What is the meaning of Escheat?

The return, conversion, or vesting of property of a deceased person or closed business to the government (originally to a feudal lord) where there are no legal heirs or claimants. It is known as bona vacantia in the United Kingdom.

The property so reverted.

Plunder, booty.

That which falls to one; a reversion or return.

To put (land, property) in escheat; to confiscate.

To revert, convert, or vest ownership to the government or lord because its previous owner died without an heir or a business closed and no one claims the assets.

Source: wiktionary.org