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 can still occur in England and Wales, if a person is made bankrupt or a corporation is liquidated. Usually this means that all the property held by that person is 'vested in' (transferred to) the Official Receiver or Trustee in Bankruptcy.