Hi there,
I often used to wonder about those people who never had any children, or in legal terms, a legal heir and died without a will. I used to wonder what would happen to the properties of such people. Would their friends or close relatives get their property? Or will the government take over the property? So, I did some research and found all my answers in the Escheat Law. If you know the Escheat meaning, you will know what happens to the assets of such people. If you don’t know what is Escheat, I am here to help you.
Get well-versed with all such legal queries and get your doubts clarified by getting in touch with the legal experts of NoBroker, here.What is Escheat Law?
Escheat is the jurisdiction of the government to own orphaned goods and assets. When a person passes away without leaving a will or any heirs, the doctrine of escheat is applied. It also applies to situations where property goes unclaimed for a long time, though.
The idea of escheat upholds that every property has a recognised owner, which, in the absence of any other claimants to possession who can be easily identified, will be the state or government.
Escheat also describes the term for "property" whose owner has passed away intestate even without leaving a will or any valid heir.
What kind of properties can be acquired by escheat?
Property that is owned by a disbanded corporation is one type of property that is covered by the doctrine of escheat, in addition to tangible property.
Leasehold interest relying on a liquidated organisation on the date of liquidation;
Interest in a lease;
Being a type of property, debts
Important points with respect to the doctrine of escheats in India
There are laws governing escheats in many Indian states. These laws often contain provisions relating to notice giving, custody, and dealing of lawsuits and challenges, as well as naming the agencies in charge of general supervision of escheat assets.
It is important to remember that if the decedent had legitimate heirs or had passed away after creating a will, the law of escheats would not apply.
Evidence of the unavailability of heirs and the publication of a call for claims are two of the most crucial requirements for the success of an escheat claim.
I hope now you too know enough about escheat meaning, like me.
Read More: What is Intestate Succession?Your Feedback Matters! How was this Answer?
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What is Escheat?
Elisha
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3 Year
2022-06-27T10:59:11+00:00 2022-06-27T10:59:12+00:00Comment
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