escheatment Definition
the reversion of property to the state or to the Crown when there are no legal heirs.
Using escheatment: Examples
Take a moment to familiarize yourself with how "escheatment" can be used in various situations through the following examples!
Example
The property was subject to escheatment after the owner died without any heirs.
Example
Escheatment laws vary by state and country.
Example
The government claimed escheatment of the abandoned property.
escheatment Synonyms and Antonyms
Synonyms for escheatment
Phrases with escheatment
a provision in a contract or will that specifies what happens to the property if the owner dies without any legal heirs
Example
The will included an escheatment clause that stated the property would go to the state if there were no legal heirs.
a fund created by a state to hold unclaimed property until it can be returned to its rightful owner or claimed by the state through escheatment
Example
The state treasurer manages the escheatment fund and is responsible for returning unclaimed property to its rightful owners.
the length of time after which unclaimed property is subject to escheatment
Example
In some states, the escheatment period is three years, while in others it may be longer.
Origins of escheatment
from Old French 'escheoir', meaning 'to fall to one's share'
Summary: escheatment in Brief
'Escheatment' [ɪsˈtʃiːtmənt] refers to the reversion of property to the state or Crown when there are no legal heirs. It is governed by laws that vary by state and country, and often involves unclaimed property. The term includes phrases like 'escheatment clause,' which specifies what happens to property without heirs, and 'escheatment fund,' which holds unclaimed property.
