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 ?
Under the amnesty, the state received 4,927 holder reports detailing 145,903 properties valued at $196 million, representing more than 25 percent of the $780 million escheated by California in total during the two fiscal year periods during which the amnesty ran.
for escheat radical William Cooper: we learn that Cooper, in addition to
The law will cause plaintiffs "to incur significant monetary loss from increased administrative costs expended to adhere to the act's requirements and reduced cash flow resulting from the earlier escheat of funds to the state," the suit says.
The ability to escheat necessarily entails the ability not to escheat.
While in feudal times the escheat of property related primarily to tangible real and personal property, today all 50 states and U.S.
In such a case, enforcing a negative will in the event of a partial intestacy would cause a portion of the estate to escheat to the state.
"The UPL [Unclaimed Property Law] is not a permanent or 'true' escheat statute.
The company sued the state two years ago, challenging Delaware's method of calculating liability for abandoned property, or escheat. The lawsuit was filed almost a decade after Staples said in a voluntary disclosure that it owed about $137,000 in past due escheat payments.
Chapter 30, "Other Specialized Applications," discusses a number of specialized topics specifically addressed by authoritative accounting standards: compensated absences; grants (recipient perspective); investments; lease accounting; special assessments; sales and pledges of receivables; joint ventures and similar arrangements; sales and pledges of future revenues; escheat property; service concession arrangements; and bankruptcies.
(84) Section 207 of ILCA, which provided that small, fractionated interests of low value would escheat to the tribe at the death of the landowner, (85) turned out to be controversial.