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escheat |
Also found in: Legal, Financial, Encyclopedia, Wikipedia, Hutchinson | 0.03 sec. |
escheat [iss-cheat] Law Noun 1. formerly, the return of property to the state in the absence of legal heirs 2. the property so reverting Verb to obtain (land) by escheat [Old French escheoir to fall to the lot of] Escheat of lawyers—Lipton, 1970. ThesaurusLegend: Synonyms Related Words Antonyms
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| It thus held that owner-unknown property escheats to the state in which the debtor is incorporated. The literary fund is a constitutional perpetual fund for school purposes that receives escheats, fines, forfeitures, unclaimed property, and unclaimed lottery prizes. Under the secondary rule, property for which there is no owner's last known address escheats to the holder's state of "corporate domicile" (state of incorporation). |
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