Definition, Meaning & Synonyms
escheatment
noun
/ɪsˈtʃiːt.mənt/
Definition
Escheatment refers to the process whereby a person’s property or assets revert to the state when there are no legal heirs or claimants to the property.
Examples
- Upon his death without a will or heirs, his estate undergoes escheatment.
- The escheatment process ensures that abandoned properties can be utilized for public benefit.
Meaning
It signifies the reallocation of unclaimed property to the government, ensuring that assets are not left in limbo.
Synonyms
- Reversion
- Abandonment
- Forfeiture
