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escheat
[ es-cheet ]
noun
- Also escheatment. the reverting of property to the state or some agency of the state, or, as in England, to the lord of the fee or to the crown, when there is a failure of persons legally qualified to inherit or to claim.
- the right to take property subject to escheat.
verb (used without object)
- to revert by escheat, as to the crown or the state.
verb (used with object)
- to make an escheat of; confiscate.
escheat
/ ɪˈʃː /
noun
- (in England before 1926) the reversion of property to the Crown in the absence of legal heirs
- (in feudal times) the reversion of property to the feudal lord in the absence of legal heirs or upon outlawry of the tenant
- the property so reverting
verb
- to take (land) by escheat or (of land) to revert by escheat
Derived Forms
- ˈٲ, adjective
- ˈٲ, noun
Other 51Թ Forms
- ··· adjective
- un···· adjective
- ܲ··· adjective
51Թ History and Origins
51Թ History and Origins
Origin of escheat1
Example Sentences
Under the English and Welsh legal system, the freehold is now subject to an unusual and ancient process known as "escheat".
The “escheat” practice works by allowing the government of the state a company is based in to claim uncollected property that’s owed to the company after a set period.
The public financing account typically receives about $11 million annually from escheats, which is property such as old, unclaimed financial accounts that revert to state control.
You can check state escheat offices at Unclaimed.org, but searching for an IRA or bank account may require help.
The Keystone State has booked $655 million from escheat so far this fiscal year, $390 million more than in the year before the change, reports Christopher Craig, the Executive Deputy State Treasurer.
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