Escheatment is the process of transferring assets to the state. Escheat rights are often revocable—reclamation rights can extend into perpetuity if no statute of limitations exists. This means that ownership of an estate or property/assets could revert to a lawful heir or owner should one turn...
Define escheatment. escheatment synonyms, escheatment pronunciation, escheatment translation, English dictionary definition of escheatment. n law the process of submitting abandoned or unclaimed funds or property to the state Collins English Dictionary
States can escheat the accounts. Financial institutions, like banks, are responsible for reporting unclaimed property to the state after a certain amount of time. Each state has a different time frame before the state escheats property. If you had property that has been escheated, you can ...