ESCHEATABLE Meaning and
Definition
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Escheatable is an adjective that refers to something that is eligible or subject to being escheated. Escheat is a legal process through which certain property or assets are transferred to the state when there is no known owner or a rightful heirs cannot be located. It is typically enacted when there is a lapse in property ownership or when someone dies without leaving a will or known heirs.
When property becomes escheatable, it means that it meets certain criteria established by law which gives the state the right to assume ownership and control over it. This can include various types of assets such as unclaimed bank accounts, abandoned real estate, or dormant stocks and bonds.
To determine if property is escheatable, laws and regulations are in place that outline specific conditions and time frames that need to be met. These laws differ between jurisdictions, but generally, a certain period of abandonment or inactivity must pass before property becomes escheatable. The state then undertakes a process to locate any potential owners or heirs but if unsuccessful, it takes ownership of the escheatable property.
Overall, escheatable is a term used in the legal context to describe property or assets that are deemed eligible to be transferred to the state in the absence of a known owner or rightful heirs.
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Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for ESCHEATABLE
- wscheatable
- sscheatable
- dscheatable
- rscheatable
- 4scheatable
- 3scheatable
- eacheatable
- ezcheatable
- excheatable
- edcheatable
- eecheatable
- ewcheatable
- esxheatable
- esvheatable
- esfheatable
- esdheatable
- escgeatable
- escbeatable
- escneatable
Etymology of ESCHEATABLE
The word "escheatable" is derived from the term "escheat", which in turn originates from Old French "eschet", meaning "reversion of property to the state". The Old French term was derived from the Latin "excadere", which means "to fall out". In medieval times, escheat referred to the transfer of property to the feudal lord or the state when the owner died without any heirs or when the owner committed a felony. The term "escheatable" refers to something that is liable to be escheated, typically referring to property or assets that can be transferred to the state.
Similar spelling words for ESCHEATABLE
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