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...
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 ...
Most states have adopted rules providing that the state of principal place of business of the LLC has the right to claim this property, while a few states provide that the state of formation of the LLC has this right. This article argues that a uniform rule is necessary both to eliminate ...