Escheat

Escheat

The transfer of ownership rights to the government when no other legally qualified person can be located to take ownership of the property.

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Part of Speech: verb
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Industry/Domain: Business services
Category: Consulting
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Related terms

escheat

Legal services; Courts

The process by which a deceased person's property goes to the state if no heir can be found.

escheat

Business services; Consulting

The transfer of ownership rights to the government when no other legally qualified person can be located to take ownership of the property.

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In the context of payroll, the turning over of unclaimed wages to the state after a period of time determined by state law.

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Reversion of property to the state when there is no one competent or available to inherit.

escheat

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The process by which a person forfeits his property to the state if he dies without any heirs or descendants.

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