Escheat

Escheat is a legal process through which ownership of unclaimed or abandoned property or assets reverts to the state when the rightful owner cannot be located or identified, typically due to death, absence, or loss of contact. Escheat laws vary by jurisdiction and may apply to various types of property, including bank accounts, securities, real estate, and personal belongings, after a specified period of dormancy or abandonment. Escheat laws serve to protect property rights, prevent assets from remaining dormant indefinitely, and facilitate the redistribution of unclaimed property to the state treasury or rightful heirs.