escheat

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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

Escheat

 

in civil law, the legacy of a deceased person that does not go to his heirs. An escheat may occur if up to the day of the donor’s death there are no heirs by law or will or if none of the heirs accepts the inheritance or if the heirs are deprived of the inheritance by the will. If in the absence of heirs the will does not dispose of all the property, the unwilled part of the inheritance is recognized as the escheat.

Under Soviet law, the escheat goes to the government according to the right of inheritance. The state becomes the owner of this property, based on evidence on the right to inheritance given by a notary’s office up to six months from the day of the donor’s death. The government, in the person of local financial officials, assumes responsibility for the debts of the donor to the limit of the value of the property. Property that reverts to state ownership in this way is turned over to state, cooperative, or social organizations for appropriate use.

V. A. KABATOV

escheat

The assumption of ownership of property by the state if no other owner can be found.
References in periodicals archive ?
Now consider a case in which the state with jurisdiction enforces escheatment laws for gift cards for 60% of unredeemed values.
Diane Green-Kelly, a partner in the Chicago office of Reed Smith, advises clients in escheatment, franchise and antitrust matters.
In addition, shareholders also approved two amendments to Covidien's Articles of Incorporation - one to provide for escheatment in accordance with U.
Jack Sunday commented, "While most transfer agents can handle the escheatment process well, issuers are often not paying attention to the advantages that shareholder location and asset recovery services can have on the escheatment process.
In this year's study, Wells Fargo achieved the highest rating across twenty-four categories, including service to shareholders, escheatment process, and costs control.
Further, on August 5, 2011, MetLife disclosed in its Form 10-Q filed with the SEC that regulatory investigations into its death benefits practices could result in additional escheatment to the states and administrative penalties, the costs of which could be substantial.
It also provides detailed questions and answers for people who UPRR has contacted in an attempt to reunite them with unclaimed property, making it easier to accomplish the necessary steps to claim property and prevent escheatment.
UPRR assisting oil and gas companies in locating lost mineral interest owners to reduce the risk of escheatment of benefits to states
Any unclaimed portions of the Liquidation Fund will eventually be escheated to applicable state authorities in accordance with applicable state escheatment laws.
With programs aimed at reconnecting owners with their assets before state-mandated escheatment, UPRR offers corporations a turn-key solution to improve customer relations by reuniting owners with their property.
8, 2010 /PRNewswire/ -- Unclaimed Property Recovery and Reporting LLC, (UPRR), a leader in the unclaimed property market since 1996 specializing in shareholder location, asset delivery, compliance, escheatment and risk management, today announced the opening of its newest office to expand their services to the mutual fund and insurance industries.
By locating owners and paying out these funds, oil and gas companies can reduce their risk and overall escheatment liability.