The attention of the company was then directed, by a natural transition, to the little girl who had had the audacity to burn her hair off, and who, after receiving sundry small slaps and pushes from the more energetic of the ladies, was mercifully sent home: the ninepence, with which she was to have been rewarded, being
escheated to the Kenwigs family.
Make sure to designate an
escheat coordinator to work with the various departments that may generate potential UP, including, but not limited to, accounts payable, accounts receivable, payroll, and potentially marketing, human resources, and risk management.
Once a business has held the property for a statutorily mandated period (the dormancy period) without receiving communication from the owner, it becomes subject to
escheat, and the holder has a responsibility to report the property to the appropriate state.
Rusty Bittermann's work on Prince Edward Island's
escheatThe Connecticut Supreme Court cited The Dictionary of Real Estate Appraisal, sixth edition, definition of fee simple interest as "[a]bsolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and
escheat." The supreme court also cited the definition of leasehold interest as "[t]he right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease"; and the definition of leased fee interest as "[t]he ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires."
Cornwallis, through a sweeping settlement regime, granted proprietorial or effective ownership rights over land to the people who held it, doing away with practice of all land ownership being vested in the Sovereign and, even if a chunk of it was awarded as jagir to a grandee, its reversal to the crown by law of
escheat once the noble died.
Brodett, BuCor said that since the money was not established to be proceeds from any crime, 'there is no legal basis to
escheat them in favor of the government.'
The database also includes answers to questions on how cooperatives are treated under specific states' securities, antitrust,
escheat, and unclaimed property laws.
490 (1993) (establishing the right to
escheat unclaimed securities distributions).