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.
State laws dealt solely with real-property escheatment throughout most of the nineteenth century, but by its end, some states had begun to apply escheat principles to personal property.
108-656, 4-8 (2004) (outlining escheatment and purchase options, as well as funding for tribal probate codes and fractionated land purchase).
(Recall that if a state does not escheat gift cards, another state can step in and claim escheatment of the property.)
All other undeliverable checks, or any checks that are still outstanding according to your stale-date parameters, can be automatically voided and associated information sent to your supplier's escheatment area for tracking, regulatory reporting and distribution of the funds.
In fact, such legislation had already been proposed as the Equitable Escheatment Act.
Are you familiar with the terms unclaimed property or escheatment? Credit managers have high exposure to accounts receivable and current customer accounts, giving them the ability to effectively minimize unclaimed property risk in this area of the company.
Generally speaking, under unclaimed property laws (or escheatment), a holder of unclaimed property that is not ultimately returned to its owner must report and remit that property to the proper state after a designated period of time.
Credit Cards, Escheatment, Market Place Fairness Act and Sales Tax Compliance 3:30-5:00pm CONCURRENT EDUCATIONAL SESSIONS 24090.
Credit Cards, Escheatment, Marketplace Fairness Act and Sales Tax Compliance (O)
Additionally, issues addressed are escheatment and unclaimed property laws and the requirements they impose on companies that hold unclaimed property; H/R issues; and setoff and recoupment rights where a trade creditor buys from and sells to its customer.
What resources, tools and systems are available to help achieve escheatment compliance?