escheatment investment & finance definition
A requirement that financial institutions report to the appropriate state when a brokerage account or other investment has been abandoned or unclaimed after a certain period of time.
Escheatment
The process of turning over unclaimed or abandoned property to a state authority.
The Escheatment Process
All states require financial institutions, including brokerage firms, to report when personal property has been abandoned or unclaimed after a period of time specified by state law — often five years.
 See also: Rights, Right, Property, Broker, Share
  
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