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 ?
Moreover, this 50 percent figure is more impressive when one realizes that while policies are escheated to the states in groups of thousands, each policy payment must be returned one beneficiary at a time -- an exponentially more time-consuming process.
(43) The Uniform Unclaimed Property Act also condones the auditing of holders' records to determine compliance with state unclaimed-property laws, a lengthy look-back period for state and third-party auditors, and the use of statistical sampling if the holder has inadequate records to determine the actual amount that should be escheated. (44) Under the Uniform Unclaimed Property Act, large interest and penalty assessments may also result from a holder's failure to comply with a state's unclaimed-property laws.
evidenced, any property could in principle be escheated by the state at
* Companies are required to file an annual report stating the amount to be escheated to the applicable state(s).
If a company has access to a customer's address, any unredeemed balance must typically be escheated to the state.
Operating from 1610-1625 (Montgomery 2003: 235), this was a time when people in Scotland and England were encouraged to 'settle' land confiscated from Irish landowners in six escheated counties: Armagh, Fermanagh, London(Derry) (as the area became known), Tyrone, Cavan and Donegal (Montgomery and Gregg 1997: 572).
Rendering account on an item-by-item basis was customary in the case of the administration of escheated lands and others temporarily in the king's hands.
Prior to 2007, the process for handling gift cards and certificates was something of an annoyance for retailers because the unredeemed value of a gift card or gift certificate had to be escheated, or turned over, to the state Treasury Department five years after the date of issuance or two years after the expiration date, if one was used.
In these pages, Stow makes London's Old Jewry a synecdoche for an entire religion and people apprehended under the mark of belatedness: the Jews who dwelt there appear in his narrative as always already vanished, such as one "Benomy Mittun" (or "Bonevia Mitun") who had been the owner of a house deeded by Henry III to Semane the crossbowman, or one "Moses of Canterbury" whose house had been escheated to a Christian.
X is domiciled in a state that requires dormant gift certificates or gift cards to be escheated, and it has no record of the gift card owner's last known address.
Delaware receives a significant portion of escheated property, notwithstanding that its population is but 800,000.
Son of the executed earl of March, Mortimer had, with the support of the parliamentary peerage, received back part of his father's estate in late 1331.(25) However, he died a few months later, and the wardship of his three-year-old son, Roger, and his estate, escheated to the king.