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 1981 and 1995 Acts authorize the use of estimation and statistical sampling techniques to determine amounts that should be escheated if a holder fails to maintain adequate and accurate records.
13 GREEN BAG 2D 73, 75 (2009) ("If no heir was immediately identifiable, a legal officer held a proceeding known as an inquest of office to determine if the property had escheated, that is, reverted to the Crown 'from defect of heirs' (propter defectum sanguinis).
Instead, most escheated gift card money reverts to the state's general fund.
Specifically, our investigation concerns whether the officers and directors engaged in a scheme to ignore information known or reasonably available to the company resulting in the retention of monies and accounts that should have been paid out to beneficiaries of Prudential's policyholders or escheated to the relevant state authorities after the expiration of the dormancy period.
71 "without explanation as to why this money was not escheated to the state of Illinois when the dividend monies were escheated, or explaining with any degree of certainty what the check was for.
The complaint alleges that, as a result of MetLife's death benefits practices and procedures, during the Class Period, defendants caused the Company to issue materially false and misleading statements concerning the Company's current and future financial condition and its potential liability to policyholders, their beneficiaries or relevant state authorities for millions of dollars in benefits that should have been paid out to policyholders or escheated to the states.
1 The subject property was escheated to Alachua County Tax Sale Certificate no.
In fact, unclaimed property is one of the fastest growing sources of state revenue, with the total value of escheated properties in state custody valued at approximately $35-40 billion nationwide.
Getting that asset back from the state once it's been escheated is very difficult.
brokerage accounts decreased by 2,392 in the month, including a reduction of 5,870 escheated accounts.
Earlier this year, ING DIRECT helped nearly 40,000 customers who were in danger of having funds escheated to their state get their money back through a careful and effective new notification process to its account holders.