Bona vacantia
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Bona vacantia (Latin for "vacant goods") is a common law doctrine in the United Kingdom under which ownerless property passes by law to the Crown. It has largely replaced the doctrine of escheat, which had a similar effect in relation to feudal tenures.
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[edit] In the United Kingdom
The body that administers bona vacantia varies within the UK:
- In England and Wales, the Bona Vacantia division of the Treasury Solicitor's Department of the UK Government is responsible for dealing with bona vacantia assets. It should be noted that bona vacantia assets in England and Wales in fact go to the Duchy of Cornwall, the income from which is currently paid directly to the Prince of Wales[1]. The bona vacatia division chiefly deals with:
- Treasure troves
- Assets of dissolved companies
- Assets of unincorporated associations on dissolution
- Assets of the estates of those deceased who died intestate and for whom no beneficiaries can be traced.
- In Scotland, bona vacantia refers only to the assets of dissolved companies and lost property, which is administered under the Civic Government (Scotland) Act 1982. The separate doctrine of ultimus haeres states that the assets of those who die intestate leaving no other person entitled to inherit pass to the Crown. Both of these rights, together with treasure trove, are administered by the Queen's and Lord Treasurer's Remembrancer, an office held by the Crown Agent, the senior official in the Crown Office and Procurator Fiscal Service (COPFS).
- In Northern Ireland, bona vacantia is dealt with by the Crown Solicitor as the Treasury Solicitor's nominee.
- In the Duchies of Cornwall and Lancaster, bona vacantia is dealt with by a firm of solicitors, Farrer and Co.
The Heir Hunters BBC TV program made the public aware of the work of research companies efforts to find the heirs to Bona Vacantia assets.
[edit] In the United States
Some states have adapted the concept of bona vacantia.
- In New York, bona vacantia are called "unclaimed funds" and are handled by the New York State Comptroller.[2] The processing office is at the Rensselaer Technology Park.
[edit] See also
- Lost, mislaid, and abandoned property
- Claims Conference - The Claims Conference administers compensation funds and recovers unclaimed Jewish property.
[edit] References
- ^ See Alastair Hudson (2007), "Equity and Trusts", (5th Ed., London, Routledge-Cavendish), p. 200
- ^ Office of the State Comptroller official government website unclaimed funds web page. Accessed Juen 17, 2009.
