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escheat |
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escheat
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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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