FOLIO Ontology

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Identification

IRI:
https://folio.openlegalstandard.org/R3e2z0YyuTWB0E6NALitBX
Label Abandonment of Property
Preferred Label Escheatment
Identifier N/A
Alternative Labels
Bona Vacantia Property Forfeiture Reversion to the State Unclaimed Property Transfer

Definition

Escheatment is the legal process by which unclaimed or abandoned property reverts to the state. This occurs when the rightful owner of the property cannot be located or has failed to claim ownership within a specified period, resulting in the transfer of the property to government custody.

Class Relationships

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