The Collaborative International Dictionary of English v.0.48:

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.
   [1913 Webster]

   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.
         [1913 Webster]