Escheat property,often collected by the state,is to be reported either in a private-purpose trust fund or in the fund to which the property ultimately reverts.

Question

Quizplus · Accepted Answer

Escheat property, also known as unclaimed property, is usually collected by the state and held until the rightful owner claims it. If the owner cannot be found, the property may be sold or used for public purposes. The proceeds from such sales usually go into a private-purpose trust fund or the fund to which the property ultimately reverts. Therefore, the statement is true.

Escheat Property,often Collected by the State,is to Be Reported Either