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Topic: Escheat

	Escheat - Wikipedia, the free encyclopedia
		Escheat can still occur if, after property has passed on an insolvency or bankruptcy, to the Crown the Official Solicitor disclaims the property.
		Escheat can also occur when an entity (such as a bank) holds money or property (such as an account in that bank) and the property goes unclaimed.
		In terms of Feudalism in England, escheat was when the tenant of a fief died without an heir or committed a felony.
	en.wikipedia.org /wiki/Escheat (538 words)

	Summary of Statement No 21 (Site not responding. Last check: 2007-10-21)
		An escheat is the reversion of property to a governmental entity in the absence of legal claimants or heirs.
		This Statement requires escheat property generally to be reported in either an expendable trust fund or the fund to which the property ultimately escheats (the "ultimate fund").
		Escheat revenue should be reduced and a fund liability reported to the extent that it is probable that escheat property will be reclaimed and paid to claimants.
	www.gasb.org /st/summary/gstsm21.html (258 words)

	ESCHEAT - LoveToKnow Article on ESCHEAT
		Besides escheat for defect of heirs, there was formerly also escheat propter delictum tenentis, or by the corruption of the blood of the tenant through attainder consequent on conviction and sentence for treason or felony.
		The land, therefore, escheated to the next heir, subject~ to the superior right of the crown to the forfeiture of the lands,in the case of treason.
		Trust estates were not subject to escheat until the Intestates Estates Act 1884, but now by that act the law of escheat applies in the same manner as if the estate or interest were alegal estate in corporeal hereditaments.
	www.1911encyclopedia.org /E/ES/ESCHEAT.htm (304 words)

	St. George Tucker: Of Title by Purchase, And First by Escheat
		ESCHEAT therefore being a title frequently vested in the lord by inheritance, as being the fruit of a signiory to which he was entitled by descent, (for which reason the lands escheating shall attend the signiory, and be inheritable by such only of his heirs as are capable of inheriting the other
		ESCHEATS therefore arising merely upon the deficiency of the blood, whereby the descent is impeded, their doctrine will be better illustrated by considering the several cases wherein hereditary blood may be deficient, than by any other method whatsoever.
		As a consequence of this doctrine of escheat, all lands of inheritance immediately revesting in the lord, the wife of the felon was liable to lose her dower, till the statute I Edw.
	www.lonang.com /exlibris/tucker/tuck-315.htm (3651 words)

	* Escheat - (Business): Definition (Site not responding. Last check: 2007-10-21)
		Escheat Period The period of elapsed time required by applicable state law for property to be presumed abandoned.
		Escheat Reversion of monies or securities to the state in which the securityholder was last known to reside,...
		Escheat Reversion of monies or to the state in which the securityholder was last known to reside,...
	www.bestknows.com /business/escheat.html (270 words)

	Escheat -- Facts, Info, and Encyclopedia article (Site not responding. Last check: 2007-10-21)
		Escheat is an obstruction of the course of descent and the consequent reversion of (A basic or essential attribute shared by all members of a class) property to the original grantor.
		In terms of (The social system that developed in Europe in the 8th C; vassals were protected by lords who they had to serve in war) Feudalism in England, escheat was when the tenant of a (A piece of land held under the feudal system) fief died without an heir or commited a felony.
		Escheators reported to the (The funds of a government or institution or individual) Exchequer.
	www.absoluteastronomy.com /encyclopedia/e/es/escheat.htm (587 words)

	Escheat - Definition of Escheat - Escheat in Encyclopedia - DictionaryWords.net (Site not responding. Last check: 2007-10-21)
		Escheating.] (Law) To revert, or become forfeited, to the lord, the crown, or the State, as lands by the failure of persons entitled to hold the same, or by forfeiture.
		According to the English law, escheat denotes an :obstruction of the course of descent, and a consequent determination of the :tenure, by some unforeseen contingency; in which case the land naturally :results back, by a kind of reversion, to the original grantor, or lord of :the fee..
		All escheats, under the English law, are declared to be strictly feudal, and to import the extinction of tenure.
	www.dictionarywords.net /find/word/Escheat (531 words)

	Hawaii Attorney General Legal Opinion 98-04 (Site not responding. Last check: 2007-10-21)
		Escheat is a procedure whereby the sovereign may acquire title to abandoned property if, after a number of years, no rightful owner appears.
		Although escheats are not favored, one reason for permitting escheat is that the whereabouts of an owner or a beneficiary is not ascertainable, and it is inexpedient to hold assets indefinitely pending the beneficiary's discovery or appearance.
		The provision for escheat after the passage of 40 years added [into the statute] is nothing more nor less than a means of depriving the owners of the property because of the passage of time without a claim thereto being asserted.
	www.state.hi.us /ag/opinions_formal_letters/9804.htm (2145 words)

	ESCHEAT - Definition
		Note: A distinction is carefully made, by English writers, between escheat to the lord of the fee and forfeiture to the crown.
		But in this country, where the State holds the place of chief lord of the fee, and is entitled to take alike escheat and by forfeiture, this distinction is not essential.
		Note: In this country it is the general rule that when the title to land fails by defect of heirs or devisees, it necessarily escheats to the State; but forfeiture of estate from crime is hardly known in this country, and corruption of blood is universally abolished.
	www.hyperdictionary.com /dictionary/escheat (309 words)

	"Escheat" Definition
		When property and/or an estate is transferred to the government because a person has died without a will or heir to their estate.
		Escheat - When property and/or an estate is transferred to the government because a person has died without a will or heir to their estate.
		Escheat : when property and/or an estate is transferred to the government because a person has died without a will or heir to their estate.
	www.level2.ru /dictionary/e/escheat.html (73 words)

	Escheat: Financial Statement Considerations
		Escheat, in broad terms, refers to the devolution, or transfer, of property to the state.
		To analyze an escheat obligation or liability, one must examine the character of escheatable property, the identity of the parties, and the period of dormancy.
		Because of the somewhat oblique nature (and relatively low enforcement) of escheat laws, a CPA might not think it necessary to perform an escheat analysis during a financial statement engagement.
	www.nysscpa.org /cpajournal/2004/804/essentials/p50.htm (885 words)

	FORGOTTEN BUT NOT GONE:
		The rule of escheat has such a long history, thought, that not even the most ancient of presidential candidates could honestly claim paternity.
		Escheat survives today, not merely as a feudal relic, but because ownership abhors a vacuum.
		That case held: (i) escheat to the state in which the intermediary, having assumed the position of legal obligor, is incorporated (not located, which was New York's wish), unless (ii) another state can prove that a creditor's last address is in that state.
	www.abanet.org /scitech/ec/ecp/escheat.html (2410 words)

	To Escheat or Not to Escheat
		To escheat revenue, or the proper remittance of unclaimed property to the state, is an issue that needs to be properly addressed by all hospitality concerns (i.e.
		The first step is to understand what an escheat is. Simply defined, escheat is the reversion of property to a government entity in the absence of legal claimants or heirs.
		Escheat property is important to states, as they invest the property until it is claimed and usually are able to generate significant interest income for their general income or educational funds.
	www.hftp.org /members/bottomline/backissues/1998/oct-nov/escheat.htm (1166 words)

	Escheat (Site not responding. Last check: 2007-10-21)
		Escheat is the reversion of real or personal property to the state in the absence of legal heirs or claimants.
		Escheat is one of the four powers of government.
		Escheat is may be used as either a verb or a noun.
	www.georgiaappraiser.com /glossary/escheat.htm (54 words)

	Gift Certificates Revisited (Site not responding. Last check: 2007-10-21)
		That being the case, retailers believe that they are not required to escheat the monies representing such unredeemed certificates.
		Originally American escheat statutes focused upon savings accounts held by banks in a fiduciary capacity for their depositors.
		For that reason the Act recommended that the amount escheated be sixty percent (60%) of the face value of the certificate.
	www.unclaimedpropertylaw.com /giftcerts.htm (819 words)

	OSCN Found Document:TEXAS CO. v. STATE ex rel. CORYELL
		In an action against a corporation to escheat lands, and interests or rights in lands, which the corporation holds, and which under the law it is entitled to hold if the facts warrant, the burden of proof on the issue of unlawful holding is upon the plaintiff.
		If it be not self-executing and consequently the right to the escheat be dependent upon statutory enactment, the determination of what is escheatable must be determined by the language of the statute on which the right rests, and this, without reference to the Constitution except as authority for or against the validity of the enactment.
		This tract likewise was not subject to escheat and the trial court judgment to the contrary was erroneous.
	www.oscn.net /applications/oscn/deliverdocument.asp?citeid=1734 (6938 words)

	OSCN Found Document:SHERIDAN OIL CO. v. SUPERIOR COURT OF CREEK COUNTY
		¶2 The two escheat cases with which we are concerned were commenced in June and July of 1937, by the state of Oklahoma on relation of the county attorney of Creek county, as plaintiff, against the petitioners.herein, as defendants.
		In each of the cases a determination that certain lands belonging to the respective corporations are held in violation of the escheat laws of the state of Oklahoma and an adjudication escheating such lands to the state of Oklahoma in accordance with the provisions of such laws are sought.
		On this theory, the jurisdiction of the superior court of Creek county was challenged in the trial tribunal, and upon the denial of the challenge this proceeding was commenced.
	www.oscn.net /applications/oscn/deliverdocument.asp?citeid=17670 (2362 words)

	Delaware v. New York, 507 U.S. 490 (1993). (Site not responding. Last check: 2007-10-21)
		We recognized, however, that the primary rule could not resolve escheat claims over "property owed persons (1) as to whom there is no record of any address at all, or (2) whose last known address is in a State which does not provide for escheat of the property owed them." Id.
		Funds held by a debtor become subject to escheat because the debtor has no interest in the funds--precisely the opposite of having "a claim to the funds as an asset." We have recognized as much in cases upholding a State's power to escheat neglected bank deposits.
		Moore, 333 U.S. (upholding New York's escheat of unclaimed insurance benefits only "as to policies issued for delivery in New York upon the lives of persons then resident therein where the insured continues to be a resident and the beneficiary is a resident at.
	straylight.law.cornell.edu /supct/html/91-111.ZO.html (4535 words)

	Escheat Property Policy (Site not responding. Last check: 2007-10-21)
		Property is also escheated from the estate of a person dying intestate or partially intestate without any known or discoverable heirs.
		Escheat property is accounted for in either an expendable trust fund or the fund to which the property ultimately escheats.
		The fund balance is reserved for that portion of escheat property that under law is held in perpetuity for its owners and likely to be eventually refunded to its owner.
	www.ncosc.net /sigdocs/sig_docs/documentation/policies_procedures/sigEscheat_Property_Policy.html (261 words)

	PROPERTY CODE - CHAPTER 71 (Site not responding. Last check: 2007-10-21)
		An individual is presumed dead for the purpose of determining if the individual's real or personal property is subject to escheat if the individual: (1) is absent from the individual's place of residence for seven years or longer; and (2) is not known to exist.
		Any person, whether named in the escheat petition or not, who claims an interest in property that is the subject of an escheat proceeding may appear, enter a pleading, and oppose the facts stated in the petition.
		Real property that escheats to the state on or after January 1, 1985, is held in trust by the Commissioner of the General Land Office for the use and benefit of the foundation school fund.
	www.capitol.state.tx.us /statutes/docs/PR/content/htm/pr.006.00.000071.00.htm (1577 words)

	[No title]
		Existing law directs, under the Unclaimed Property Law, that certain deposits and accounts held by a banking or financial institution escheat (revert) to the state when the owner of the deposits or accounts has not, for more than three years, indicated an interest in the deposit or account.
		This bill would provide that activity in one account at a financial institution will preclude the escheat of funds in another idle account of the same owner at the same institution if all of the following conditions are met: 1.The activity in the active account occurred during the previous three years.
		CBA states that if a customer has multiple accounts and for some reason is "inactive" on one account, but active on the other accounts and fails to respond to the notice by the financial institution, that inactive account is sent to the state notwithstanding the fact that the person has not abandoned the account.
	www.sen.ca.gov /leginfo/BILL-6-DEC-1998/CURRENT/AB/FROM0700/AB0777/SAFLOOR.TXT (1010 words)

	AGO_1959-60_No_049 (Site not responding. Last check: 2007-10-21)
		Since title to escheat property now vests in the state at the death of the owner thereof, the lien of all real property taxes levied but unpaid at the date of death merges in the title escheated to the state, and is discharged so that not even a dormant lien remains.
		Escheat property is defined as property of a person who dies "without being survived by any person entitled to the same under the laws of this state." RCW 11.08.140.
		Page 3]] probated as escheat property should be assessed and taxes levied after the date of death and up to the entry of a decree of escheat after which time the taxes may be canceled as hereinafter explained.
	www.atg.wa.gov /opinions/1959-60/opinion_1959-60_049.html (1356 words)

	William Blackstone: Of Title by Purchase, And First by Escheat
		ESCHEAT therefore being a title frequently vested in the lord by inheritance, as being the fruit of a seigniory to which he was entitled by descent, (for which reason the lands escheating shall attend the seigniory, and be inheritable by such only of his heirs as are capable of inheriting the other
		ESCHEATS are frequently divided into those propter defectum sanguinis and those propter delictum tenentis: the one sort, if the tenant dies without heirs; the other, if his blood be attainted.
		GREAT care must be taken to distinguish between forfeiture of lands to the king, and this species of escheat to the lord; which, by reason of their similitude in some circumstances, and because the crown is very frequently the immediate lord of the fee and therefore entitled to both, have been often confounded together.
	www.lonang.com /exlibris/blackstone/bla-215.htm (3664 words)

	Chapter Erupt <i>to</i> Escheat of E by Webster's Dictionary (1913 Edition)
		A distinction is carefully made, by English writers, between escheat to the lord of the fee and forfeiture to the crown.
		To revert, or become forfeited, to the lord, the crown, or the State, as lands by the failure of persons entitled to hold the same, or by forfeiture.
		In this country it is the general rule that when the title to land fails by defect of heirs or devisees, it necessarily escheats to the State; but forfeiture of estate from crime is hardly known in this country, and corruption of blood is universally abolished.
	www.bibliomania.com /2/3/257/1196/22564/6.html (400 words)

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