Source : Webster's Revised Unabridged Dictionary (1913)

Escheat \Es*cheat"\, v. i. [imp. & p. p. {Esheated}; p. pr. &
   vb. n. {Escheating}.] (Law)
   To revert, or become forfeited, to the lord, the crown, or
   the State, as lands by the failure of persons entitled to
   hold the same, or by forfeiture.

   Note: In this country it is the general rule that when the
         title to land fails by defect of heirs or devisees, it
         necessarily escheats to the State; but forfeiture of
         estate from crime is hardly known in this country, and
         corruption of blood is universally abolished. --Kent.
         --Bouvier.

Escheat \Es*cheat"\, n. [OE. eschete, escheyte, an escheat, fr.
   OF. escheit, escheoit, escheeite, esheoite, fr. escheoir (F.
   ['e]choir) to fall to, fall to the lot of; pref. es- (L. ex)
   + cheoir, F. choir, to fall, fr. L. cadere. See {Chance}, and
   cf. {Cheat}.]
   1. (Law)
      (a) (Feud. & Eng. Law) The falling back or reversion of
          lands, by some casualty or accident, to the lord of
          the fee, in consequence of the extinction of the blood
          of the tenant, which may happen by his dying without
          heirs, and formerly might happen by corruption of
          blood, that is, by reason of a felony or attainder.
          --Tomlins. --Blackstone.
      (b) (U. S. Law) The reverting of real property to the
          State, as original and ultimate proprietor, by reason
          of a failure of persons legally entitled to hold the
          same.

   Note: A distinction is carefully made, by English writers,
         between escheat to the lord of the fee and forfeiture
         to the crown. But in this country, where the State
         holds the place of chief lord of the fee, and is
         entitled to take alike escheat and by forfeiture, this
         distinction is not essential. --Tomlins. Kent.
      (c) A writ, now abolished, to recover escheats from the
          person in possession. --Blackstone.

   2. Lands which fall to the lord or the State by escheat.

   3. That which falls to one; a reversion or return

            To make me great by others' loss is bad escheat.
                                                  --Spenser.

Escheat \Es*cheat"\, v. t. (Law)
   To forfeit. --Bp. Hall.

Source : WordNet®

escheat
     n 1: a reversion to the state (as the ultimate owner of property)
          in the absence of legal heirs
     2: the property that reverts to the state