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What does escheat mean?

Q. What does escheat mean?

A. Escheat is a common law doctrine that operates to ensure that property is not left in limbo and ownerless. Escheat is the process of transferring unclaimed or abandoned property to a state authority. The unclaimed property is usually turned over to the state of the last known address of the owner when such property is considered abandoned. Different rules and regulations apply to the various states.