclaimed property compliance-related services.
This group of agreements anticipates this problem explicitly by providing that the Crown must transfer any escheated land to the First Nation.
In some states, escheated lands were often given as subsidies for the establishment or endowment of state institutions.
"If [a payment] is not claimed, it will be returned back to us, so it doesn't have to be escheated."
Therefore, her estate (consisting of a house appraised at 2,500 rubles) should have escheated to the state.
(115) In the other case, where the negative will took effect at once, the court declared that the testator's $3 million estate had escheated to the state, citing the Restatement's contention that global negative wills should operate no differently from those covering discrete heirs?
Several billion dollars wound up not being paid to the owners of the policies and was escheated to the states.
And heralds would gallop from town to town, summoning the beggarly and escheated ragtag crowds to raze Jewish dwellings and shops.
O'Brien says: "In the USA, when an account is dormant for three years, that money is escheated to the state, and our business there is to work with companies to stop this happening.
Mr O'Brien said: "In the USA, when an account is dormant for three years, that money is escheated to the state, and our business there is to work with companies to stop this happening.
(9) The benefits of a state's use of unclaimed property are compounded by the fact that underlying owners, to whom the property rightfully belongs, rarely claim escheated property from the state.
Unclaimed property laws stipulate that the funds are supposed to be put into an account that is eventually escheated (turned over) to the state of John's last-known address as unclaimed property.
That is--until the property was escheated. My desire to join
2008) (concluding that, in a system where the goal is to reunite people with their unclaimed property, it would be irrational to provide immunity to a corporate issuer that mischaracterizes a shareholder's stock as escheated and fails to notify that shareholder of the transfer of that stock to the state).