The process of turning over unclaimed or abandoned property to a state authority. Escheatment laws require mutual funds to turn over uncashed or returned check dollars and/or client account fund shares if the owner cannot be located within a length of time determined by each state.
The process of turning over unclaimed or abandoned property to a state authority, such as if a person dies without a will.
The turning over of property to the state of last known address when such property is considered abandoned. Different rules and regulations apply to the various states.