What is a 'Tax Rate'. A tax rate is the percentage at which an individual or corporation is taxed. The tax rate is the tax imposed by the federal government and some states based on an individual's taxable income or a corporation's earnings. The United States uses a progressive tax rate system, where the percentage of tax increases as taxable income. Next Up.
Escheat is the reversion of property to a state when that property is lacking claimants or heirs. In the oil & gas industry, the property is usually an unclaimed oil and gas royalty or override payment.
Escheat Is an obstruction of the course of descent, andconsequent determination of the tenure, by some unforeseen contingency, in whichcase the land naturally results back, by a kind of reversion, to the original grantor, orlord of the fee. 2 Bl. Comm.