Escheat law is a doctrine that transfers the ownership of unclaimed property to the state if owners or heirs fail to claim that property.
Escheat Law 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.
What Is Escheatment?
Last Updated By
Rachel Blakely-Gray | Apr 14, 2023