Escheat is a common law doctrine that transfers the real property of a person who has died without heirs to the Crown or state. It serves to ensure that property is not left in "limbo" without recognized ownership.

What does it mean when a check is Escheated?

Escheated checks

When a check expires without having been claimed, it is an escheated check. Some examples of escheated checks include payroll and traveler's checks. If you send a check to a vendor, employee, or customer, there's a chance they might not receive or remember it. As a result, they do not cash the check.

What happens when stock is Escheated?

What happens to the contents of escheated investment accounts? States may hold securities or other assets in escheated investment accounts for a limited period of time. However, states will eventually liquidate these assets and keep the money from the sale.