how is escheat liability paid to the state? is it through cash payment?

Answer 1

That depends upon the property. Escheat is most commonly abandoned funds from bank accounts, insurance claims or premium refunds, utility deposits, etc. That would be a cash payment to the state. If it was real property, title would pass to the state as guardian.

Escheat property still belongs to the original owner or their heirs. The state becomes guardian until they can be located. The former custodian is absolved of the responsiblity for care of the property and the payment of interest on any funds involved. The state normally does not pay interest on escheat property either.

Answer 2

If you pay in cash before 3pm then it will be available almost immediately although I would leave it a couple of hours, just to make sure. It has to be a cash payment though as a cheque would take 3 to 5 days to clear. Hope this helps and have a great day ;-)