Escheatment

Escheatment is the process by which unclaimed or abandoned property, such as bank accounts, stocks, or uncashed checks, legally reverts to the government after a certain period of inactivity. This policy helps ensure that property does not remain indefinitely dormant and allows the government to manage assets that have been abandoned by their owners. When property is escheated, the rightful owner can usually reclaim it by providing proof of ownership. The specifics, including the waiting period and procedures, vary by jurisdiction.