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escheatmentenUK
escheatment (ɪsˈtʃiːtmənt) n (Law) law the process of submitting abandoned or unclaimed funds or property to the stateescheatmentreversion of ownership of property, especially real property, to the crown in the absence of persons legally qualified to inherit. Also called escheat. — escheatable, adj.See also: Property and OwnershipEncyclopediaSeeescheatEscheatmentenUK
EscheatmentThe process of turning over unclaimed or abandoned property to a state authority. Escheatment laws require mutual funds to turn over uncashed or returned check dollars and/or client account fund shares if the owner cannot be located within a length of time determined by each state.EscheatThe acquisition of property by a state or government from the estate of a deceased person. An escheat occurs when the deceased person has no will, no relatives, and no survivors to whom the property would otherwise go. Because it is rare for a person to have no relatives at all, escheats are fairly unusual. The concept has its origins in feudalism, when the immediately superior feudal lord would inherit property that would otherwise be left without an owner. Different states have different laws governing escheats. |