What is the concept of property accruing by escheat or lapse or as bona vacantia?
The concept of property accruing by escheat or lapse or as bona vacantia refers to the situation where any property in the territory of India would have become vested in His Majesty or, as the case may be, the Ruler of an Indian State due to lack of a rightful owner. In such cases, the property will vest in the corresponding State if it is located there, and in the Union otherwise. However, any property that was in the possession or under the control of the Government of India or the Government of a State at the time when it would have so accrued to His Majesty or the Ruler of an Indian State will vest in the Union or the respective State according to its purpose of use or holding.