Requisitioned Property


DEFINITION of 'Requisitioned Property'

Property that is involuntarily seized by a governmental authority for any reason. Requisitioned property can be taken for a number of reasons relating to furtherance of the public good. It can be of any type, including real estate, vehicles, machinery, office equipment or even personal property.

BREAKING DOWN 'Requisitioned Property'

Requisitioned property can be treated as an involuntary conversion. Property sold under the threat of requisition can also be treated as a conversion if the threat is believed to be genuine and imminent. However, the threat of requisition must be confirmed by an actual governmental official and cannot be derived solely from a public announcement. In most cases, the requisition will be presented as a formal written demand.

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  1. Are UTMA accounts escheatable?

    Like most financial assets held by institutions such as banks and investment firms, UTMA accounts can be escheated by state ... Read Full Answer >>
  2. How much money does Michigan make from unclaimed property each year?

    According to the 2013-2014 Annual Report of the State Treasurer, the state of Michigan earned only $82,875 in abandoned and ... Read Full Answer >>
  3. Can the IRS audit you after a refund?

    The U.S. Internal Revenue Service (IRS) can audit tax returns even after it has issued a tax refund to a taxpayer. According ... Read Full Answer >>
  4. How does escheatment impact a company?

    In recent years, state governments have become increasingly aggressive in enforcing escheatment laws. As a result, many businesses ... Read Full Answer >>
  5. What happens if property is wrongfully escheated?

    If your financial accounts, such as bank, investment or savings accounts, are declared dormant and the managing financial ... Read Full Answer >>
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