Business, Legal & Accounting Glossary
The reversion of property to the state, or (in feudal law) to a lord, on the owner’s dying without legal heirs.
The forfeit of all property to the state when a person dies without heirs.
n. from old French eschete, which meant “that which falls to one,” the forfeit of all property (including bank accounts) to the state treasury if it appears certain that there are no heirs, descendants or named beneficiaries to take the property upon the death of the last known owner.
To revert to the Crown in Demesne (see demesne land of the crown). Land is escheated if the owner of the Freehold dies Intestate and he has no relatives to whom the land might pass by the rules of intestate succession.
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This glossary post was last updated: 28th April, 2020 | 0 Views.