escheatment
Americannoun
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the reverting of property to the state or crown when there is no qualified heir or claimant; escheat.
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the legal actions or steps involved in this transfer.
The 1995 act streamlined the process of escheatment for both holders and state regulatory agencies.
Etymology
Origin of escheatment
First recorded in 1865–70; escheat ( def. ) + -ment ( def. )
Example Sentences
Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.
In the ruling, Jackson wrote that generally a state under its power called "escheatment" can take possession of abandoned property if it is located within the state.
From Reuters
If there is no estate plan in place and nobody claims the assets for a number of years, they go to the state in process called escheatment, says John B. Burke, founder of Burke Financial Strategies in Iselin, New Jersey.
From US News
If heirs, such as the next of kin, come forward to make claims on the assets, that stops the escheatment process, but it can be the start of a lot of work for the heirs if there isn't a will.
From US News
Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023
Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.
