escheat

American  

[es-cheet] / ɛsˈtʃit /

noun

1. Also escheatment the reverting of property to the state or some agency of the state, or, as in England, to the lord of the fee or to the crown, when there is a failure of persons legally qualified to inherit or to claim.

2. the right to take property subject to escheat.

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verb (used without object)

1. to revert by escheat, as to the crown or the state.

verb (used with object)

1. to make an escheat of; confiscate.

escheat British  

/ ɪsˈtʃiːt /

noun

1. (in England before 1926) the reversion of property to the Crown in the absence of legal heirs

2. (in feudal times) the reversion of property to the feudal lord in the absence of legal heirs or upon outlawry of the tenant

3. the property so reverting

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verb

1. to take (land) by escheat or (of land) to revert by escheat

Other Word Forms

• escheatable adjective
• escheatage noun
• unescheatable adjective
• unescheated adjective

Etymology

Origin of escheat

First recorded in 1250–1300; Middle English eschete, exschete, from Old French eschete, eschaete, escheoite, feminine past participle of escheoir, from Vulgar Latin excadēre (unrecorded) “to fall to a person's share,” equivalent to Latin ex- ex- ¹ + cadere “to fall” ( Vulgar Latin cadēre )

Example Sentences

Under the English and Welsh legal system, the freehold is now subject to an unusual and ancient process known as "escheat".

From BBC

The “escheat” practice works by allowing the government of the state a company is based in to claim uncollected property that’s owed to the company after a set period.

From Seattle Times

The public financing account typically receives about $11 million annually from escheats, which is property such as old, unclaimed financial accounts that revert to state control.

From Washington Times

You can check state escheat offices at Unclaimed.org, but searching for an IRA or bank account may require help.

From Los Angeles Times

The Keystone State has booked $655 million from escheat so far this fiscal year, $390 million more than in the year before the change, reports Christopher Craig, the Executive Deputy State Treasurer. 

From Forbes