escheat
Definition
Reversion of a property or monies to the State if their owner dies intestate without any heirs, or when a bank account remain inactive for a certain number of years and the efforts to contact the account holder prove fruitless. However, the money in the bank account (less any service charges) can be redeemed if the account holder reappears. From French 'escheoir,' to devolve.
escheat is in the Accounting & Auditing, Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
escheat appears in the definition of the following term: unclaimed balance
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