Escheat: This has a technical meaning under certain laws. In more common parlance, the term refers to the process of transferring abandoned property to a U.S. state or a U.S. territory pursuant to a state or territorial statute known as an Unclaimed Property Statute. Escheat Laws regulate Cards along with the Unexercised Customer Rights and Breakage and require Holders of various Cards to escheat the items to a state or U.S. territory depending upon the nature of instrument or Card and the Unclaimed Property Statute.
