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escheat
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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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It thus held that owner-unknown property escheats to the state in which the debtor is incorporated.
The literary fund is a constitutional perpetual fund for school purposes that receives escheats, fines, forfeitures, unclaimed property, and unclaimed lottery prizes.
Under the secondary rule, property for which there is no owner's last known address escheats to the holder's state of "corporate domicile" (state of incorporation).
 
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