Escheat (Noun)
Meaning 1
A reversion to the state (as the ultimate owner of property) in the absence of legal heirs.
Classification
Nouns denoting possession and transfer of possession.
Examples
- When the elderly woman passed away without leaving a will or known descendants, her vast estate went into escheat and was absorbed by the state government.
- After failing to find any living relatives, the city council declared the abandoned mansion to be in escheat and took possession of the property.
- The state's unclaimed property division managed the escheat of a large sum of money that had been left behind by a deceased person with no known heirs.
- Following the death of the reclusive billionaire, his massive fortune was taken into escheat by the government due to the lack of a valid will or next of kin.
- The concept of escheat has been in place for centuries, allowing governments to obtain title to lands that have been abandoned or whose owners have died without leaving behind an heir.
Meaning 2
The property that reverts to the state.
Classification
Nouns denoting possession and transfer of possession.