escheat

escheat
Reversion of monies or securities to the state in which the securityholder was last known to reside, when no claim by the securityholder has been made after a certain period of time fixed by state law. This is known as the holding period or cut-off date. Bloomberg Financial Dictionary

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escheat es‧cheat [ɪsˈtʆiːt] noun [uncountable]
LAW a legal process in which someone's money and property are given to the state after they die if they do not have a will, or if there is nobody else with a legal right to receive their money or property:

• By the old doctrine of escheat, states and municipalities may capture unclaimed and dormant bank deposits.

— escheatment noun [uncountable]

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Ⅰ.
escheat UK US /esˈtʃiːt/ noun [U] LAW, PROPERTY
► a situation in which property or money becomes the property of the state if the owner dies without a will (= an official statement of what should happen to their property) and without legal heirs (= a person who can receive property or money from someone who dies): »

Whatever land is not actually owned by the public authority may be transferred to it by escheat.

► property or money for which no owner can be found and for that reason becomes the property of the state: »

Abandoned financial property, known as escheat, is one of the state's largest revenue sources

Ⅱ.
escheat UK US /esˈtʃiːt/ verb [T] LAW, PROPERTY
► to become the property of the state by escheat: escheat to sth »

Because Thompson died without having made a will, his property escheats to the state.


Financial and business terms. 2012.

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Synonyms:
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Look at other dictionaries:

  • escheat — es·cheat 1 /is chēt/ n [Anglo French eschete reversion of property, from Old French escheoite accession, inheritance, from feminine past participle of escheoir to fall (to), befall, ultimately from Latin ex out + cadere to fall] 1: escheated… …   Law dictionary

  • Escheat — is a common law doctrine that operates to ensure that property is not left in limbo and ownerless. It originally referred to a number of situations where a legal interest in land was destroyed by operation of law, so that the ownership of the… …   Wikipedia

  • Escheat — Es*cheat , n. [OE. eschete, escheyte, an escheat, fr. OF. escheit, escheoit, escheeite, esheoite, fr. escheoir (F. [ e]choir) to fall to, fall to the lot of; pref. es (L. ex) + cheoir, F. choir, to fall, fr. L. cadere. See {Chance}, and cf.… …   The Collaborative International Dictionary of English

  • escheat — [es chēt′] n. [ME eschete < OFr, lit., that which falls to one < pp. of escheoir, to fall to one s share < VL * excadere, to fall upon < L ex , out + cadere, to fall: see CASE1] Law 1. the reverting of property to the lord of the… …   English World dictionary

  • Escheat — Es*cheat , v. t. (Law) To forfeit. Bp. Hall. [1913 Webster] …   The Collaborative International Dictionary of English

  • Escheat — Es*cheat , v. i. [imp. & p. p. {Esheated}; p. pr. & vb. n. {Escheating}.] (Law) To revert, or become forfeited, to the lord, the crown, or the State, as lands by the failure of persons entitled to hold the same, or by forfeiture. [1913 Webster]… …   The Collaborative International Dictionary of English

  • escheat — (n.) the reverting of land to a king or lord in certain cases, early 14c., from Anglo Fr. eschete (late 13c.), from O.Fr. eschete succession, inheritance, originally fem. pp. of escheoir, from L.L. *excadere to fall out, from L. ex out, away (see …   Etymology dictionary

  • escheat — escheatable, adj. /es cheet /, Law. n. 1. 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.… …   Universalium

  • escheat — /əsˈtʃit/ (say uhs cheet) noun 1. (formerly) the reversion of land to the feudal lord or the Crown in the absence of heirs of the owner. 2. property or a possession which reverts by escheat. 3. the right to take property subject to escheat. –verb …  

  • escheat — es•cheat [[t]ɛsˈtʃit[/t]] Law. 1) law the reverting of property to the state or, as in England, to the crown when there are no legal heirs 2) law the right to take property subject to escheat 3) law (of property) to revert by escheat 4) law to… …   From formal English to slang

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