Bona Vacantia
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Bona Vacantia is a Latin term that literally means vacant goods or ownerless property. In the legal context, it refers to property that has no known or traceable owner, or where the owner has died intestate (without a valid will) and with no known heirs.
In the UK, bona vacantia refers to property or assets that are deemed to belong to the Crown when no legal owner can be identified. These can include unclaimed estates, abandoned property, and assets of dissolved companies.
The Treasury Solicitor acts as the representative of the Crown in relation to bona vacantia assets. The Treasury Solicitor has a duty to manage the assets in the best interests of the Crown, and to try to identify any rightful owner or beneficiary. If no such owner or beneficiary can be identified, the assets may be sold or otherwise disposed of, and the proceeds will typically be paid into the Consolidated Fund (i.e. the UK government's general account).
In the UK, bona vacantia refers to property or assets that are deemed to belong to the Crown when no legal owner can be identified. These can include unclaimed estates, abandoned property, and assets of dissolved companies.
The Treasury Solicitor acts as the representative of the Crown in relation to bona vacantia assets. The Treasury Solicitor has a duty to manage the assets in the best interests of the Crown, and to try to identify any rightful owner or beneficiary. If no such owner or beneficiary can be identified, the assets may be sold or otherwise disposed of, and the proceeds will typically be paid into the Consolidated Fund (i.e. the UK government's general account).
