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escheat
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   Also found in: Dictionary/thesaurus, Legal, Financial, Encyclopedia, Wikipedia 0.01 sec.

escheat

In feudal society, the reversion of lands to the lord in the event of the tenant dying without heirs or being convicted for treason. By the late Middle Ages in Western Europe, tenants had insured against their lands escheating by granting them to trustees, or feoffees, who would pass them on to the grantor nominated in the will. Lands held directly by the king could not legally be disposed of in this way.



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280) The Court held that the extreme impact of the statute on the economic value of the property in question was not outweighed by the reciprocity of advantage to the heirs and the tribe from maintaining any escheatable interests in the tribe, or consolidating Indian lands in the tribe.
The ultimate costs for the states to audit business-to-business transactions and accurately calculate a company's liability and the costs for companies to defend such audits may likely exceed the amount of escheatable property.
at issue was escheatable to the state of the intermediaries' incorporation.
 
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