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escheat |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia, Hutchinson | 0.04 sec. |
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escheat Law 1. (in England before 1926) the reversion of property to the Crown in the absence of legal heirs 2. (in feudal times) the reversion of property to the feudal lord in the absence of legal heirs or upon outlawry of the tenant 3. the property so reverting How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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It thus held that owner-unknown property escheats to the state in which the debtor is incorporated. The literary fund is a constitutional perpetual fund for school purposes that receives escheats, fines, forfeitures, unclaimed property, and unclaimed lottery prizes. Under the secondary rule, property for which there is no owner's last known address escheats to the holder's state of "corporate domicile" (state of incorporation). |
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