Escheat definition: Copy, customize, and use instantly
Introduction
The term "Escheat" refers to the legal process by which unclaimed or abandoned property reverts to the ownership of a governing authority, such as a state or municipality. Escheat laws are typically applied when a property owner dies without heirs or when property remains unclaimed for a specific period. In legal and contractual contexts, "Escheat" is significant for addressing unclaimed funds, uncollected wages, or unreturned deposits.
Below are various examples of how "Escheat" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Escheat" as a reversion of unclaimed property
This definition ties "Escheat" to unclaimed assets.
"Escheat" means the legal process by which ownership of unclaimed or abandoned property reverts to a governing authority, such as a state or local government.
Definition of "Escheat" as a transfer of unclaimed funds
This definition focuses on financial assets.
"Escheat" refers to the reversion of unclaimed funds, such as dormant bank accounts or uncashed checks, to the custody of the state after a prescribed dormancy period.
Definition of "Escheat" as a property inheritance default
This definition ties "Escheat" to inheritance laws.
"Escheat" means the transfer of property to the state when a person dies without a will and no legal heirs can be identified.
Definition of "Escheat" as a mechanism for unclaimed estates
This definition highlights unclaimed estates.
"Escheat" refers to the legal process by which unclaimed estates, including real and personal property, are transferred to state ownership in the absence of rightful claimants.
Definition of "Escheat" as a remedy for abandoned property
This definition focuses on abandoned assets.
"Escheat" means the transfer of ownership rights for abandoned property, such as safe deposit boxes or securities, to the state as prescribed by law.
Definition of "Escheat" as a tool for managing unclaimed wages
This definition ties "Escheat" to labor law.
"Escheat" refers to the process by which unclaimed wages or payroll funds are transferred to the state after a statutory dormancy period.
Definition of "Escheat" as a statutory reversion process
This definition emphasizes legal authority.
"Escheat" means the statutory process by which property ownership reverts to the state or governing authority due to the absence of a valid claim by the rightful owner.
Definition of "Escheat" as a resolution for unclaimed insurance benefits
This definition highlights insurance-related escheat.
"Escheat" refers to the transfer of unclaimed insurance proceeds, such as life insurance payouts, to the state after efforts to locate the beneficiary have been unsuccessful.
Definition of "Escheat" as a mechanism for managing unclaimed securities
This definition focuses on financial instruments.
"Escheat" means the transfer of ownership rights in unclaimed securities, such as stocks or bonds, to the state after a specified dormancy period.
Definition of "Escheat" as a safeguard for abandoned business property
This definition ties "Escheat" to business property.
"Escheat" refers to the legal reversion of abandoned business property, such as unclaimed customer credits or vendor payments, to state custody.
Definition of "Escheat" as a transfer of unclaimed retirement accounts
This definition ties "Escheat" to retirement funds.
"Escheat" means the process by which unclaimed retirement accounts, such as 401(k) plans or pensions, are transferred to state custody after dormancy.
Definition of "Escheat" as a resolution for unclaimed utility deposits
This definition highlights utility-related "Escheat."
"Escheat" refers to the transfer of unclaimed utility deposits or refunds to the state when the rightful owner cannot be located within a specified timeframe.
Definition of "Escheat" as a mechanism for handling unclaimed royalties
This definition ties "Escheat" to intellectual property.
"Escheat" means the reversion of unclaimed royalties or licensing fees to state ownership when no claimant is identified after reasonable efforts.
Definition of "Escheat" as a legal response to dormant brokerage accounts
This definition focuses on financial accounts.
"Escheat" refers to the process by which dormant brokerage accounts are transferred to the state after remaining inactive for the statutory dormancy period.
Definition of "Escheat" as a statutory framework for managing unclaimed tax refunds
This definition ties "Escheat" to tax laws.
"Escheat" means the transfer of unclaimed tax refunds to the state treasury when taxpayers fail to claim them within the designated period.
Definition of "Escheat" as a remedy for unclaimed estate sale proceeds
This definition focuses on estate sales.
"Escheat" refers to the process by which unclaimed proceeds from estate sales revert to state ownership after attempts to locate the rightful owners.
Definition of "Escheat" as a tool for regulating unclaimed trust funds
This definition ties "Escheat" to trust accounts.
"Escheat" means the reversion of unclaimed trust fund balances to the state after trustees are unable to locate the beneficiaries within the required timeframe.
Definition of "Escheat" as a method for managing unclaimed rental deposits
This definition highlights tenant-related "Escheat."
"Escheat" refers to the transfer of unclaimed rental security deposits to the state when tenants fail to collect them after the termination of a lease.
Definition of "Escheat" as a remedy for unclaimed gift cards
This definition ties "Escheat" to consumer rights.
"Escheat" means the process by which unclaimed balances on gift cards or store credits revert to state custody under applicable unclaimed property laws.
Definition of "Escheat" as a process for resolving unclaimed vendor payments
This definition focuses on business transactions.
"Escheat" refers to the reversion of unclaimed vendor payments or credits to state custody when efforts to locate the recipient have been unsuccessful.
Definition of "Escheat" as a remedy for unclaimed legal settlements
This definition ties "Escheat" to litigation outcomes.
"Escheat" means the process by which unclaimed funds from legal settlements, such as class action payouts, are transferred to the state.
Definition of "Escheat" as a tool for managing abandoned inheritances
This definition focuses on unclaimed inheritances.
"Escheat" refers to the transfer of unclaimed inheritances to the state when no heirs or beneficiaries are identified within the legal timeframe.
Definition of "Escheat" as a resolution for unclaimed dividends
This definition highlights corporate distributions.
"Escheat" means the reversion of unclaimed dividend payments to state custody when shareholders cannot be located.
Definition of "Escheat" as a safeguard for abandoned safety deposit boxes
This definition ties "Escheat" to physical property.
"Escheat" refers to the process by which contents of abandoned safety deposit boxes are transferred to the state after dormancy requirements are met.
Definition of "Escheat" as a regulatory mechanism for managing abandoned financial instruments
This definition focuses on securities.
"Escheat" means the transfer of unclaimed financial instruments, such as bonds or certificates of deposit, to the state under unclaimed property laws.
Definition of "Escheat" as a remedy for uncollected payroll checks
This definition ties "Escheat" to employee rights.
"Escheat" refers to the transfer of uncollected payroll checks to state custody when employees fail to claim their wages within the statutory period.
Definition of "Escheat" as a method for managing unclaimed lottery winnings
This definition focuses on lottery systems.
"Escheat" means the reversion of unclaimed lottery winnings to the state or lottery fund after the claimant fails to redeem the prize within the designated period.
Definition of "Escheat" as a remedy for unclaimed travel refunds
This definition ties "Escheat" to travel industries.
"Escheat" refers to the transfer of unclaimed travel refunds, such as unused ticket credits, to the state after remaining dormant for the required period.
Definition of "Escheat" as a process for handling unreturned escrow funds
This definition highlights escrow accounts.
"Escheat" means the reversion of unclaimed escrow account balances to the state when no rightful owner or claimant is located.
Definition of "Escheat" as a safeguard for abandoned intellectual property rights
This definition ties "Escheat" to intellectual property.
"Escheat" refers to the process by which abandoned or unclaimed intellectual property rights revert to the state under applicable laws.
Definition of "Escheat" as a solution for unclaimed class action awards
This definition focuses on legal proceedings.
"Escheat" means the reversion of unclaimed class action settlement awards to state custody when eligible recipients fail to claim them.
Definition of "Escheat" as a tool for reallocating unclaimed charitable donations
This definition ties "Escheat" to nonprofit contexts.
"Escheat" refers to the process of reallocating unclaimed charitable donations to the state or a designated public fund after donor claims remain unresolved.
Definition of "Escheat" as a method for addressing unclaimed pension benefits
This definition highlights retirement accounts.
"Escheat" means the reversion of unclaimed pension benefits to state ownership when beneficiaries or participants cannot be identified.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.