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 ?
The signatures at the bottom of the LeBone petition provide additional evidence that LeBone and leaders of the Escheat movement were thinking in terms of shared problems and of the benefits of cooperation in the 1830s.
In such cases in which this information is unavailable, the holder would escheat the property to the state of the holder's domicile.
Because of widespread noncompliance (or frequent compliance lapses), many business professionals may one day confront the need to "jump start" an escheat compliance program.
New Jersey to the effect that a debtor's state of incorporation may escheat if the ".
We accordingly adhere to Texas and Pennsylvania and award the right to escheat under the secondary rule to the State in which the debtor is incorporated.
New Jersey by awarding the secondary right to escheat to the state in which the holder is a "domiciliary.
If, within the statutorily imposed period, the owner does not reestablish contact or exercise control over the property, the property becomes subject to escheat in the state with jurisdiction over the property.
Single copies of the ED, titled Accounting for Escheat Property, are available gratis from the GASB order department by calling (203) 847-0700, ext.
Delaware contended that it had the right to escheat funds held by intermediaries incorporated in Delaware and filed suit.
At that time, poor data quality within older policy records - many of which date back to the 1920s when address standards, state abbreviations, postal codes and data collection requirements were far different than today - clouded the determination of where to escheat unclaimed assets.
States' agents are increasingly calling on corporate issuers to disclose and escheat property related to their securities offerings.
Gift certificates, layaway deposits and store credits may also create significant liabilities if state escheat law requirements are not met.