escheatment

[ es-cheet-muhnt ]

noun

1. the reverting of property to the state or crown when there is no qualified heir or claimant; escheat.
2. the legal actions or steps involved in this transfer:

   The 1995 act streamlined the process of escheatment for both holders and state regulatory agencies.

Word History and Origins

Origin of escheatment¹

First recorded in 1865–70; escheat ( def ) + -ment ( def )

Example Sentences

In the ruling, Jackson wrote that generally a state under its power called "escheatment" can take possession of abandoned property if it is located within the state.

From Reuters

If heirs, such as the next of kin, come forward to make claims on the assets, that stops the escheatment process, but it can be the start of a lot of work for the heirs if there isn't a will.

From US News

If there is no estate plan in place and nobody claims the assets for a number of years, they go to the state in process called escheatment, says John B. Burke, founder of Burke Financial Strategies in Iselin, New Jersey.

From US News