Escheat
Escheat, in law, the taking over of property by the state after the death of the owner if there is no will and no legal heir. In some states, unclaimed property (such as bank deposits, bond interest, and corporate dividends) escheats to the state after a certain period of time. Persons called public administrators may be appointed by courts to handle escheated property and sell it. The law of escheat developed in feudal times in England. Property at that time escheated to the crown when the owner was convicted of any serious crime.