ESCHEATAGE Meaning and
Definition
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Escheatage refers to the legal process by which the property of a deceased individual who passed away without leaving a will or any known heirs becomes the property of the state or government. It is a legal principle that ensures that property does not remain unclaimed and idle indefinitely.
When a person dies intestate (without a will) or when their will does not specify a recipient or beneficiary for certain assets, and no heirs can be found or identified, the property is said to have escheated. In such cases, the state assumes ownership of these assets as the ultimate and rightful owner. Escheatage is the legal and administrative procedure that governs the transfer of ownership of these unclaimed properties to the state.
The primary purpose of escheatage is to prevent properties from becoming permanently abandoned or neglected and to ensure that they are used for the public good. The state typically holds the asset for a specified period of time, allowing potential beneficiaries or rightful heirs to come forward and make a claim. If no claims are made within this period, the state may sell or otherwise dispose of the property, with the proceeds often being used for public services or other state functions.
The laws governing escheatage may vary across jurisdictions, taking into account specific time frames, procedures, exceptions, and provisions. These laws typically include provisions for the notification of potential heirs, publication of notices in local newspapers, and other efforts to locate rightful beneficiaries before the property is transferred to the state.
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The right to succeed to an escheat.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for ESCHEATAGE
- wscheatage
- sscheatage
- dscheatage
- rscheatage
- 4scheatage
- 3scheatage
- eacheatage
- ezcheatage
- excheatage
- edcheatage
- eecheatage
- ewcheatage
- esxheatage
- esvheatage
- esfheatage
- esdheatage
- escgeatage
- escbeatage
- escneatage
Etymology of ESCHEATAGE
The word "escheatage" is derived from the Middle French term "eschetage". The term originates from the Old French word "eschete", meaning "escheat" or "reversion of property". In turn, "eschete" is derived from the Late Latin word "excaptiare", meaning "to take possession of". The concept of escheatage refers to the process by which property reverts to the state or crown when there are no legal heirs or claimants.
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