definition escheatment
The assets subject to the laws of escheat include both securities and cash balances in accounts. Escheat is a situation in which the money in a bank account reverts to the government because the account has been inactive for a long time and the account holder cannot be located. 1  If there is no activity in an account for five years or more, the account may be subject to escheat procedures in which the account's assets revert to the state.