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 ?
Once funds from unclaimed gift cards are escheated to the state, they generally remain with the state indefinitely However, current technology allows businesses to track balances and usage by each individual card (account).
Since the initial public offering, the company has escheated unclaimed cash and approximately ten million shares of common stock to eight states.
com a division of NAPPCO, is a free, national database that allows companies and individual owners of lost assets to search for their abandoned property after it has been escheated to the states.
is a leader in locating lost and abandoned assets that have been escheated to State and Federal Government agencies which are holding billions of dollars derived from dormant bank accounts, lost or forgotten stock and bonds, forgotten safe deposit boxes etc.
is a leader in locating lost and abandoned assets that have been escheated to State and Federal Government agencies which are holding billions of dollars derived from dormant bank accounts, lost or forgotten stocks and bonds, forgotten safe deposit boxes, money from health benefits and lost assets belonging to Estates.
is a leader in locating lost and abandoned assets that have been escheated to State and Government agencies, which are holding billions of dollars derived from dormant bank accounts, lost or forgotten stocks and bonds, unclaimed certificates of deposit, abandoned safe deposit boxes, money from health benefits and lost assets belonging to estates.
is a leader in locating lost and abandoned assets that have been escheated to State and Federal Government agencies which are holding billions of dollars derived from dormant bank accounts, lost or forgotten stocks and dividends, unclaimed certificates of deposits, forgotten safe deposit boxes, money from health benefits and lost assets belonging to estates.