Escheat Law Definition | Unclaimed Property Transfer to the State

Payroll Definitions

Browse terms alphabetically

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Escheat Law Definition

Term Definition
Escheat law is a doctrine that transfers the ownership of unclaimed property to the state if owners or heirs fail to claim that property.

Extended Definition
Refers to the power a state holds over an unclaimed property if no heir or owner makes a claim. If the property owner dies without clearly indicating an heir or heirs in a valid will, or without relatives legally entitled to the property, the state legislature enacts the statute and takes over. This situation is known as a dying intestate’ and the property is escheated to the state. This law pertains to property and lands held by individuals, groups, and businesses.

Related Article:
What is Escheat Law?

Get Started
See a demo

Want to check out the software before your free trial?

See a Demo
Get Started
Try it free

Sign up today for a free, no-obligation 30-day trial.

Try It Free for 30 Days