What is an escheat?

An escheat is a legal term used in property law to describe the process by which certain kinds of abandoned or unclaimed property are transferred from the owner to the state government. This typically happens when a property owner fails to exercise their property rights for a certain period. When a property becomes escheated, the state government will take possession of it and hold it as a trust for any potential rightful claimants. In California, the Unclaimed Property Law outlines how the state must manage escheated property. Generally, the state must attempt to contact the owner to inform him or her that the property has been transferred to the state and how they may reclaim it. If the owner fails to act within the time period specified, the state will take control of the property and the owner will no longer have any legal claim on it.

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What is an escheat?

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