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Business Definition for: escheat

escheat

return of property (for example, land, bank balances, insurance policies) to the state if abandoned or left by a person who died without making a will. If rightful owners or heirs later appear, they can claim the property.

escheat

reversion of property to the state under certain prescribed conditions when the owner dies without heirs or if a depositor's account remains inactive for a specified number of years and the owner cannot be located. Property may be redeemed if the owner reappears.

escheat

the reversion of property to the state in the event that the owner dies without leaving a will and has no legal heirs.

escheat

the reversion of property to the state in the event that the owner dies without leaving a will and has no legal heirs.

Example: Abel dies without a will. No heirs are found. His property escheats to the state.

Copyright © 2006, 2003, 1998, 1995, 1991, 1987, 1985 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2004, 2000, 1997, 1993, 1987, 1984 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.