Idaho Code § 28-46-106 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-106
28-46-106 INVESTIGATORY POWERS.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-106. Investigatory powers. (1) If the administrator has cause to believe that a person has engaged in conduct or committed an act that is subject to action by the administrator, he may make an investigation to determine whether the person has engaged in the conduct or committed the act. To the extent necessary for this purpose, he may administer oaths or affirmations, and, upon his own motion or upon request of any party, subpoena witnesses, compel their attendance, adduce evidence, and require the production of, or testimony as to, any matter relevant to the investigation, including the existence, description, nature, custody, condition, and location of any books, documents, or other tangible things and the identity and location of persons having knowledge of relevant facts, or any other matter reasonably calculated to lead to the discovery of admissible evidence.

(2) If the person's records are located outside this state, the person at his option shall make them available to the administrator at a convenient location within this state or pay the reasonable and necessary expenses for the administrator or his representative to examine them where they are located. The administrator may designate representatives, including comparable officials of the state in which the records are located, to inspect them on his behalf.

(3) Upon application by the administrator showing failure without lawful excuse to obey a subpoena or to give testimony, and upon reasonable notice to all persons affected thereby, the court shall grant an order compelling compliance.

(4) The name or identity of a person whose acts or conduct the administrator investigates pursuant to this section or the facts disclosed in the investigation shall be subject to disclosure according to chapter 1, title 74, Idaho Code, but this subsection does not apply to disclosures in actions or enforcement proceedings pursuant to this act.

History:

[28-46-106, added 1983, ch. 119, sec. 3, p. 301; am. 1990, ch. 213, sec. 24, p. 504; am. 2015, ch. 141, sec. 48, p. 417.]
Idaho Code § 28-9-802 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-802
28-9-802 SAVINGS CLAUSE.
Status: in_force

PART 8.

TRANSITION PROVISIONS FOR 2011 AMENDMENTS

28-9-802. savings clause. (a) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect.

(b) This act does not affect an action, case, or proceeding commenced before this act takes effect.

History:

[28-9-802, added 2012, ch. 145, sec. 20, p. 410.]
Idaho Code § 28-24-107 — Idaho Code / Title 28 / Chapter 24 / Section 28-24-107
28-24-107 EFFECTIVE DATE — APPLICATION TO AGREEMENTS.
Status: in_force

PART 1.

AGREEMENTS BETWEEN SUPPLIERS AND DEALERS OF FARM EQUIPMENT

28-24-107. Effective date — Application to agreements. This act shall take effect on July 1, 1990, and shall apply to any dealer agreement then in effect which has no expiration date and which is a continuing agreement and all other dealer agreements entered into or renewed on or after such effective date.

History:

[28-24-107, added 1990, ch. 267, sec. 1, p. 755.]
Idaho Code § 28-45-105 — Idaho Code / Title 28 / Chapter 45 / Section 28-45-105
28-45-105 NO DISCHARGE FROM EMPLOYMENT FOR GARNISHMENT.
Status: in_force

PART 1.

LIMITATIONS ON CREDITORS' REMEDIES

28-45-105. No discharge from employment for garnishment. No employer shall discharge an employee for the reason that a creditor of the employee has subjected or attempted to subject unpaid earnings of the employee to garnishment or like proceedings directed to the employer for the purpose of paying a judgment arising from a regulated consumer credit transaction.

History:

[28-45-105, added 1983, ch. 119, sec. 3, p. 295.]
Idaho Code § 28-49-101 — Idaho Code / Title 28 / Chapter 49 / Section 28-49-101
28-49-101 RELATIONSHIP TO OTHER LAWS.
Status: in_force

28-49-101. Relationship to other laws. (1) All political subdivisions of this state shall be prohibited from enacting and enforcing ordinances, resolutions and regulations pertaining to the financial or lending activities of persons who:

(a) Are subject to the jurisdiction of the department of finance of the state of Idaho, including activities subject to this chapter;

(b) Are subject to the jurisdiction or regulatory supervision of the board of governors of the federal reserve system, the office of the comptroller of the currency, the national credit union administration, the federal deposit insurance corporation, the federal trade commission or the United States department of housing and urban development; or

(c) Originate, purchase, sell, assign, securitize or service property interests or obligations created by financial transactions or loans made, executed or originated by persons referred to in subsection (1)(a) or (1)(b) of this section or assist or facilitate such transactions.

(2) The requirements of this section shall apply to all ordinances, resolutions and regulations pertaining to financial or lending activities, including any ordinances, resolutions or regulations disqualifying persons from doing business with a political subdivision based upon financial or lending activities or imposing reporting requirements or any other obligations upon persons regarding financial or lending activities.

History:

[28-49-101, added 2002, ch. 301, sec. 8, p. 864; am. 2014, ch. 97, sec. 12, p. 274.]
Idaho Code § 28-42-306 — Idaho Code / Title 28 / Chapter 42 / Section 28-42-306
28-42-306 RIGHT TO PREPAY.
Status: in_force

PART 3.

OTHER CHANGES AND MODIFICATIONS

28-42-306. Right to prepay. (1) Subject to the provisions on rebate upon prepayment, section 28-42-307, Idaho Code, and subject to the provisions of subsection (2) of this section, the debtor may prepay in full the unpaid balance of a regulated consumer credit transaction at any time without penalty.

(2) With respect to a regulated consumer credit transaction which is primarily secured by a mortgage or deed of trust on real property, the parties may agree upon a prepayment charge to be paid by the debtor to the creditor if the debt is repaid in full and prior to its due date, during the first three (3) years of the contract, which prepayment charge shall not exceed the following:

(a) For closed-end loans, the prepayment charge may not exceed an amount equal to six (6) months interest calculated on the average balance for the prior six (6) months at the rate of interest designated in the contract. If the prepayment occurs prior to the expiration of six (6) months from the date of the contract, the prepayment charge may be calculated in the same manner, except the number of months shall be the number of months the loan has existed;

(b) For open-end loans, the amount of the prepayment charge shall not exceed an amount equal to six (6) months finance charge at the annual percentage rate in effect at the time of prepayment, calculated on the average of the average daily balances on the account for the last six (6) billing periods prior to prepayment. If the account has been open for less than six (6) billing periods, the prepayment charge shall be calculated in the same manner, except the number of billing periods shall be the number of billing periods the account has been open.

(3) No prepayment charge may be charged or collected if the loan is refinanced or consolidated with the same lender.

(4) Disclosure of any prepayment charge authorized by this section shall be made by the creditor to the debtor in such manner and form as may be approved by the director.

History:

[28-42-306, added 1983, ch. 119, sec. 3, p. 278; am. 1996, ch. 244, sec. 1, p. 775.]
Idaho Code § 28-2-314 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-314
28-2-314 IMPLIED WARRANTY — MERCHANTABILITY — USAGE OF TRADE.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-314. Implied warranty — Merchantability — Usage of trade. (1) Unless excluded or modified (section 28-2-316), a warranty that the goods shall be merchantable is implied in a contract for their sale if the seller is a merchant with respect to goods of that kind. Under this section the serving for value of food or drink to be consumed either on the premises or elsewhere is a sale.

(2) Goods to be merchantable must be at least such as

(a) pass without objection in the trade under the contract description; and

(b) in the case of fungible goods, are of fair average quality within the description; and

(c) are fit for the ordinary purposes for which such goods are used; and

(d) run, within the variations permitted by the agreement, of even kind, quality and quantity within each unit and among all units involved; and

(e) are adequately contained, packaged, and labeled as the agreement may require; and

(f) conform to the promises or affirmations of fact made on the container or label if any.

(3) Unless excluded or modified (section 28-2-316) other implied warranties may arise from course of dealing or usage of trade.

History:

[28-2-314, added 1967, ch. 161, sec. 2-314, p. 351.]
Idaho Code § 28-12-401 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-401
28-12-401 INSECURITY — ADEQUATE ASSURANCE OF PERFORMANCE.
Status: in_force

PART 4.

PERFORMANCE OF LEASE CONTRACT — REPUDIATED, SUBSTITUTED AND EXCUSED

28-12-401. Insecurity — Adequate assurance of performance. (1) A lease contract imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired.

(2) If reasonable grounds for insecurity arise with respect to the performance of either party, the insecure party may demand in writing adequate assurance of due performance. Until the insecure party receives that assurance, if commercially reasonable the insecure party may suspend any performance for which he has not already received the agreed return.

(3) A repudiation of the lease contract occurs if assurance of due performance adequate under the circumstances of the particular case is not provided to the insecure party within a reasonable time, not to exceed thirty (30) days after receipt of a demand by the other party.

(4) Between merchants, the reasonableness of grounds for insecurity and the adequacy of any assurance offered must be determined according to commercial standards.

(5) Acceptance of any nonconforming delivery or payment does not prejudice the aggrieved party's right to demand adequate assurance of future performance.

History:

[28-12-401, added 1993, ch. 287, sec. 1, p. 997.]
Idaho Code § 28-2-319 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-319
28-2-319 F.O.B. AND F.A.S. TERMS.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-319. F.O.B. and F.A.S. terms. (1) Unless otherwise agreed the term F.O.B. (which means "free on board") at a named place, even though used only in connection with the stated price, is a delivery term under which

(a) when the term is F.O.B. the place of shipment, the seller must at that place ship the goods in the manner provided in this chapter (section 28-2-504) and bear the expense and risk of putting them into the possession of the carrier; or

(b) when the term is F.O.B. the place of destination, the seller must at his own expense and risk transport the goods to that place and there tender delivery of them in the manner provided in this chapter (section 28-2-503);

(c) when under either (a) or (b) the term is also F.O.B. vessel, car or other vehicle, the seller must in addition at his own expense and risk load the goods on board. If the term is F.O.B. vessel the buyer must name the vessel and in an appropriate case the seller must comply with the provisions of this chapter on the form of bill of lading (section 28-2-323).

(2) Unless otherwise agreed the term F.A.S. vessel (which means "free alongside") at a named port, even though used only in connection with the stated price, is a delivery term under which the seller must

(a) at his own expense and risk deliver the goods alongside the vessel in the manner usual in that port or on a dock designated and provided by the buyer; and

(b) obtain and tender a receipt for the goods in exchange for which the carrier is under a duty to issue a bill of lading.

(3) Unless otherwise agreed in any case falling within subsection (1)(a) or (c) or subsection (2) the buyer must seasonably give any needed instructions for making delivery, including when the term is F.A.S. or F.O.B. the loading berth of the vessel and in an appropriate case its name and sailing date. The seller may treat the failure of needed instructions as a failure of cooperation under this chapter (section 28-2-311). He may also at his option move the goods in any reasonable manner preparatory to delivery or shipment.

(4) Under the term F.O.B. vessel or F.A.S. unless otherwise agreed the buyer must make payment against tender of the required documents and the seller may not tender nor the buyer demand delivery of the goods in substitution for the documents.

History:

[28-2-319, added 1967, ch. 161, sec. 2-319, p. 351.]
Idaho Code § 28-43-404 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-404
28-43-404 RESTORATION OF DOWN PAYMENT.
Status: in_force

PART 4.

HOME SOLICITATION SALES

28-43-404. Restoration of down payment. (1) Within ten (10) days after a notice of cancellation has been received by the seller or an offer to purchase has been otherwise revoked, the seller shall tender to the buyer any payments made by the buyer, any note or other evidence of indebtedness, and any goods traded in. A provision permitting the seller to keep all or any part of any goods traded in, payment, note or evidence of indebtedness is in violation of this section and unenforceable.

(2) If the down payment includes goods traded in, the goods shall be tendered in substantially as good condition as when received by the seller. If the seller fails to tender the goods as provided by this section, the buyer may elect to recover an amount equal to the trade-in allowance stated in the agreement.

(3) Until the seller has complied with the obligations imposed by this section, the buyer may retain possession of goods delivered to him by the seller and has a lien on the goods in his possession or control for any recovery to which he is entitled.

History:

[28-43-404, added 1983, ch. 119, sec. 3, p. 287.]
Idaho Code § 28-23-105 — Idaho Code / Title 28 / Chapter 23 / Section 28-23-105
28-23-105 FAILURE TO PAY SUMS SPECIFIED ON CANCELLATION OF CONTRACTS — LIABILITY.
Status: in_force

28-23-105. Failure to pay sums specified on cancellation of contracts — Liability. In the event that any manufacturer, wholesaler or distributor of farm implements, equipment, machinery, attachments, accessories or repair parts, upon the cancellation of a contract by either a retailer or such manufacturer, wholesaler or distributor, fails or refuses to make payment to the dealer or his heir or heirs as required by the provisions of this chapter, or any other violations of the provisions of this chapter, the manufacturer, wholesaler or distributor shall be liable in a civil action to be brought by the retailer or his heir or heirs for (a) one hundred percent (100%) of the net cost of the farm implements, equipment, machinery, attachments and accessories, (b) transportation charges required in section 28-23-102, Idaho Code, which have been paid by the retailer, or invoiced to the retailer's account, (c) one hundred percent (100%) of the current net price of repair parts, (d) five percent (5%) for handling, packing and loading, if applicable, (e) one hundred percent (100%) of the current net price for manuals and repair manuals, (f) reasonable reimbursement for services performed in connection with assembly and predelivery inspections of the equipment and (g) additionally, any judgment rendered by a court of competent jurisdiction for the plaintiff in a suit filed pursuant to this section may include damages in the amount of two (2) times the compensatory damages found due and owning. A person, firm or corporation which brings an action under this section must commence the action in the county in which the principal place of business of the retailer is located.

History:

[28-23-105, added 1975, ch. 97, sec. 5, p. 197; am. 2005, ch. 238, sec. 3, p. 733; am. 2011, ch. 270, sec. 6, p. 733.]
Idaho Code § 28-4-613 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-613
28-4-613 ERRONEOUS PAYMENT ORDERS.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-613. Erroneous payment orders. (1) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructed payment in an amount greater than the amount intended by the sender, or (iii) was an erroneously transmitted duplicate of a payment order previously sent by the sender, the following rules apply:

(a) If the sender proves that the sender or a person acting on behalf of the sender pursuant to section 28-4-614, Idaho Code, complied with the security procedure and that the error would have been detected if the receiving bank had also complied, the sender is not obliged to pay the order to the extent stated in paragraphs (b) and (c) of this subsection.

(b) If the funds transfer is completed on the basis of an erroneous payment order described in (i) or (iii) of this subsection, the sender is not obliged to pay the order and the receiving bank is entitled to recover from the beneficiary any amount paid to the beneficiary to the extent allowed by the law governing mistake and restitution.

(c) If the funds transfer is completed on the basis of a payment order described in (ii) of this subsection, the sender is not obliged to pay the order to the extent the amount received by the beneficiary is greater than the amount intended by the sender. In that case, the receiving bank is entitled to recover from the beneficiary the excess amount received to the extent allowed by the law governing mistake and restitution.

(2) If (i) the sender of an erroneous payment order described in subsection (1) of this section is not obliged to pay all or part of the order, and (ii) the sender receives notification from the receiving bank that the order was accepted by the bank or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care, on the basis of information available to the sender, to discover the error with respect to the order and to advise the bank of the relevant facts within a reasonable time, not exceeding ninety (90) days, after the bank's notification was received by the sender. If the bank proves that the sender failed to perform that duty, the sender is liable to the bank for the loss the bank proves it incurred as a result of the failure, but the liability of the sender may not exceed the amount of the sender's order.

(3) This section applies to amendments to payment orders to the same extent it applies to payment orders.

History:

[28-4-613, added 1991, ch. 135, sec. 1, p. 301; am. 2014, ch. 97, sec. 8, p. 271; am. 2020, ch. 82, sec. 16, p. 190; am. 2021, ch. 321, sec. 3, p. 946.]
Idaho Code § 28-11-105 — Idaho Code / Title 28 / Chapter 11 / Section 28-11-105
28-11-105 WAIVER VOID — EXEMPTION FROM UCC.
Status: in_force

PART 1.

ARTIST AND ART DEALER

28-11-105. Waiver void — Exemption from UCC. (1) Any provision of a contract or agreement by which the consignor waives any provision of this part of this chapter is void.

(2) This part of this chapter is not subject to the provisions of chapters 1 through 10, title 28, Idaho Code.

History:

[28-11-105, added 1987, ch. 127, sec. 1, p. 259.]
Idaho Code § 28-9-312 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-312
28-9-312 PERFECTION OF SECURITY INTERESTS IN CHATTEL PAPER, DEPOSIT ACCOUNTS, DOCUMENTS, GOODS COVERED BY DOCUMENTS, INSTRUMENTS, INVESTMENT PROPERTY, LETTER OF CREDIT RIGHTS AND MONEY — PERFECTION BY PERMISSIVE FILING — TEMPORARY PERFECTION WITHOUT FILING OR TRANSFER OF POSSESSION.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter of credit rights and money — Perfection by permissive filing — Temporary perfection without filing or transfer of possession. (a) A security interest in chattel paper, negotiable documents, instruments or investment property may be perfected by filing.

(b) Except as otherwise provided in section 28-9-315(c) and (d) for proceeds:

(1) A security interest in a deposit account may be perfected only by control under section 28-9-314;

(2) And except as otherwise provided in section 28-9-308(d), a security interest in a letter of credit right may be perfected only by control under section 28-9-314; and

(3) A security interest in money may be perfected only by the secured party's taking possession under section 28-9-313.

(c) While goods are in the possession of a bailee that has issued a negotiable document covering the goods:

(1) A security interest in the goods may be perfected by perfecting a security interest in the document; and

(2) A security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time.

(d) While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by:

(1) Issuance of a document in the name of the secured party;

(2) The bailee's receipt of notification of the secured party's interest; or

(3) Filing as to the goods.

(e) A security interest in certificated securities, negotiable documents or instruments is perfected without filing or the taking of possession or control for a period of twenty (20) days from the time it attaches to the extent that it arises for new value given under an authenticated security agreement.

(f) A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for twenty (20) days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:

(1) Ultimate sale or exchange; or

(2) Loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with them in a manner preliminary to their sale or exchange.

(g) A perfected security interest in a certificated security or instrument remains perfected for twenty (20) days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:

(1) Ultimate sale or exchange; or

(2) Presentation, collection, enforcement, renewal or registration of transfer.

(h) After the twenty (20) day period specified in subsection (e), (f) or (g) of this section expires, perfection depends upon compliance with this chapter.

History:

[28-9-312, added 2001, ch. 208, sec. 2, p. 734; am. 2004, ch. 42, sec. 27, p. 130.]
Idaho Code § 28-12-208 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-208
28-12-208 MODIFICATION, RESCISSION AND WAIVER.
Status: in_force

PART 2.

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

28-12-208. Modification, rescission and waiver. (1) An agreement modifying a lease contract needs no consideration to be binding.

(2) A signed lease agreement that excludes modification or rescission except by a signed writing may not be otherwise modified or rescinded, but, except as between merchants, such a requirement on a form supplied by a merchant must be separately signed by the other party.

(3) Although an attempt at modification or rescission does not satisfy the requirements of subsection (2) of this section, it may operate as a waiver.

(4) A party who has made a waiver affecting an executory portion of a lease contract may retract the waiver by reasonable notification received by the other party that strict performance will be required of any term waived, unless the retraction would be unjust in view of a material change of position in reliance on the waiver.

History:

[28-12-208, added 1993, ch. 287, sec. 1, p. 985.]
Idaho Code § 28-7-303 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-303
28-7-303 DIVERSION — RECONSIGNMENT — CHANGE OF INSTRUCTIONS.
Status: in_force

PART 3.

BILLS OF LADING — SPECIAL PROVISIONS

28-7-303. Diversion — Reconsignment — Change of instructions. (a) Unless the bill of lading otherwise provides, a carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods, without liability for misdelivery, on instructions from:

(1) The holder of a negotiable bill;

(2) The consignor on a nonnegotiable bill, even if the consignee has given contrary instructions;

(3) The consignee on a nonnegotiable bill in the absence of contrary instructions from the consignor, if the goods have arrived at the billed destination or if the consignee is in possession of the tangible bill or in control of the electronic bill; or

(4) The consignee on a nonnegotiable bill, if the consignee is entitled as against the consignor to dispose of the goods.

(b) Unless instructions described in subsection (a) of this section are included in a negotiable bill of lading, a person to which the bill is duly negotiated may hold the bailee according to the original terms.

History:

[28-7-303, added 2004, ch. 42, sec. 2, p. 89.]
Idaho Code § 28-9-501 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-501
28-9-501 FILING OFFICE.
Status: in_force

PART 5.

FILING

28-9-501. Filing office. (a) Except as otherwise provided in subsection (b) of this section, if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is:

(1) The office designated for the filing or recording of a record of a mortgage on the related real property, if:

(A) the collateral is as-extracted collateral or timber to be cut; or

(B) the financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures; or

(2) The office of the secretary of state or any office duly authorized by the secretary of state, in all other cases, including a case in which the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing.

(b) The office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the office of the secretary of state. The financing statement also constitutes a fixture filing as to the collateral indicated in the financing statement which is or is to become a fixture.

History:

[28-9-501, added 2001, ch. 208, sec. 2, p. 761.]
Idaho Code § 28-9-328 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-328
28-9-328 PRIORITY OF SECURITY INTERESTS IN INVESTMENT PROPERTY.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-328. Priority of security interests in investment property. The following rules govern priority among conflicting security interests in the same investment property:

(1) A security interest held by a secured party having control of investment property under section 28-9-106 has priority over a security interest held by a secured party that does not have control of the investment property.

(2) Except as otherwise provided in subsections (3) and (4) of this section, conflicting security interests held by secured parties each of which has control under section 28-9-106 rank according to priority in time of:

(A) If the collateral is a security, obtaining control;

(B) If the collateral is a security entitlement carried in a securities account and:

(i) if the secured party obtained control under section 28-8-106(4)(a), the secured party's becoming the person for which the securities account is maintained;

(ii) if the secured party obtained control under section 28-8-106(4)(b), the securities intermediary's agreement to comply with the secured party's entitlement orders with respect to security entitlements carried or to be carried in the securities account; or

(iii) if the secured party obtained control through another person under section 28-8-106(4)(c), the time on which priority would be based under this paragraph if the other person were the secured party; or

(C) If the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in section 28-9-106(b)(2) with respect to commodity contracts carried or to be carried with the commodity intermediary.

(3) A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party.

(4) A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party.

(5) A security interest in a certificated security in registered form which is perfected by taking delivery under section 28-9-313(a) and not by control under section 28-9-314 has priority over a conflicting security interest perfected by a method other than control.

(6) Conflicting security interests created by a broker, securities intermediary or commodity intermediary which are perfected without control under section 28-9-106 rank equally.

(7) In all other cases, priority among conflicting security interests in investment property is governed by sections 28-9-322 and 28-9-323.

History:

[28-9-328, added 2001, ch. 208, sec. 2, p. 749.]
Idaho Code § 28-9-210 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-210
28-9-210 REQUEST FOR ACCOUNTING — REQUEST REGARDING LIST OF COLLATERAL OR STATEMENT OF ACCOUNT.
Status: in_force

PART 2.

EFFECTIVENESS OF SECURITY AGREEMENT — ATTACHMENT OF SECURITY INTEREST — RIGHTS OF PARTIES TO SECURITY AGREEMENT

28-9-210. Request for accounting — Request regarding list of collateral or statement of account. (a) In this section:

(1) "Request" means a record of a type described in paragraph (2), (3) or (4) of this subsection.

(2) "Request for an accounting" means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably identifying the transaction or relationship that is the subject of the request.

(3) "Request regarding a list of collateral" means a record authenticated by a debtor requesting that the recipient approve or correct a list of what the debtor believes to be the collateral securing an obligation and reasonably identifying the transaction or relationship that is the subject of the request.

(4) "Request regarding a statement of account" means a record authenticated by a debtor requesting that the recipient approve or correct a statement indicating what the debtor believes to be the aggregate amount of unpaid obligations secured by collateral as of a specified date and reasonably identifying the transaction or relationship that is the subject of the request.

(b) Subject to subsections (c), (d), (e) and (f) of this section, a secured party, other than a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor, shall comply with a request within fourteen (14) days after receipt:

(1) In the case of a request for an accounting, by authenticating and sending to the debtor an accounting; and

(2) In the case of a request regarding a list of collateral or a request regarding a statement of account, by authenticating and sending to the debtor an approval or correction.

(c) A secured party that claims a security interest in all of a particular type of collateral owned by the debtor may comply with a request regarding a list of collateral by sending to the debtor an authenticated record including a statement to that effect within fourteen (14) days after receipt.

(d) A person that receives a request regarding a list of collateral, claims no interest in the collateral when it receives the request, and claimed an interest in the collateral at an earlier time shall comply with the request within fourteen (14) days after receipt by sending to the debtor an authenticated record:

(1) Disclaiming any interest in the collateral; and

(2) If known to the recipient, providing the name and mailing address of any assignee of or successor to the recipient's interest in the collateral.

(e) A person that receives a request for an accounting or a request regarding a statement of account, claims no interest in the obligations when it receives the request, and claimed an interest in the obligations at an earlier time shall comply with the request within fourteen (14) days after receipt by sending to the debtor an authenticated record:

(1) Disclaiming any interest in the obligations; and

(2) If known to the recipient, providing the name and mailing address of any assignee of or successor to the recipient's interest in the obligations.

(f) A debtor is entitled without charge to one (1) response to a request under this section during any six (6) month period. The secured party may require payment of a charge not exceeding twenty-five dollars ($25.00) for each additional response.

History:

[28-9-210, added 2001, ch. 208, sec. 2, p. 727.]
Idaho Code § 28-3-419 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-419
28-3-419 INSTRUMENTS SIGNED FOR ACCOMMODATION.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-419. Instruments signed for accommodation. (1) If an instrument is issued for value given for the benefit of a party to the instrument ("accommodated party") and another party to the instrument ("accommodation party") signs the instrument for the purpose of incurring liability on the instrument without being a direct beneficiary of the value given for the instrument, the instrument is signed by the accommodation party "for accommodation."

(2) An accommodation party may sign the instrument as maker, drawer, acceptor, or indorser and, subject to subsection (4) of this section, is obliged to pay the instrument in the capacity in which the accommodation party signs. The obligation of an accommodation party may be enforced notwithstanding any statute of frauds and whether or not the accommodation party receives consideration for the accommodation.

(3) A person signing an instrument is presumed to be an accommodation party and there is notice that the instrument is signed for accommodation if the signature is an anomalous indorsement or is accompanied by words indicating that the signer is acting as surety or guarantor with respect to the obligation of another party to the instrument. Except as provided in section 28-3-605, the obligation of an accommodation party to pay the instrument is not affected by the fact that the person enforcing the obligation had notice when the instrument was taken by that person that the accommodation party signed the instrument for accommodation.

(4) If the signature of a party to an instrument is accompanied by words indicating unambiguously that the party is guaranteeing collection rather than payment of the obligation of another party to the instrument, the signer is obliged to pay the amount due on the instrument to a person entitled to enforce the instrument only if (i) execution of judgment against the other party has been returned unsatisfied, (ii) the other party is insolvent or in an insolvency proceeding, (iii) the other party cannot be served with process, or (iv) it is otherwise apparent that payment cannot be obtained from the other party.

(5) An accommodation party who pays the instrument is entitled to reimbursement from the accommodated party and is entitled to enforce the instrument against the accommodated party. An accommodated party who pays the instrument has no right of recourse against, and is not entitled to contribution from, an accommodation party.

History:

[28-3-419, added 1993, ch. 288, sec. 2, p. 1046.]
Idaho Code § 28-9-110 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-110
28-9-110 SECURITY INTERESTS ARISING UNDER CHAPTER 2 OR 12, TITLE 28, IDAHO CODE.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-9-110. Security interests arising under chapter 2 or 12, title 28, idaho code. A security interest arising under section 28-2-401, 28-2-505, 28-2-711(3) or 28-12-508(5) is subject to this chapter. However, until the debtor obtains possession of the goods:

(1) The security interest is enforceable, even if section 28-9-203(b)(3) has not been satisfied;

(2) Filing is not required to perfect the security interest;

(3) The rights of the secured party after default by the debtor are governed by chapter 2 or 12, title 28, Idaho Code; and

(4) The security interest has priority over a conflicting security interest created by the debtor.

History:

[28-9-110, added 2001, ch. 208, sec. 2, p. 722.]
Idaho Code § 28-12-304 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-304
28-12-304 SUBSEQUENT LEASE OF GOODS BY LESSOR.
Status: in_force

PART 3.

EFFECT OF LEASE CONTRACT

28-12-304. Subsequent lease of goods by lessor. (1) Subject to section 28-12-303, a subsequent lessee from a lessor of goods under an existing lease contract obtains, to the extent of the leasehold interest transferred, the leasehold interest in the goods that the lessor had or had power to transfer, and except as provided in subsection (2) of this section and section 28-12-527(4), takes subject to the existing lease contract. A lessor with voidable title has power to transfer a good leasehold interest to a good faith subsequent lessee for value, but only to the extent set forth in the preceding sentence. If goods have been delivered under a transaction of purchase, the lessor has that power even though:

(a) The lessor's transferor was deceived as to the identity of the lessor;

(b) The delivery was in exchange for a check which is later dishonored;

(c) It was agreed that the transaction was to be a "cash sale"; or

(d) The delivery was procured through fraud punishable as larcenous under the criminal law.

(2) A subsequent lessee in the ordinary course of business from a lessor who is a merchant dealing in goods of that kind to whom the goods were entrusted by the existing lessee of that lessor before the interest of the subsequent lessee became enforceable against that lessor obtains, to the extent of the leasehold interest transferred, all of that lessor's and the existing lessee's rights to the goods, and takes free of the existing lease contract.

(3) A subsequent lessee from the lessor of goods that are subject to an existing lease contract and are covered by a certificate of title issued under a statute of this state or of another jurisdiction takes no greater rights than those provided both by this section and by the certificate of title statute.

History:

[28-12-304, added 1993, ch. 287, sec. 1, p. 992.]
Idaho Code § 28-46-107 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-107
28-46-107 APPLICATION OF ADMINISTRATIVE PROCEDURE ACT.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-107. Application of administrative procedure act. Except as otherwise provided, the Administrative Procedure Act applies to and governs all administrative action taken by the administrator pursuant to this chapter.

History:

[28-46-107, added 1983, ch. 119, sec. 3, p. 302.]
Idaho Code § 28-36-105 — Idaho Code / Title 28 / Chapter 36 / Section 28-36-105
28-36-105 DISCLOSURES.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATORS

28-36-105. Disclosures. (1) For each lease-purchase agreement, the lessor shall disclose in the agreement the following items, as applicable:

(a) The total number, total dollar amount and frequency of all payments necessary to acquire ownership of the property;

(b) A statement that the consumer will not own the property until the consumer has made the total payments necessary to acquire ownership;

(c) A statement that the consumer is responsible to the lessor for the fair market value of the property if, and as of the time, it is lost, stolen, damaged or destroyed;

(d) A brief description of the leased property, sufficient to identify the property to the consumer and the lessor, including an identification number, if applicable, and a statement indicating whether the property is new or used, but a statement that indicates new property is used is not a violation of the provisions of this chapter;

(e) The total amount initially payable or required at or before consummation of the agreement or delivery of the property, whichever is later;

(f) A statement that the total of payments necessary to acquire ownership does not include other charges, such as late payment, default, pickup and reinstatement fees, which fees shall be separately disclosed in the agreement;

(g) A statement clearly summarizing the terms of the consumer's option to purchase, if any, including a statement regarding whether the consumer has the right to exercise an early purchase option and the price, formula or method for determining the price at which the property may be so purchased;

(h) A statement identifying the party responsible for maintaining or servicing the property while it is being leased, together with a description of that responsibility, and a statement that if any part of a manufacturer's express warranty covers the lease property at the time the consumer acquires ownership of the property, the warranty shall be transferred to the consumer, if allowed by the terms of the warranty;

(i) The consummation date of the agreement and the identities of the lessor and consumer;

(j) A statement that the consumer may terminate the agreement without penalty by voluntarily surrendering or returning the property in good repair upon the renewal date together with any past due rental payments; and

(k) Notice of the right to reinstate an agreement as herein provided.

History:

[28-36-105, added 1993, ch. 232, sec. 1, p. 808.]
Idaho Code § 28-9-311 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-311
28-9-311 PERFECTION OF SECURITY INTERESTS IN PROPERTY SUBJECT TO CERTAIN STATUTES, REGULATIONS AND TREATIES.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-311. Perfection of security interests in property subject to certain statutes, regulations and treaties. (a) Except as otherwise provided in subsection (d) of this section, the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:

(1) A statute, regulation or treaty of the United States whose requirements for a security interest's obtaining priority over the rights of a lien creditor with respect to the property preempt section 28-9-310(a), Idaho Code;

(2) Section 49-510, Idaho Code; or

(3) A statute of another jurisdiction which provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the property.

(b) Compliance with the requirements of a statute, regulation or treaty described in subsection (a) of this section for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this chapter. Except as otherwise provided in subsection (d) of this section and sections 28-9-313 and 28-9-316(d) and (e), Idaho Code, for goods covered by a certificate of title, a security interest in property subject to a statute, regulation or treaty described in subsection (a) of this section may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral.

(c) Except as otherwise provided in subsection (d) of this section and section 28-9-316(d) and (e), Idaho Code, duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation or treaty described in subsection (a) of this section are governed by the statute, regulation or treaty. In other respects, the security interest is subject to this chapter.

(d) During any period in which collateral subject to a statute specified in subsection (a)(2) of this section is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling or leasing goods of that kind, this section does not apply to a security interest in that collateral created by that person as debtor.

History:

[28-9-311, added 2001, ch. 208, sec. 2, p. 733; am. 2012, ch. 145, sec. 4, p. 392.]
Idaho Code § 28-4-105 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-105
28-4-105 “BANK” — “DEPOSITARY BANK” — “INTERMEDIARY BANK” — “COLLECTING BANK” — “PAYOR BANK” — “PRESENTING BANK.”
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-4-105. "Bank" — "Depositary bank" — "Intermediary bank" — "Collecting bank" — "Payor bank" — "Presenting bank." In this chapter:

(1) "Bank" means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union or trust company;

(2) "Depositary bank" means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter;

(3) "Payor bank" means a bank that is the drawee of a draft;

(4) "Intermediary bank" means a bank to which an item is transferred in course of collection except the depositary or payor bank;

(5) "Collecting bank" means a bank handling the item for collection except the payor bank;

(6) "Presenting bank" means a bank presenting an item except a payor bank.

History:

[28-4-105, added 1967, ch. 161, sec. 4-105, p. 351; am. 1993, ch. 288, sec. 7, p. 1056.]
Idaho Code § 28-7-106 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-106
28-7-106 CONTROL OF ELECTRONIC DOCUMENT OF TITLE.
Status: in_force

PART 1.

GENERAL

28-7-106. Control of electronic document of title. (a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.

(b) A system satisfies subsection (a) of this section, and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that:

(1) A single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in subsections (b)(4), (5), and (6) of this section, unalterable;

(2) The authoritative copy identifies the person asserting control as:

(A) The person to which the document was issued; or

(B) If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;

(3) The authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;

(4) Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control;

(5) Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and

(6) Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

History:

[28-7-106, added 2004, ch. 42, sec. 2, p. 82.]
Idaho Code § 28-8-106 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-106
28-8-106 CONTROL.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-106. Control. (1) A purchaser has "control" of a certificated security in bearer form if the certificated security is delivered to the purchaser.

(2) A purchaser has "control" of a certificated security in registered form if the certificated security is delivered to the purchaser, and:

(a) The certificate is indorsed to the purchaser or in blank by an effective indorsement; or

(b) The certificate is registered in the name of the purchaser, upon original issue or registration of transfer by the issuer.

(3) A purchaser has "control" of an uncertificated security if:

(a) The uncertificated security is delivered to the purchaser; or

(b) The issuer has agreed that it will comply with instructions originated by the purchaser without further consent by the registered owner.

(4) A purchaser has "control" of a security entitlement if:

(a) The purchaser becomes the entitlement holder;

(b) The securities intermediary has agreed that it will comply with entitlement orders originated by the purchaser without further consent by the entitlement holder; or

(c) Another person has control of the security entitlement on behalf of the purchaser or, having previously acquired control of the security entitlement, acknowledges that it has control on behalf of the purchaser.

(5) If an interest in a security entitlement is granted by the entitlement holder to the entitlement holder's own securities intermediary, the securities intermediary has control.

(6) A purchaser who has satisfied the requirements of subsection (3) or (4) of this section has control, even if the registered owner in the case of subsection (3) of this section, or the entitlement holder in the case of subsection (4) of this section, retains the right to make substitutions for the uncertificated security or security entitlement, to originate instructions or entitlement orders to the issuer or securities intermediary, or otherwise to deal with the uncertificated security or security entitlement.

(7) An issuer or a securities intermediary may not enter into an agreement of the kind described in subsection (3)(b) or (4)(b) of this section without the consent of the registered owner or entitlement holder, but an issuer or a securities intermediary is not required to enter into such an agreement even though the registered owner or entitlement holder so directs. An issuer or securities intermediary that has entered into such an agreement is not required to confirm the existence of the agreement to another party unless requested to do so by the registered owner or entitlement holder.

History:

[28-8-106, added 1995, ch. 272, sec. 2, p. 879; am. 2001, ch. 208, sec. 15, p. 812.]
Idaho Code § 28-3-414 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-414
28-3-414 OBLIGATION OF DRAWER.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-414. Obligation of drawer. (1) This section does not apply to cashier's checks or other drafts drawn on the drawer.

(2) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft (i) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or (ii) if the drawer signed an incomplete instrument, according to its terms when completed, to the extent stated in sections 28-3-115 and 28-3-407. The obligation is owed to a person entitled to enforce the draft or to an indorser who paid the draft under section 28-3-415.

(3) If a draft is accepted by a bank, the drawer is discharged, regardless of when or by whom acceptance was obtained.

(4) If a draft is accepted and the acceptor is not a bank, the obligation of the drawer to pay the draft if the draft is dishonored by the acceptor is the same as the obligation of an indorser under section 28-3-415(1) and (3).

(5) If a draft states that it is drawn "without recourse" or otherwise disclaims liability of the drawer to pay the draft, the drawer is not liable under subsection (2) of this section to pay the draft if the draft is not a check. A disclaimer of the liability stated in subsection (2) of this section is not effective if the draft is a check.

(6) If (i) a check is not presented for payment or given to a depositary bank for collection within thirty (30) days after its date, (ii) the drawee suspends payments after expiration of the thirty (30) day period without paying the check, and (iii) because of the suspension of payments, the drawer is deprived of funds maintained with the drawee to cover payment of the check, the drawer to the extent deprived of funds may discharge its obligation to pay the check by assigning to the person entitled to enforce the check the rights of the drawer against the drawee with respect to the funds.

History:

[28-3-414, added 1993, ch. 288, sec. 2, p. 1043.]
Idaho Code § 28-2-202 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-202
28-2-202 FINAL WRITTEN EXPRESSION — PAROL OR EXTRINSIC EVIDENCE.
Status: in_force

PART 2.

FORM, FORMATION AND READJUSTMENT OF CONTRACT

28-2-202. Final written expression — Parol or extrinsic evidence. Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise set forth in a writing intended by the parties as a final expression of their agreement with respect to such terms as are included therein may not be contradicted by evidence of any prior agreement or of a contemporaneous oral agreement but may be explained or supplemented

(a) By course of performance, course of dealing, or usage of trade (section 28-1-303); and

(b) By evidence of consistent additional terms unless the court finds the writing to have been intended also as a complete and exclusive statement of the terms of the agreement.

History:

[28-2-202, added 1967, ch. 161, sec. 2-202, p. 351; am. 2004, ch. 43, sec. 29, p. 152.]
Idaho Code § 28-50-104 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-104
28-50-104 PROSPECTIVE APPLICATION.
Status: in_force

28-50-104. Prospective application. This chapter applies to any electronic record or electronic signature created, generated, sent, communicated, received, or stored on or after the initial effective date of this chapter.

History:

[28-50-104, added 2000, ch. 286, sec. 1, p. 962.]
Idaho Code § 28-5303 — Idaho Code / Title 28 / Chapter 53 / Section 28-5303
28-5303 DEFINITIONS.
Status: in_force

28-5303. Definitions. As used in this chapter:

(1) "Adverse claim" means a claimant that has a property interest in a virtual currency or a right to payment evidenced by the virtual currency.

(2) "Control" means the ability to exclude others from the use of property and includes the following:

(a) A secured party, or an agent, custodian, fiduciary, or trustee of the party, that has complied with section 28-8-106, Idaho Code, including by means of a private key or the use of a multi-signature arrangement exclusive to the secured party or any substantially similar analogue; and

(b) A smart contract created by a secured party to comply with section 28-8-106, Idaho Code. As used in this paragraph, "smart contract" means an automated transaction as described in section 28-50-114, Idaho Code, or any substantially similar analogue comprised of code, script, or programming language that executes the terms of an agreement and may include taking custody of and transferring an asset or issuing executable instructions for these actions, based on the occurrence or nonoccurrence of specified conditions.

(3) "Digital asset" means a representation of economic, proprietary, or access rights that is stored in a computer-readable format and includes an open blockchain token, digital commodity, digital security, virtual currency, and any other controllable electronic record.

(4) "Digital security" means a digital asset that constitutes a security as defined in section 30-14-102, Idaho Code.

(5) "Multi-signature arrangement" means a system of access control relating to a digital asset for the purposes of preventing unauthorized transactions relating to the asset in which two (2) or more private keys are required to conduct a transaction or any other substantially similar analogue.

(6) "Possession" includes use of a private key, a multi-signature arrangement exclusive to the secured party, a smart contract as defined in this section, or any substantially similar analogue. "Possession" shall also include delivery of certificated digital securities consistent with section 28-8-301(1)(a), Idaho Code.

(7) "Private key" means a unique element of cryptographic data or any substantially similar analogue that is:

(a) Held by a person;

(b) Paired with a unique, publicly available element of cryptographic data; and

(c) Associated with an algorithm that is necessary to carry out an encryption or decryption required to execute a transaction.

(8) "Virtual currency" means a digital asset that is used as a medium of exchange, unit of account, or store of value.

History:

[28-5303, added 2022, ch. 284, sec. 1, p. 902.]
Idaho Code § 28-9-526 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-526
28-9-526 FILING OFFICE RULES.
Status: in_force

PART 5.

FILING

28-9-526. Filing office rules. (a) The secretary of state shall promulgate rules to implement this chapter. The filing office rules must be:

(1) Consistent with this chapter; and

(2) Promulgated in accordance with the administrative procedure act, chapter 52, title 67, Idaho Code.

(b) To keep the filing office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this part, and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this part, the secretary of state, so far as is consistent with the purposes, policies and provisions of this chapter, in adopting, amending and repealing filing office rules, shall:

(1) Consult with filing offices in other jurisdictions that enact substantially this part; and

(2) Consult the most recent version of the model rules promulgated by the international association of corporate administrators or any successor organization; and

(3) Take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this part.

History:

[28-9-526, added 2001, ch. 208, sec. 2, p. 779.]
Idaho Code § 28-12-303 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-303
28-12-303 ALIENABILITY OF PARTY'S INTEREST UNDER LEASE CONTRACT OR OF LESSOR'S RESIDUAL INTEREST IN GOODS — DELEGATION OF PERFORMANCE — TRANSFER OF RIGHTS.
Status: in_force

PART 3.

EFFECT OF LEASE CONTRACT

28-12-303. Alienability of party's interest under lease contract or of lessor's residual interest in goods — Delegation of performance — Transfer of rights. (1) As used in this section, "creation of a security interest" includes the sale of a lease contract that is subject to chapter 9, title 28, Idaho Code, secured transactions, by reason of section (2) Except as provided in subsection (3) of this section and section 28-9-407, a provision in a lease agreement which: (i) prohibits the voluntary or involuntary transfer, including a transfer by sale, sublease, creation or enforcement of a security interest, or attachment, levy, or other judicial process, of an interest of a party under the lease contract or of the lessor's residual interest in the goods, or (ii) makes such a transfer an event of default, gives rise to the rights and remedies provided in subsection (4) of this section, but a transfer that is prohibited or is an event of default under the lease agreement is otherwise effective.

(3) A provision in a lease agreement which: (i) prohibits a transfer of a right to damages for default with respect to the whole lease contract or of a right to payment arising out of the transferor's due performance of the transferor's entire obligation, or (ii) makes such a transfer an event of default, is not enforceable, and such a transfer is not a transfer that materially impairs the prospect of obtaining return performance by, materially changes the duty of, or materially increases the burden or risk imposed on, the other party to the lease contract within the purview of subsection (4) of this section.

(4) Subject to the provisions of subsection (3) of this section and section 28-9-407:

(a) If a transfer is made which is made an event of default under a lease agreement, the party to the lease contract not making the transfer, unless that party waives the default or otherwise agrees, has the rights and remedies described in section (b) If paragraph (a) of this subsection is not applicable and if a transfer is made that: (i) is prohibited under a lease agreement or (ii) materially impairs the prospect of obtaining return performance by, materially changes the duty of, or materially increases the burden or risk imposed on, the other party to the lease contract, unless the party not making the transfer agrees at any time to the transfer in the lease contract or otherwise, then, except as limited by contract, (i) the transferor is liable to the party not making the transfer for damages caused by the transfer to the extent that the damages could not reasonably be prevented by the party not making the transfer and (ii) a court having jurisdiction may grant other appropriate relief, including cancellation of the lease contract or an injunction against the transfer.

(5) A transfer of "the lease" or of "all my rights under the lease," or a transfer in similar general terms, is a transfer of rights and, unless the language or the circumstances, as in a transfer for security, indicate the contrary, the transfer is a delegation of duties by the transferor to the transferee. Acceptance by the transferee constitutes a promise by the transferee to perform those duties. The promise is enforceable by either the transferor or the other party to the lease contract.

(6) Unless otherwise agreed by the lessor and the lessee, a delegation of performance does not relieve the transferor as against the other party of any duty to perform or of any liability for default.

(7) In a consumer lease, to prohibit the transfer of an interest of a party under the lease contract or to make a transfer an event of default, the language must be specific, by a writing, and conspicuous.

History:

[28-12-303, added 1993, ch. 287, sec. 1, p. 990; am. 2001, ch. 208, sec. 21, p. 819.]
Idaho Code § 28-5-104 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-104
28-5-104 FORMAL REQUIREMENTS.
Status: in_force

28-5-104. Formal requirements. A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated (i) by a signature or (ii) in accordance with the agreement of the parties or the standard practice referred to in section 28-5-108(5).

History:

[28-5-104, added 1996, ch. 7, sec. 2, p. 11.]
Idaho Code § 28-9-616 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-616
28-9-616 EXPLANATION OF CALCULATION OF SURPLUS OR DEFICIENCY.
Status: in_force

PART 6.

DEFAULT

28-9-616. Explanation of calculation of surplus or deficiency. (a) In this section:

(1) "Explanation" means a writing that:

(A) states the amount of the surplus or deficiency;

(B) provides an explanation in accordance with subsection (c) of this section of how the secured party calculated the surplus or deficiency;

(C) states, if applicable, that future debits, credits, charges, including additional credit service charges or interest, rebates, and expenses may affect the amount of the surplus or deficiency; and

(D) provides a telephone number or mailing address from which additional information concerning the transaction is available.

(2) "Request" means a record:

(A) authenticated by a debtor or consumer obligor;

(B) requesting that the recipient provide an explanation; and

(C) sent after disposition of the collateral under section 28-9-610.

(b) In a consumer goods transaction in which the debtor is entitled to a surplus or a consumer obligor is liable for a deficiency under section 28-9-615, the secured party shall:

(1) Send an explanation to the debtor or consumer obligor, as applicable, after the disposition and:

(A) before or when the secured party accounts to the debtor and pays any surplus or first makes written demand on the consumer obligor after the disposition for payment of the deficiency; and

(B) within fourteen (14) days after receipt of a request; or

(2) In the case of a consumer obligor who is liable for a deficiency, within fourteen (14) days after receipt of a request, send to the consumer obligor a record waiving the secured party's right to a deficiency.

(c) To comply with subsection (a)(1)(B) of this section, a writing must provide the following information in the following order:

(1) The aggregate amount of obligations secured by the security interest under which the disposition was made, and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact, calculated as of a specified date:

(A) if the secured party takes or receives possession of the collateral after default, not more than thirty-five (35) days before the secured party takes or receives possession; or

(B) if the secured party takes or receives possession of the collateral before default or does not take possession of the collateral, not more than thirty-five (35) days before the disposition;

(2) The amount of proceeds of the disposition;

(3) The aggregate amount of the obligations after deducting the amount of proceeds;

(4) The amount, in the aggregate or by type, and types of expenses, including expenses of retaking, holding, preparing for disposition, processing, and disposing of the collateral, and attorney's fees secured by the collateral which are known to the secured party and relate to the current disposition;

(5) The amount, in the aggregate or by type, and types of credits, including rebates of interest or credit service charges, to which the obligor is known to be entitled and which are not reflected in the amount in paragraph (1) of this subsection; and

(6) The amount of the surplus or deficiency.

(d) A particular phrasing of the explanation is not required. An explanation complying substantially with the requirements of subsection (a) of this section is sufficient, even if it includes minor errors that are not seriously misleading.

(e) A debtor or consumer obligor is entitled without charge to one (1) response to a request under this section during any six (6) month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subsection (b)(1) of this section. The secured party may require payment of a charge not exceeding twenty-five dollars ($25.00) for each additional response.

History:

[28-9-616, added 2001, ch. 208, sec. 2, p. 789.]
Idaho Code § 28-45-401 — Idaho Code / Title 28 / Chapter 45 / Section 28-45-401
28-45-401 WILLFUL AND KNOWING VIOLATIONS.
Status: in_force

PART 4.

CRIMINAL PENALTIES

28-45-401. Willful and knowing violations. (1) A regulated lender who willfully and knowingly makes charges in excess of those permitted by the chapter on finance charges and related provisions, chapter 42, title 28, Idaho Code, applying to regulated consumer loans is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding five hundred dollars ($500) or to imprisonment not exceeding one (1) year, or both.

(2) A person who, in violation of the provisions of this act applying to authority to make regulated consumer loans, section 28-46-301, Idaho Code, willfully and knowingly engages in the business of making regulated consumer loans, or of taking assignments of and undertaking direct collection of payments from and enforcement of rights against debtors arising from regulated consumer loans, is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding five hundred dollars ($500), or to imprisonment not exceeding one (1) year, or both.

History:

[28-45-401, added 1983, ch. 119, sec. 3, p. 299; am. 2006, ch. 122, sec. 3, p. 347.]
Idaho Code § 28-4-629 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-629
28-4-629 OBLIGATION OF BENEFICIARY'S BANK TO PAY AND GIVE NOTICE TO BENEFICIARY.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-629. Obligation of beneficiary's bank to pay and give notice to beneficiary. (1) Subject to sections 28-4-619(5), 28-4-630(4) and (5), if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but if acceptance occurs on the payment date after the close of the funds-transfer business day of the bank, payment is due on the next funds-transfer business day. If the bank refuses to pay after demand by the beneficiary and receipt of notice of particular circumstances that will give rise to consequential damages as a result of nonpayment, the beneficiary may recover damages resulting from the refusal to pay to the extent the bank had notice of the damages, unless the bank proves that it did not pay because of a reasonable doubt concerning the right of the beneficiary to payment.

(2) If a payment order accepted by the beneficiary's bank instructs payment to an account of the beneficiary, the bank is obliged to notify the beneficiary of receipt of the order before midnight of the next funds-transfer business day following the payment date. If the payment order does not instruct payment to an account of the beneficiary, the bank is required to notify the beneficiary only if notice is required by the order. Notice may be given by first class mail or any other means reasonable in the circumstances. If the bank fails to give the required notice, the bank is obliged to pay interest to the beneficiary on the amount of the payment order from the day notice should have been given until the day the beneficiary learned of receipt of the payment order by the bank. No other damages are recoverable. Reasonable attorney's fees are also recoverable if demand for interest is made and refused before an action is brought on the claim.

(3) The right of a beneficiary to receive payment and damages as stated in subsection (1) of this section may not be varied by agreement or a funds-transfer system rule. The right of a beneficiary to be notified as stated in subsection (2) of this section may be varied by agreement of the beneficiary or by a funds-transfer system rule if the beneficiary is notified of the rule before initiation of the funds transfer.

History:

[28-4-629, added 1991, ch. 135, sec. 1, p. 312.]
Idaho Code § 28-46-101 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-101
28-46-101 SHORT TITLE.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-101. Short title. This chapter shall be known and may be cited as Idaho Credit Code – Administration.

History:

[28-46-101, added 1983, ch. 119, sec. 3, p. 300.]
Idaho Code § 28-24-104D — Idaho Code / Title 28 / Chapter 24 / Section 28-24-104D
28-24-104D ARBITRATION.
Status: in_force

PART 1.

AGREEMENTS BETWEEN SUPPLIERS AND DEALERS OF FARM EQUIPMENT

28-24-104D. Arbitration. Any party to a retailer agreement aggrieved by the conduct of the other party to the agreement under sections 28-23-101 through 28-23-111, Idaho Code, or under part 1, chapter 24, title 28, Idaho Code, may seek arbitration of the issues under sections 7-901 through 7-922, Idaho Code. Unless the parties agree to different arbitration rules, the arbitration shall be conducted in Idaho pursuant to the commercial arbitration rules of the American arbitration association. When the parties agree, the arbitration shall be the parties' only remedy and the findings and conclusions of the arbitrator or panel of arbitrators shall be binding upon both parties.

(1) The arbitrator or arbitrators may award the prevailing party:

(a) The costs of witness fees and other fees in the case;

(b) Reasonable attorney's fees; and

(c) Injunctive relief against unlawful termination, cancellation, nonrenewal or change in competitive circumstances.

(2) Any retailer has a civil cause of action in district court in this state against a supplier for damages sustained by the retailer as a consequence of the supplier's violation of part 1, chapter 24, title 28, Idaho Code, or sections 28-23-101 through 28-23-111, Idaho Code, together with:

(a) The actual costs of the action;

(b) Reasonable attorney's fees; and

(c) Injunctive relief against unlawful termination, cancellation, nonrenewal or change in competitive circumstances.

(3) No dealer shall be required to waive his rights to judicial recourse by contractual agreements through penalty of loss of trade discounts or changes in the competitive circumstances of the dealer by the supplier deemed to be punitive in nature or effect. The remedies set forth in this section are not exclusive and are in addition to any other remedies permitted by law, unless the parties have mutually agreed to binding arbitration under this section.

History:

[28-24-104D, added 2005, ch. 238, sec. 9, p. 740.]
Idaho Code § 28-12-506 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-506
28-12-506 STATUTE OF LIMITATIONS.
Status: in_force

PART 5.

DEFAULT

28-12-506. Statute of limitations. (1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four (4) years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than one (1) year.

(2) A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. A cause of action for indemnity accrues when the act or omission on which the claim for indemnity is based is or should have been discovered by the indemnified party, whichever is later.

(3) If an action commenced within the time limited by the provision of subsection (1) of this section is so terminated as to leave available a remedy by another action for the same default or breach of warranty or indemnity, the other action may be commenced after the expiration of the time limited and within six (6) months after the termination of the first action unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute.

(4) The provisions of this section do not alter the law on tolling of the statute of limitations nor does it apply to causes of action that have accrued before this chapter becomes effective.

History:

[28-12-506, added 1993, ch. 287, sec. 1, p. 1001.]
Idaho Code § 28-4-634 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-634
28-4-634 INJUNCTION OR RESTRAINING ORDER WITH RESPECT TO FUNDS TRANSFER.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-634. Injunction or restraining order with respect to funds transfer. For proper cause and in compliance with applicable law, a court may restrain:

(1) A person from issuing a payment order to initiate a funds transfer,

(2) An originator's bank from executing the payment order of the originator, or

(3) The beneficiary's bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds.

A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order, or otherwise acting with respect to a funds transfer.

History:

[28-4-634, added 1991, ch. 135, sec. 1, p. 316.]
Idaho Code § 28-2-302 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-302
28-2-302 UNCONSCIONABLE CONTRACT OR CLAUSE.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-302. Unconscionable contract or clause. (1) If the court as a matter of law finds the contract or any clause of the contract to have been unconscionable at the time it was made the court may refuse to enforce the contract, or it may enforce the remainder of the contract without the unconscionable clause, or it may so limit the application of any unconscionable clause as to avoid any unconscionable result.

(2) When it is claimed or appears to the court that the contract or any clause thereof may be unconscionable the parties shall be afforded a reasonable opportunity to present evidence as to its commercial setting, purpose and effect to aid the court in making the determination.

History:

[28-2-302, added 1967, ch. 161, sec. 2-302, p. 351.]
Idaho Code § 28-46-402 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-402
28-46-402 LICENSE REQUIRED.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-402. License required. (1) No person shall engage in the business of payday loans, offer or make a payday loan, or arrange a payday loan for a third party lender in a payday loan transaction without having first obtained a license under this chapter. A separate license shall be required for each location from which such business is conducted.

(2) Any "supervised financial organization," as defined in section 28-41-301, Idaho Code, or any person organized, chartered, or holding an authorization certificate under the laws of another state to engage in making loans and receiving deposits, including a savings, share, certificate, or deposit account and who is subject to supervision by an official or agency of the other state, shall be exempt from the licensing requirements of this section.

(3) A payday loan made in this state in violation of the licensing requirement of this section is void, uncollectible and unenforceable. For any such payday loan the debtor is not obligated to pay the principal or any fee associated with such payday loan. If a debtor has paid any part of the principal or fee, the debtor has a right to recover the payment from the person violating the provisions of this section or from an assignee of that person's rights who undertakes direct collection of payments or enforcement of rights arising from the debt. In the event the administrator initiates an administrative or civil action against a person who has violated the provisions of this section, the administrator shall be entitled to recover the principal and fees received by such person in a payday loan transaction made in violation of the provisions of this section.

(4) If the administrator finds that a person subject to this part has violated, is violating, or that there is reasonable cause to believe that a person is about to violate the provisions of this part, or any rule promulgated under this act and pertinent to this part, the administrator may, in his discretion, order the person to cease and desist from the violations.

History:

[28-46-402, added 2003, ch. 182, sec. 1, p. 491; am. 2006, ch. 122, sec. 12, p. 354; am. 2009, ch. 175, sec. 1, p. 555; am. 2013, ch. 54, sec. 14, p. 121.]
Idaho Code § 28-52-102 — Idaho Code / Title 28 / Chapter 52 / Section 28-52-102
28-52-102 DEFINITIONS.
Status: in_force

28-52-102. Definitions. In this chapter:

(1) "Consumer" means a natural person.

(2) "Consumer reporting agency" means a person who, for fees, dues or on a cooperative basis, regularly engages in whole or in part in the practice of assembling or evaluating information concerning a consumer's credit or other information for the purpose of furnishing a credit report to another person.

(3) "Credit report" means a consumer report, as defined in 15 U.S.C. section 1681a, that is used or collected, in whole or in part, for the purpose of serving as a factor in establishing a consumer's eligibility for credit for personal, family or household purposes.

(4) "Personal information" means personally identifiable financial information provided by a consumer to another person, resulting from any transaction with the consumer or any service performed for the consumer or otherwise obtained by another person. Personal information does not include publicly available information, as that term is defined by regulations prescribed under 15 U.S.C. section 6804, or any list, description or other grouping of consumers, and publicly available information pertaining to consumers that is derived without using any nonpublic personal information. Notwithstanding the foregoing, "personal information" includes any list, description or other grouping of consumers, and publicly available information pertaining to the consumers, that is derived using any nonpublic personal information other than publicly available information.

(5) "Proper identification" has the same meaning as in 15 U.S.C. section 1681h(a)(1) and includes:

(a) The consumer's full name, including first, middle and last names and any suffix;

(b) Any name the consumer previously used;

(c) The consumer's current and recent full addresses, including street address, any apartment number, city, state and zip code;

(d) The consumer's social security number; and

(e) The consumer's date of birth.

(6) "Security freeze" means a prohibition, consistent with section 28-52-103, Idaho Code, on a consumer reporting agency's furnishing of a consumer's credit report to a third party intending to use the credit report to determine the consumer's eligibility for credit.

History:

[28-52-102, added 2008, ch. 177, sec. 2, p. 523.]
Idaho Code § 28-9-607 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-607
28-9-607 COLLECTION AND ENFORCEMENT BY SECURED PARTY.
Status: in_force

PART 6.

DEFAULT

28-9-607. Collection and enforcement by secured party. (a) If so agreed, and in any event after default, a secured party:

(1) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;

(2) May take any proceeds to which the secured party is entitled under section 28-9-315, Idaho Code;

(3) May enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;

(4) If it holds a security interest in a deposit account perfected by control under section 28-9-104(a)(1), Idaho Code, may apply the balance of the deposit account to the obligation secured by the deposit account; and

(5) If it holds a security interest in a deposit account perfected by control under section 28-9-104(a)(2) or (3), Idaho Code, may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.

(b) If necessary to enable a secured party to exercise, under subsection (a)(3) of this section, the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded:

(1) A copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and

(2) The secured party's sworn affidavit in recordable form stating that:

(A) a default has occurred with respect to the obligation secured by the mortgage; and

(B) the secured party is entitled to enforce the mortgage nonjudicially.

(c) A secured party shall proceed in a commercially reasonable manner if the secured party:

(1) Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and

(2) Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.

(d) A secured party may deduct from the collections made pursuant to subsection (c) of this section reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party.

(e) This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.

History:

[28-9-607, added 2001, ch. 208, sec. 2, p. 782; am. 2012, ch. 145, sec. 19, p. 409.]
Idaho Code § 28-3-410 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-410
28-3-410 ACCEPTANCE VARYING DRAFT.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-410. Acceptance varying draft. (1) If the terms of a drawee's acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance.

(2) The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place.

(3) If the holder assents to an acceptance varying the terms of a draft, the obligation of each drawer and indorser that does not expressly assent to the acceptance is discharged.

History:

[28-3-410, added 1993, ch. 288, sec. 2, p. 1042.]
Idaho Code § 28-50-114 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-114
28-50-114 AUTOMATED TRANSACTION.
Status: in_force

28-50-114. Automated transaction. In an automated transaction, the following rules apply:

(1) A contract may be formed by the interaction of electronic agents of the parties, even if no individual was aware of or reviewed the electronic agents' actions or the resulting terms and agreements.

(2) A contract may be formed by the interaction of an electronic agent and an individual, acting on the individual's own behalf or for another person, including by an interaction in which the individual performs actions that the individual is free to refuse to perform and which the individual knows or has reason to know will cause the electronic agent to complete the transaction or performance.

(3) The terms of the contract are determined by the substantive law applicable to it.

History:

[28-50-114, added 2000, ch. 286, sec. 1, p. 965.]
Idaho Code § 28-9-703 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-703
28-9-703 SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE.
Status: in_force

PART 7.

TRANSITION

28-9-703. Security interest perfected before effective date. (a) A security interest that is enforceable immediately before this act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, when this act takes effect, the applicable requirements for enforceability and perfection under this act are satisfied without further action.

(b) Except as otherwise provided in section 28-9-705, if, immediately before this act takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied when this act takes effect, the security interest:

(1) Is a perfected security interest for one (1) year after this act takes effect;

(2) Remains enforceable thereafter only if the security interest becomes enforceable under section 28-9-203 before the year expires; and

(3) Remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.

History:

[28-9-703, added 2001, ch. 208, sec. 2, p. 797.]
Idaho Code § 28-8-104 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-104
28-8-104 ACQUISITION OF SECURITY OR FINANCIAL ASSET OR INTEREST THEREIN.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-104. Acquisition of security or financial asset or interest therein. (1) A person acquires a security or an interest therein, under this chapter, if:

(a) The person is a purchaser to whom a security is delivered pursuant to section 28-8-301; or

(b) The person acquires a security entitlement to the security pursuant to section 28-8-501.

(2) A person acquires a financial asset, other than a security, or an interest therein, under this chapter, if the person acquires a security entitlement to the financial asset.

(3) A person who acquires a security entitlement to a security or other financial asset has the rights specified in part 5 of this chapter, but is a purchaser of any security, security entitlement, or other financial asset held by the securities intermediary only to the extent provided in section 28-8-503.

(4) Unless the context shows that a different meaning is intended, a person who is required by other law, regulation, rule or agreement to transfer, deliver, present, surrender, exchange or otherwise put in the possession of another person a security or financial asset satisfies that requirement by causing the other person to acquire an interest in the security or financial asset pursuant to subsection (1) or (2) of this section.

History:

[28-8-104, added 1995, ch. 272, sec. 2, p. 877.]
Idaho Code § 28-9-406 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-406
28-9-406 DISCHARGE OF ACCOUNT DEBTOR — NOTIFICATION OF ASSIGNMENT — IDENTIFICATION AND PROOF OF ASSIGNMENT — RESTRICTIONS ON ASSIGNMENT OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES AND PROMISSORY NOTES INEFFECTIVE.
Status: in_force

PART 4.

RIGHTS OF THIRD PARTIES

28-9-406. Discharge of account debtor — Notification of assignment — Identification and proof of assignment — Restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective. (a) Subject to subsections (b) through (i) of this section, an account debtor on an account, chattel paper or a payment intangible may discharge its obligation by paying the assignor until, but not after, the account debtor receives a notification, authenticated by the assignor or the assignee, that the amount due or to become due has been assigned and that payment is to be made to the assignee. After receipt of the notification, the account debtor may discharge its obligation by paying the assignee and may not discharge the obligation by paying the assignor.

(b) Subject to subsection (h) of this section, notification is ineffective under subsection (a) of this section:

(1) If it does not reasonably identify the rights assigned;

(2) To the extent that an agreement between an account debtor and a seller of a payment intangible limits the account debtor's duty to pay a person other than the seller and the limitation is effective under law other than this chapter; or

(3) At the option of an account debtor, if the notification notifies the account debtor to make less than the full amount of any installment or other periodic payment to the assignee, even if:

(A) only a portion of the account, chattel paper or payment intangible has been assigned to that assignee;

(B) a portion has been assigned to another assignee; or

(C) the account debtor knows that the assignment to that assignee is limited.

(c) Subject to subsection (h) of this section, if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (a) of this section.

(d) Except as otherwise provided in subsection (e) of this section and sections 28-9-407 and 28-12-303, Idaho Code, and subject to subsection (h) of this section, a term in an agreement between an account debtor and an assignor or in a promissory note is ineffective to the extent that it:

(1) Prohibits, restricts or requires the consent of the account debtor or person obligated on the promissory note to the assignment or transfer of, or the creation, attachment, perfection or enforcement of a security interest in, the account, chattel paper, payment intangible or promissory note; or

(2) Provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the account, chattel paper, payment intangible or promissory note.

(e) Subsection (d) of this section does not apply to the sale of a payment intangible or promissory note, other than a sale pursuant to a disposition under section 28-9-610, Idaho Code, or an acceptance of collateral under section 28-9-620, Idaho Code.

(f) Except as otherwise provided in sections 28-9-407 and 28-12-303, Idaho Code, and subject to subsections (h) and (i) of this section, a rule of law, statute, rule or regulation that prohibits, restricts, or requires the consent of a government, governmental body or official, or account debtor to the assignment or transfer of, or creation of a security interest in, an account or chattel paper is ineffective to the extent that the rule of law, statute, rule or regulation:

(1) Prohibits, restricts or requires the consent of the government, governmental body or official, or account debtor to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in the account or chattel paper; or

(2) Provides that the assignment or transfer or the creation, attachment, perfection or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination or remedy under the account or chattel paper.

(g) Subject to subsection (h) of this section, an account debtor may not waive or vary its option under subsection (b)(3) of this section.

(h) This section is subject to law other than this chapter which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family or household purposes.

(i) This section does not apply to an assignment of a health care insurance receivable, an award of compensation made pursuant to the crime victims compensation act, chapter 10, title 72, Idaho Code, or a lottery prize subject to the provisions of chapter 74, title 67, Idaho Code.

History:

[28-9-406, added 2001, ch. 208, sec. 2, p. 758; am. 2012, ch. 145, sec. 8, p. 395.]
Idaho Code § 28-3-107 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-107
28-3-107 INSTRUMENT PAYABLE IN FOREIGN MONEY.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-107. Instrument payable in foreign money. Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid.

History:

[28-3-107, added 1993, ch. 288, sec. 2, p. 1024.]
Idaho Code § 28-2-608 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-608
28-2-608 REVOCATION OF ACCEPTANCE IN WHOLE OR IN PART.
Status: in_force

PART 6.

BREACH, REPUDIATION AND EXCUSE

28-2-608. Revocation of acceptance in whole or in part. (1) The buyer may revoke his acceptance of a lot or commercial unit whose nonconformity substantially impairs its value to him if he has accepted it

(a) on the reasonable assumption that its nonconformity would be cured and it has not been seasonably cured; or

(b) without discovery of such nonconformity if his acceptance was reasonably induced either by the difficulty of discovery before acceptance or by the seller's assurances.

(2) Revocation of acceptance must occur within a reasonable time after the buyer discovers or should have discovered the ground for it and before any substantial change in condition of the goods which is not caused by their own defects. It is not effective until the buyer notifies the seller of it.

(3) A buyer who so revokes has the same rights and duties with regard to the goods involved as if he had rejected them.

History:

[28-2-608, added 1967, ch. 161, sec. 2-608, p. 351.]
Idaho Code § 28-7-701 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-701
28-7-701 EFFECTIVE DATE.
Status: in_force

PART 7.

MISCELLANEOUS PROVISIONS

28-7-701. Effective date. This act takes effect on July 1, 2004.

History:

[28-7-701, added 2004, ch. 42, sec. 2, p. 96.]
Idaho Code § 28-4-406 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-406
28-4-406 CUSTOMER'S DUTY TO DISCOVER AND REPORT UNAUTHORIZED SIGNATURE OR ALTERATION.
Status: in_force

PART 4.

RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER

28-4-406. Customer's duty to discover and report unauthorized signature or alteration. (1) A bank that sends or makes available to a customer a statement of account showing payment of items for the account shall either return or make available to the customer the items paid or provide information in the statement of account sufficient to allow the customer reasonably to identify the items paid. The statement of account provides sufficient information if the item is described by item number, amount, and date of payment.

(2) If the items are not returned to the customer, the person retaining the items shall either retain the items or, if the items are destroyed, maintain the capacity to furnish legible copies of the items until the expiration of seven (7) years after receipt of the items. A customer may request an item from the bank that paid the item, and that bank must provide in a reasonable time either the item or, if the item has been destroyed or is not otherwise obtainable, a legible copy of the item.

(3) If a bank sends or makes available a statement of account or items pursuant to subsection (1) of this section, the customer must exercise reasonable promptness in examining the statement or the items to determine whether any payment was not authorized because of an alteration of an item or because a purported signature by or on behalf of the customer was not authorized. If, based on the statement or items provided, the customer should reasonably have discovered the unauthorized payment, the customer must promptly notify the bank of the relevant facts.

(4) If the bank proves that the customer failed, with respect to an item, to comply with the duties imposed on the customer by subsection (3) of this section the customer is precluded from asserting against the bank:

(a) the customer's unauthorized signature or any alteration on the item, if the bank also proves that it suffered a loss by reason of the failure; and

(b) the customer's unauthorized signature or alteration by the same wrongdoer on any other item paid in good faith by the bank if the payment was made before the bank received notice from the customer of the unauthorized signature or alteration and after the customer had been afforded a reasonable period of time, not exceeding thirty (30) days, in which to examine the item or statement of account and notify the bank.

(5) If subsection (4) of this section applies and the customer proves that the bank failed to exercise ordinary care in paying the item and that the failure substantially contributed to loss, the loss is allocated between the customer precluded and the bank asserting the preclusion according to the extent to which the failure of the customer to comply with subsection (3) of this section and the failure of the bank to exercise ordinary care contributed to the loss. If the customer proves that the bank did not pay the item in good faith, the preclusion under subsection (4) of this section does not apply.

(6) Without regard to care or lack of care of either the customer or the bank, a customer who does not within one (1) year after the statement or items are made available to the customer (subsection (1)) discover and report the customer's unauthorized signature on or any alteration on the item is precluded from asserting against the bank the unauthorized signature or alteration. If there is a preclusion under this subsection, the payor bank may not recover for breach of warranty under section 28-4-208 with respect to the unauthorized signature or alteration to which the preclusion applies.

History:

[28-4-406, added 1967, ch. 161, sec. 4-406, p. 351; am. 1993, ch. 288, sec. 40, p. 1071.]
Idaho Code § 28-12-212 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-212
28-12-212 IMPLIED WARRANTY OF MERCHANTABILITY.
Status: in_force

PART 2.

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

28-12-212. Implied warranty of merchantability. (1) Except in a finance lease, a warranty that the goods will be merchantable is implied in a lease contract if the lessor is a merchant with respect to goods of that kind.

(2) Goods to be merchantable must be at least such as:

(a) Pass without objection in the trade under the description in the lease agreement;

(b) In the case of fungible goods, are of fair average quality within the description;

(c) Are fit for the ordinary purposes for which goods of that type are used;

(d) Run, within the variation permitted by the lease agreement, of even kind, quality and quantity within each unit and among all units involved;

(e) Are adequately contained, packaged and labeled as the lease agreement may require; and

(f) Conform to any promises or affirmations of fact made on the container or label.

(3) Other implied warranties may arise from course of dealing or usage of trade.

History:

[28-12-212, added 1993, ch. 287, sec. 1, p. 986.]
Idaho Code § 28-9-614 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-614
28-9-614 CONTENTS AND FORM OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL — CONSUMER GOODS TRANSACTION.
Status: in_force

PART 6.

DEFAULT

28-9-614. Contents and form of notification before disposition of collateral — Consumer goods transaction. In a consumer goods transaction, the following rules apply:

(1) A notification of disposition must provide the following information:

(A) The information specified in section 28-9-613(1);

(B) A description of any liability for a deficiency of the person to which the notification is sent;

(C) A telephone number from which the amount that must be paid to the secured party to redeem the collateral under section 28-9-623 is available; and

(D) A telephone number or mailing address from which additional information concerning the disposition and the obligation secured is available.

(2) A particular phrasing of the notification is not required.

(3) The following form of notification, when completed, provides sufficient information:

……..(Name and address of secured party)………….

……..(Date)……………………………………

NOTICE OF OUR PLAN TO SELL PROPERTY

……..(Name and address of any obligor who is also a debtor)……….

Subject: ………(Identification of Transaction)…………………..

We have your …………(describe collateral)……….., because you broke promises in our agreement.

(For a public disposition:)

We will sell ……………..(describe collateral)……………. at public sale. A sale could include a lease or license. The sale will be held as follows:

Date: ……………………….

Time: ……………………….

Place: ……………………….

You may attend the sale and bring bidders if you want.

(For a private disposition:)

We will sell ……………(describe collateral)………….. at private sale sometime after ………(date)……. A sale could include a lease or license.

The money that we get from the sale (after paying our costs) will reduce the amount you owe. If we get less money than you owe, you …………..(will or will not, as applicable)……. still owe us the difference. If we get more money than you owe, you will get the extra money, unless we must pay it to someone else.

You can get the property back at any time before we sell it by paying us the full amount you owe (not just the past due payments), including our expenses. To learn the exact amount you must pay, call us at …….(telephone number)…….

If you want us to explain to you in writing how we have figured the amount that you owe us, you may call us at ……….(telephone number)………. (or write us at ……….(secured party's address)…………) and request a written explanation. (We will charge you $…………. for the explanation if we sent you another written explanation of the amount you owe us within the last six months.)

If you need more information about the sale call us at …..(telephone number)….. (or write us at …………(secured party's address)…………….). We are sending this notice to the following other people who have an interest in ………….(describe collateral)…………… or who owe money under your agreement: …………(Names of all other debtors and obligors, if any)………..

(4) A notification in the form of subsection (3) of this section is sufficient, even if additional information appears at the end of the form.

(5) A notification in the form of subsection (3) of this section is sufficient, even if it includes errors in information not required by subsection (1) of this section, unless the error is misleading with respect to rights arising under this chapter.

(6) If a notification under this section is not in the form of subsection (3) of this section, law other than this chapter determines the effect of including information not required by subsection (1) of this section.

History:

[28-9-614, added 2001, ch. 208, sec. 2, p. 786.]
Idaho Code § 28-46-405 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-405
28-46-405 DENIAL OF LICENSE.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-405. Denial of license. (1) If the administrator determines that an applicant is not qualified to receive a license, the administrator shall notify the applicant in writing that the application has been denied, and shall state the basis for denial.

(2) If the administrator denies an application, or if the administrator fails to act on an application within sixty (60) days after the filing of a properly completed application, the applicant may make written demand to the administrator for a hearing on the question of whether the license should be granted. Written demand for a hearing may not be made more than fifteen (15) days after the administrator has mailed a writing to the applicant notifying him that the application has been denied and stating the basis for denial. In the event of a hearing, the administrator shall reconsider the application and, after the hearing, issue a written order granting or denying the application.

History:

[28-46-405, added 2003, ch. 182, sec. 1, p. 492.]
Idaho Code § 28-3-501 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-501
28-3-501 PRESENTMENT.
Status: in_force

PART 5.

PRESENTMENT, NOTICE OF DISHONOR AND PROTEST

28-3-501. Presentment. (1) "Presentment" means a demand made by or on behalf of a person entitled to enforce an instrument (i) to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank, or (ii) to accept a draft made to the drawee.

(2) The following rules are subject to chapter 4, agreement of the parties, and clearing-house rules and the like:

(a) Presentment may be made at the place of payment of the instrument and must be made at the place of payment if the instrument is payable at a bank in the United States; may be made by any commercially reasonable means, including an oral, written or electronic communication; is effective when the demand for payment or acceptance is received by the person to whom presentment is made; and is effective if made to any one (1) of two (2) or more makers, acceptors, drawees or other payors.

(b) Upon demand of the person to whom presentment is made, the person making presentment must (i) exhibit the instrument, (ii) give reasonable identification and, if presentment is made on behalf of another person, reasonable evidence of authority to do so, and (iii) sign a receipt on the instrument for any payment made or surrender the instrument if full payment is made.

(c) Without dishonoring the instrument, the party to whom presentment is made may (i) return the instrument for lack of a necessary indorsement, or (ii) refuse payment or acceptance for failure of the presentment to comply with the terms of the instrument, an agreement of the parties, or other applicable law or rule.

(d) The party to whom presentment is made may treat presentment as occurring on the next business day after the day of presentment if the party to whom presentment is made has established a cut-off hour not earlier than 2 p.m. for the receipt and processing of instruments presented for payment or acceptance and presentment is made after the cut-off hour.

History:

[28-3-501, added 1993, ch. 288, sec. 2, p. 1047.]
Idaho Code § 28-2-503 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-503
28-2-503 MANNER OF SELLER'S TENDER OF DELIVERY.
Status: in_force

PART 5.

PERFORMANCE

28-2-503. Manner of seller's tender of delivery. (1) Tender of delivery requires that the seller put and hold conforming goods at the buyer's disposition and give the buyer any notification reasonably necessary to enable him to take delivery. The manner, time and place for tender are determined by the agreement and this chapter, and in particular

(a) tender must be at a reasonable hour, and if it is of goods they must be kept available for the period reasonably necessary to enable the buyer to take possession; but

(b) unless otherwise agreed the buyer must furnish facilities reasonably suited to the receipt of the goods.

(2) Where the case is within the next section respecting shipment tender requires that the seller comply with its provisions.

(3) Where the seller is required to deliver at a particular destination tender requires that he comply with subsection (1) and also in any appropriate case tender documents as described in subsections (4) and (5) of this section.

(4) Where goods are in the possession of a bailee and are to be delivered without being moved

(a) tender requires that the seller either tender a negotiable document of title covering such goods or procure acknowledgment by the bailee of the buyer's right to possession of the goods; but

(b) tender to the buyer of a nonnegotiable document of title or of a record directing to the bailee to deliver is sufficient tender unless the buyer seasonably objects, and except as otherwise provided in chapter 9, title 28, Idaho Code, receipt by the bailee of notification of the buyer's rights fixes those rights as against the bailee and all third persons; but risk of loss of the goods and of any failure by the bailee to honor the nonnegotiable document of title or to obey the direction remains on the seller until the buyer has had a reasonable time to present the document or direction, and a refusal by the bailee to honor the document or to obey the direction defeats the tender.

(5) Where the contract requires the seller to deliver documents

(a) he must tender all such documents in correct form, except as provided in this chapter with respect to bills of lading in a set (subsection (2) of section 28-2-323); and

(b) tender through customary banking channels is sufficient and dishonor of a draft accompanying or associated with the documents constitutes nonacceptance or rejection.

History:

[28-2-503, added 1967, ch. 161, sec. 2-503, p. 351; am. 2004, ch. 42, sec. 9, p. 106.]
Idaho Code § 28-1-204 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-204
28-1-204 VALUE.
Status: in_force

PART 2.

GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION

28-1-204. Value. Except as otherwise provided in chapters 3, 4, 5 and 6, title 28, Idaho Code, a person gives value for rights if the person acquires them:

(1) In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;

(2) As security for, or in total or partial satisfaction of, a preexisting claim;

(3) By accepting delivery under a preexisting contract for purchase; or

(4) In return for any consideration sufficient to support a simple contract.

History:

[28-1-204, added 2004, ch. 43, sec. 14, p. 148.]
Idaho Code § 28-8-117 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-117
28-8-117 SAVINGS CLAUSE.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-117. Savings clause. (1) This act does not affect an action or proceeding commenced before this act takes effect.

(2) If a security interest in a security is perfected at the date this act takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest under this act, no further action is required to continue perfection. If a security interest in a security is perfected at the date this act takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under this act, the security interest remains perfected for a period of four (4) months after the effective date and continues perfected thereafter if appropriate action to perfect under this act is taken within that period. If a security interest is perfected at the date this act takes effect and the security interest can be perfected by filing under this act, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect.

History:

[28-8-117, added 1995, ch. 272, sec. 2, p. 885.]
Idaho Code § 28-8-109 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-109
28-8-109 WARRANTIES IN INDIRECT HOLDING.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-109. Warranties in indirect holding. (1) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that:

(a) The entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on behalf of the appropriate person; and

(b) There is no adverse claim to the security entitlement.

(2) A person who delivers a security certificate to a securities intermediary for credit to a securities account or originates an instruction with respect to an uncertificated security directing that the uncertificated security be credited to a securities account makes to the securities intermediary the warranties specified in section 28-8-108(1) or (2).

(3) If a securities intermediary delivers a security certificate to its entitlement holder or causes its entitlement holder to be registered as the owner of an uncertificated security, the securities intermediary makes to the entitlement holder the warranties specified in section 28-8-108(1) or (2).

History:

[28-8-109, added 1995, ch. 272, sec. 2, p. 882.]
Idaho Code § 28-2-501 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-501
28-2-501 INSURABLE INTEREST IN GOODS — MANNER OF IDENTIFICATION OF GOODS.
Status: in_force

PART 5.

PERFORMANCE

28-2-501. Insurable interest in goods — Manner of identification of goods. (1) The buyer obtains a special property and an insurable interest in goods by identification of existing goods as goods to which the contract refers even though the goods so identified are nonconforming and he has an option to return or reject them. Such identification can be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement identification occurs

(a) when the contract is made if it is for the sale of goods already existing and identified;

(b) if the contract is for the sale of future goods other than those described in paragraph (c), when goods are shipped, marked or otherwise designated by the seller as goods to which the contract refers;

(c) when the crops are planted or otherwise become growing crops or the young are conceived if the contract is for the sale of unborn young to be born within twelve (12) months after contracting or for the sale of crops to be harvested within twelve (12) months or the next normal harvest season after contracting whichever is longer.

(2) The seller retains an insurable interest in goods so long as title to or any security interest in the goods remains in him and where the identification is by the seller alone he may until default or insolvency or notification to the buyer that the identification is final substitute other goods for those identified.

(3) Nothing in this section impairs any insurable interest recognized under any other statute or rule of law.

History:

[28-2-501, added 1967, ch. 161, sec. 2-501, p. 351.]
Idaho Code § 28-22-107 — Idaho Code / Title 28 / Chapter 22 / Section 28-22-107
28-22-107 CONSEQUENCES FOR FAILING TO COMPLY WITH REQUIREMENTS.
Status: in_force

28-22-107. Consequences for failing to comply with requirements. No interest, collection costs and attorney's fees shall be recovered on any dishonored check under the provisions of section 28-22-105, Idaho Code, where the holder of such check or any agent, employee or assignee of the holder has demanded:

(1) Interest or collection costs in excess of that provided in section 28-22-105, Idaho Code; or

(2) Interest or collection costs prior to the expiration of fifteen (15) days after the mailing of notice of dishonor, as provided in sections 28-22-105 and 28-22-106, Idaho Code; or

(3) Attorney's fees, either without having such fees set by the court, or prior to the expiration of fifteen (15) days after the mailing of notice of dishonor, as provided in sections 28-22-105 and 28-22-106, Idaho Code.

The provisions of this section shall not prohibit the collection of a set collection fee which does not exceed twenty dollars ($20.00), if the holder has the right to collect a set fee under a written agreement or has notified the drawer at the point of sale that the drawer will be required to pay the set collection fee in the event a check is dishonored.

History:

[28-22-107, added 1994, ch. 185, sec. 3, p. 605; am. 1996, ch. 373, sec. 6, p. 1272; am. 2002, ch. 288, sec. 4, p. 836.]
Idaho Code § 28-8-209 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-209
28-8-209 ISSUER'S LIEN.
Status: in_force

PART 2.

ISSUE AND ISSUER

28-8-209. Issuer's lien. A lien in favor of an issuer upon a certificated security is valid against a purchaser only if the right of the issuer to the lien is noted conspicuously on the security certificate.

History:

[28-8-209, added 1995, ch. 272, sec. 2, p. 888.]
Idaho Code § 28-44-202 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-202
28-44-202 AMOUNT OF INSURANCE.
Status: in_force

PART 2.

CREDIT INSURANCE

28-44-202. Amount of insurance. (1) Except as provided in subsection (2) of this section:

(a) In the case of credit insurance providing life coverage on an individual policy basis, the amount of insurance may not initially exceed the debt and, if the debt is payable in installments, may not at any time exceed the greater of the scheduled or actual amount of the debt. The amount of insurance provided under a group life insurance contract shall be subject to the applicable provisions of sections 41-2005 (debtor groups) and 41-2306 (amount of insurance), Idaho Code; or

(b) In the case of any other credit insurance, the total amount of periodic benefits payable may not exceed the total of scheduled unpaid installments of the debt, and the amount of any periodic benefit may not exceed the original amount of debt divided by the number of periodic installments in which it is payable.

(2) If credit insurance is provided in connection with an open-end consumer credit account, the amounts payable as insurance benefits may be reasonably commensurate with the amount of debt as it exists from time to time. If credit insurance is provided in connection with a commitment to grant credit in the future, the amounts payable as insurance benefits may be reasonably commensurate with the total from time to time of the amount of debt and the amount of the commitment. The amount of all group life insurance issued under this subsection shall further be subject to the applicable provisions of sections 41-2005 (debtor groups), 41-2306 (amount of insurance), and 41-2308 (provisions of policies and certificates of insurance–disclosure to debtors), Idaho Code.

History:

[28-44-202, added 1983, ch. 119, sec. 3, p. 291.]
Idaho Code § 28-2-715 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-715
28-2-715 BUYER'S INCIDENTAL AND CONSEQUENTIAL DAMAGES.
Status: in_force

PART 7.

REMEDIES

28-2-715. Buyer's incidental and consequential damages. (1) Incidental damages resulting from the seller's breach include expenses reasonably incurred in inspection, receipt, transportation and care and custody of goods rightfully rejected, any commercially reasonable charges, expenses or commissions in connection with effecting cover and any other reasonable expense incident to the delay or other breach.

(2) Consequential damages resulting from the seller's breach include

(a) any loss resulting from general or particular requirements and needs of which the seller at the time of contracting had reason to know and which could not reasonably be prevented by cover or otherwise; and

(b) injury to person or property proximately resulting from any breach of warranty.

History:

[28-2-715, added 1967, ch. 161, sec. 2-715, p. 351.]
Idaho Code § 28-51-104 — Idaho Code / Title 28 / Chapter 51 / Section 28-51-104
28-51-104 DEFINITIONS.
Status: in_force

28-51-104. Definitions. For purposes of sections 28-51-104 through 28-51-107, Idaho Code:

(1) "Agency" means any "public agency" as defined in section 74-101, Idaho Code.

(2) "Breach of the security of the system" means the illegal acquisition of unencrypted computerized data that materially compromises the security, confidentiality, or integrity of personal information for one (1) or more persons maintained by an agency, individual or a commercial entity. Good faith acquisition of personal information by an employee or agent of an agency, individual or a commercial entity for the purposes of the agency, individual or the commercial entity is not a breach of the security of the system, provided that the personal information is not used or subject to further unauthorized disclosure.

(3) "Commercial entity" includes corporation, business trust, estate, trust, partnership, limited partnership, limited liability partnership, limited liability company, association, organization, joint venture and any other legal entity, whether for profit or not-for-profit.

(4) "Notice" means:

(a) Written notice to the most recent address the agency, individual or commercial entity has in its records;

(b) Telephonic notice;

(c) Electronic notice, if the notice provided is consistent with the provisions regarding electronic records and signatures set forth in 15 U.S.C. section 7001; or

(d) Substitute notice, if the agency, individual or the commercial entity required to provide notice demonstrates that the cost of providing notice will exceed twenty-five thousand dollars ($25,000), or that the number of Idaho residents to be notified exceeds fifty thousand (50,000), or that the agency, individual or the commercial entity does not have sufficient contact information to provide notice. Substitute notice consists of all of the following:

(i) E-mail notice if the agency, individual or the commercial entity has e-mail addresses for the affected Idaho residents; and

(ii) Conspicuous posting of the notice on the website page of the agency, individual or the commercial entity if the agency, individual or the commercial entity maintains one; and

(iii) Notice to major statewide media.

(5) "Personal information" means an Idaho resident's first name or first initial and last name in combination with any one (1) or more of the following data elements that relate to the resident, when either the name or the data elements are not encrypted:

(a) Social security number;

(b) Driver's license number or Idaho identification card number; or

(c) Account number, or credit or debit card number, in combination with any required security code, access code, or password that would permit access to a resident's financial account.

The term "personal information" does not include publicly available information that is lawfully made available to the general public from federal, state, or local government records or widely distributed media.

(6) "Primary regulator" of a commercial entity or individual licensed or chartered by the United States is that commercial entity's or individual's primary federal regulator, the primary regulator of a commercial entity or individual licensed by the department of finance is the department of finance, the primary regulator of a commercial entity or individual licensed by the department of insurance is the department of insurance and, for all agencies and all other commercial entities or individuals, the primary regulator is the attorney general.

History:

[28-51-104, added 2006, ch. 258, sec. 1, p. 796; am. 2015, ch. 141, sec. 51, p. 418.]
Idaho Code § 28-44-303 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-303
28-44-303 LIABILITY INSURANCE.
Status: in_force

PART 3.

PROPERTY AND LIABILITY INSURANCE

28-44-303. Liability insurance. A creditor may not contract for or receive a separate charge for insurance against liability unless the insurance covers a substantial risk of liability arising out of the ownership or use of property related to the credit transaction.

History:

[28-44-303, added 1983, ch. 119, sec. 3, p. 293.]
Idaho Code § 28-9-621 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-621
28-9-621 NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL.
Status: in_force

PART 6.

DEFAULT

28-9-621. Notification of proposal to accept collateral. (a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:

(1) Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;

(2) Any other secured party or lienholder that, ten (10) days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:

(A) identified the collateral;

(B) was indexed under the debtor's name as of that date; and

(C) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and

(3) Any other secured party that, ten (10) days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 28-9-311(a).

(b) A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a) of this section.

History:

[28-9-621, added 2001, ch. 208, sec. 2, p. 793.]
Idaho Code § 28-8-103 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-103
28-8-103 RULES FOR DETERMINING WHETHER CERTAIN OBLIGATIONS AND INTERESTS ARE SECURITIES OR FINANCIAL ASSETS.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-103. Rules for determining whether certain obligations and interests are securities or financial assets. (1) A share or similar equity interest issued by a corporation, business trust, joint stock company or similar entity is a security.

(2) An "investment company security" is a security. "Investment company security" means a share or similar equity interest issued by an entity that is registered as an investment company under the federal investment company laws, an interest in a unit investment trust that is so registered, or a face-amount certificate issued by a face-amount certificate company that is so registered. Investment company security does not include an insurance policy or endowment policy or annuity contract issued by an insurance company.

(3) An interest in a partnership or limited liability company is not a security unless it is dealt in or traded on securities exchanges or in securities markets, its terms expressly provide that it is a security governed by this chapter, or it is an investment company security. However, an interest in a partnership or limited liability company is a financial asset if it is held in a securities account.

(4) A writing that is a security certificate is governed by this chapter and not by chapter 3, title 28, even though it also meets the requirements of chapter 3, title 28. However, a negotiable instrument governed by chapter 3, title 28, is a financial asset if it is held in a securities account.

(5) An option or similar obligation issued by a clearing corporation to its participants is not a security, but is a financial asset.

(6) A commodity contract, as defined in section 28-9-102(a)(15), is not a security or a financial asset.

(7) A document of title is not a financial asset unless section 28-8-102(1)(i)(iii) applies.

History:

[28-8-103, added 1995, ch. 272, sec. 2, p. 877; am. 2001, ch. 208, sec. 14, p. 811; am. 2004, ch. 42, sec. 20, p. 115.]
Idaho Code § 28-12-507 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-507
28-12-507 PROOF OF MARKET RENT — TIME AND PLACE.
Status: in_force

PART 5.

DEFAULT

28-12-507. Proof of market rent — Time and place. (1) Damages based on market rent (section 28-12-519 and 28-12-528.

(2) If evidence of rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times or places described in this chapter is not readily available, the rent prevailing within any reasonable time before or after the time described or at any other place or for a different lease term which in commercial judgment or under usage of trade would serve as a reasonable substitute for the one described may be used, making any proper allowance for the difference, including the cost of transporting the goods to or from the other place.

(3) Evidence of a relevant rent prevailing at a time or place or for a lease term other than the one described in this chapter offered by one (1) party is not admissible unless and until he has given the other party notice the court finds sufficient to prevent unfair surprise.

(4) If the prevailing rent or value of any goods regularly leased in any established market is in issue, reports in official publications or trade journals or in newspapers or periodicals of general circulation published as the reports of that market are admissible in evidence. The circumstances of the preparation of the report may be shown to affect its weight but not its admissibility.

History:

[28-12-507, added 1993, ch. 287, sec. 1, p. 1002.]
Idaho Code § 28-2-716 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-716
28-2-716 BUYER'S RIGHT TO SPECIFIC PERFORMANCE OR CLAIM AND DELIVERY.
Status: in_force

PART 7.

REMEDIES

28-2-716. Buyer's right to specific performance or claim and delivery. (1) Specific performance may be decreed where the goods are unique or in other proper circumstances.

(2) The decree for specific performance may include such terms and conditions as to payment of the price, damages, or other relief as the court may deem just.

(3) The buyer has a right to maintain a claim and delivery action for goods identified to the contract if after reasonable effort he is unable to effect cover for such goods or the circumstances reasonably indicate that such effort will be unavailing or if the goods have been shipped under reservation and satisfaction of the security interest in them has been made or tendered. In the case of goods bought for personal, family or household purposes, the buyer's right of replevin vests upon acquisition of a special property, even if the seller had not then repudiated or failed to deliver.

History:

[28-2-716, added 1967, ch. 161, sec. 2-716, p. 351; am. 2001, ch. 208, sec. 9, p. 809.]
Idaho Code § 28-4-103 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-103
28-4-103 VARIATION BY AGREEMENT — MEASURE OF DAMAGES — CERTAIN ACTION CONSTITUTING ORDINARY CARE.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-4-103. Variation by agreement — Measure of damages — Certain action constituting ordinary care. (1) The effect of the provisions of this chapter may be varied by agreement, but the parties to the agreement cannot disclaim a bank's responsibility for its lack of good faith or failure to exercise ordinary care, or limit the measure of damages for the lack or failure. However, the parties may determine by agreement the standards by which the bank's responsibility is to be measured if those standards are not manifestly unreasonable.

(2) Federal reserve regulations and operating circulars, clearing-house rules, and the like have the effect of agreements under subsection (1) of this section, whether or not specifically assented to by all parties interested in items handled.

(3) Action or nonaction approved by this chapter or pursuant to federal reserve regulations or operating circulars is the exercise of ordinary care and, in the absence of special instructions, action or nonaction consistent with clearing-house rules and the like or with a general banking usage not disapproved by this chapter, is prima facie the exercise of ordinary care.

(4) The specification or approval of certain procedures by this chapter is not disapproval of other procedures that may be reasonable under the circumstances.

(5) The measure of damages for failure to exercise ordinary care in handling an item is the amount of the item reduced by an amount that could not have been realized by the exercise of ordinary care. If there is also bad faith it includes any other damages the party suffered as a proximate consequence.

History:

[28-4-103, added 1967, ch. 161, sec. 4-103, p. 351; am. 1993, ch. 288, sec. 5, p. 1053.]
Idaho Code § 28-10-103 — Idaho Code / Title 28 / Chapter 10 / Section 28-10-103
28-10-103 GENERAL REPEALER.
Status: in_force

28-10-103. General repealer. Except as provided in the following section, all acts and parts of acts inconsistent with this act are hereby repealed.

History:

[28-10-103, added 1967, ch. 161, sec. 10-103, p. 351.]
Idaho Code § 28-7-308 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-308
28-7-308 ENFORCEMENT OF CARRIER'S LIEN.
Status: in_force

PART 3.

BILLS OF LADING — SPECIAL PROVISIONS

28-7-308. Enforcement of carrier's lien. (a) A carrier's lien on goods may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in the goods. The notification must include a statement of the amount due, the nature of the proposed sale, and the time and place of any public sale. The fact that a better price could have been obtained by a sale at a different time or in a method different from that selected by the carrier is not of itself sufficient to establish that the sale was not made in a commercially reasonable manner. The carrier sells goods in a commercially reasonable manner if the carrier sells the goods in the usual manner in any recognized market therefor, sells at the price current in that market at the time of the sale, or otherwise sells in conformity with commercially reasonable practices among dealers in the type of goods sold. A sale of more goods than apparently necessary to be offered to ensure satisfaction of the obligation is not commercially reasonable, except in cases covered by the preceding sentence.

(b) Before any sale pursuant to this section, any person claiming a right in the goods may pay the amount necessary to satisfy the lien and the reasonable expenses incurred in complying with this section. In that event, the goods may not be sold but must be retained by the carrier, subject to the terms of the bill of lading and this chapter.

(c) A carrier may buy at any public sale pursuant to this section.

(d) A purchaser in good faith of goods sold to enforce a carrier's lien takes the goods free of any rights of persons against which the lien was valid, despite the carrier's noncompliance with this section.

(e) A carrier may satisfy its lien from the proceeds of any sale pursuant to this section but shall hold the balance, if any, for delivery on demand to any person to which the carrier would have been bound to deliver the goods.

(f) The rights provided by this section are in addition to all other rights allowed by law to a creditor against a debtor.

(g) A carrier's lien may be enforced pursuant to either subsection (a) of this section or the procedure set forth in section 28-7-210(b).

(h) A carrier is liable for damages caused by failure to comply with the requirements for sale under this section and, in case of willful violation, is liable for conversion.

History:

[28-7-308, added 2004, ch. 42, sec. 2, p. 90.]
Idaho Code § 28-12-203 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-203
28-12-203 SEALS INOPERATIVE.
Status: in_force

PART 2.

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

28-12-203. Seals inoperative. The affixing of a seal to a writing evidencing a lease contract or an offer to enter into a lease contract does not render the writing a sealed instrument and the law with respect to sealed instruments does not apply to the lease contract or offer.

History:

[28-12-203, added 1993, ch. 287, sec. 1, p. 984.]
Idaho Code § 28-4-618 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-618
28-4-618 REJECTION OF PAYMENT ORDER.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-618. Rejection of payment order. (1) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order or will not execute or pay the order. Rejection is effective when the notice is given if transmission is by a means that is reasonable in the circumstances. If notice of rejection is given by a means that is not reasonable, rejection is effective when the notice is received. If an agreement of the sender and receiving bank establishes the means to be used to reject a payment order,

(a) any means complying with the agreement is reasonable, and

(b) any means not complying is not reasonable unless no significant delay in receipt of the notice resulted from the use of the noncomplying means.

(2) The provisions of this subsection apply if a receiving bank other than the beneficiary's bank fails to execute a payment order despite the existence on the execution date of a withdrawable credit balance in an authorized account of the sender sufficient to cover the order. If the sender does not receive notice of rejection of the order on the execution date and the authorized account of the sender does not bear interest, the bank is obliged to pay interest to the sender on the amount of the order for the number of days elapsing after the execution date to the earlier of the day the order is cancelled pursuant to section 28-4-619(4) or the day the sender receives notice or learns that the order was not executed, counting the final day of the period as an elapsed day. If the withdrawable credit balance during that period falls below the amount of the order, the amount of interest is reduced accordingly.

(3) If a receiving bank suspends payments, all unaccepted payment orders issued to it are deemed rejected at the time the bank suspends payments.

(4) Acceptance of a payment order precludes a later rejection of the order. Rejection of a payment order precludes a later acceptance of the order.

History:

[28-4-618, added 1991, ch. 135, sec. 1, p. 305.]
Idaho Code § 28-51-105 — Idaho Code / Title 28 / Chapter 51 / Section 28-51-105
28-51-105 DISCLOSURE OF BREACH OF SECURITY OF COMPUTERIZED PERSONAL INFORMATION BY AN AGENCY, INDIVIDUAL OR A COMMERCIAL ENTITY.
Status: in_force

28-51-105. Disclosure of breach of security of computerized personal information by an agency, individual or a commercial entity. (1) A city, county or state agency, individual or a commercial entity that conducts business in Idaho and that owns or licenses computerized data that includes personal information about a resident of Idaho shall, when it becomes aware of a breach of the security of the system, conduct in good faith a reasonable and prompt investigation to determine the likelihood that personal information has been or will be misused. If the investigation determines that the misuse of information about an Idaho resident has occurred or is reasonably likely to occur, the agency, individual or the commercial entity shall give notice as soon as possible to the affected Idaho resident. Notice must be made in the most expedient time possible and without unreasonable delay, consistent with the legitimate needs of law enforcement and consistent with any measures necessary to determine the scope of the breach, to identify the individuals affected, and to restore the reasonable integrity of the computerized data system.

When an agency becomes aware of a breach of the security of the system, it shall, within twenty-four (24) hours of such discovery, notify the office of the Idaho attorney general. Nothing contained in this section relieves a state agency's responsibility to report a security breach to the office of the chief information officer within the department of administration, pursuant to the Idaho technology authority policies.

Any governmental employee who intentionally discloses personal information not subject to disclosure otherwise allowed by law is guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not more than two thousand dollars ($2,000), or by imprisonment in the county jail for a period of not more than one (1) year, or both.

(2) An agency, individual or a commercial entity that maintains computerized data that includes personal information that the agency, individual or the commercial entity does not own or license shall give notice to and cooperate with the owner or licensee of the information of any breach of the security of the system immediately following discovery of a breach if misuse of personal information about an Idaho resident occurred or is reasonably likely to occur. Cooperation includes sharing with the owner or licensee information relevant to the breach.

(3) Notice required by this section may be delayed if a law enforcement agency advises the agency, individual or commercial entity that the notice will impede a criminal investigation. Notice required by this section must be made in good faith, without unreasonable delay and as soon as possible after the law enforcement agency advises the agency, individual or commercial entity that notification will no longer impede the investigation.

History:

[28-51-105, added 2006, ch. 258, sec. 1, p. 797; am. 2014, ch. 97, sec. 13, p. 275.]
Idaho Code § 28-9-206 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-206
28-9-206 SECURITY INTEREST ARISING IN PURCHASE OR DELIVERY OF FINANCIAL ASSET.
Status: in_force

PART 2.

EFFECTIVENESS OF SECURITY AGREEMENT — ATTACHMENT OF SECURITY INTEREST — RIGHTS OF PARTIES TO SECURITY AGREEMENT

28-9-206. Security interest arising in purchase or delivery of financial asset. (a) A security interest in favor of a securities intermediary attaches to a person's security entitlement if:

(1) The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and

(2) The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.

(b) The security interest described in subsection (a) of this section secures the person's obligation to pay for the financial asset.

(c) A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:

(1) The security or other financial asset:

(A) in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and

(B) is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and

(2) The agreement calls for delivery against payment.

(d) The security interest described in subsection (c) of this section secures the obligation to make payment for the delivery.

History:

[28-9-206, added 2001, ch. 208, sec. 2, p. 724.]
Idaho Code § 28-4-101 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-101
28-4-101 SHORT TITLE.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-4-101. Short title. This chapter may be cited as Uniform Commercial Code — Bank Deposits and Collections.

History:

[28-4-101, added 1967, ch. 161, sec. 4-101, p. 351; am. 1993, ch. 288, sec. 3, p. 1053.]
Idaho Code § 28-7-504 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-504
28-7-504 RIGHTS ACQUIRED IN ABSENCE OF DUE NEGOTIATION — EFFECT OF DIVERSION — STOPPAGE OF DELIVERY.
Status: in_force

PART 5.

WAREHOUSE RECEIPTS AND BILLS OF LADING — NEGOTIATION AND TRANSFER

28-7-504. Rights acquired in absence of due negotiation — Effect of diversion — Stoppage of delivery. (a) A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that its transferor had or had actual authority to convey.

(b) In the case of a transfer of a nonnegotiable document of title, until but not after the bailee receives notice of the transfer, the rights of the transferee may be defeated:

(1) By those creditors of the transferor which could treat the transfer as void under section 28-2-402 or 28-12-308;

(2) By a buyer from the transferor in ordinary course of business if the bailee has delivered the goods to the buyer or received notification of the buyer's rights;

(3) By a lessee from the transferor in ordinary course of business if the bailee has delivered the goods to the lessee or received notification of the lessee's rights; or

(4) As against the bailee, by good-faith dealings of the bailee with the transferor.

(c) A diversion or other change of shipping instructions by the consignor in a nonnegotiable bill of lading which causes the bailee not to deliver the goods to the consignee defeats the consignee's title to the goods if the goods have been delivered to a buyer in ordinary course of business or a lessee in ordinary course of business and, in any event, defeats the consignee's rights against the bailee.

(d) Delivery of the goods pursuant to a nonnegotiable document of title may be stopped by a seller under section 28-2-705 or a lessor under section 28-12-526, subject to the requirements of due notification in those sections. A bailee that honors the seller's or lessor's instructions is entitled to be indemnified by the seller or lessor against any resulting loss or expense.

History:

[28-7-504, added 2004, ch. 42, sec. 2, p. 94.]
Idaho Code § 28-2-207 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-207
28-2-207 ADDITIONAL TERMS IN ACCEPTANCE OR CONFIRMATION.
Status: in_force

PART 2.

FORM, FORMATION AND READJUSTMENT OF CONTRACT

28-2-207. Additional terms in acceptance or confirmation. (1) A definite and seasonable expression of acceptance or a written confirmation which is sent within a reasonable time operates as an acceptance even though it states terms additional to or different from those offered or agreed upon, unless acceptance is expressly made conditional on assent to the additional or different terms.

(2) The additional terms are to be construed as proposals for addition to the contract. Between merchants such terms become part of the contract unless:

(a) the offer expressly limits acceptance to the terms of the offer;

(b) they materially alter it; or

(c) notification of objection to them has already been given or is given within a reasonable time after notice of them is received.

(3) Conduct by both parties which recognizes the existence of a contract is sufficient to establish a contract for sale although the writings of the parties do not otherwise establish a contract. In such case the terms of the particular contract consist of those terms on which the writings of the parties agree, together with any supplementary terms incorporated under any other provisions of this act.

History:

[28-2-207, added 1967, ch. 161, sec. 2-207, p. 351.]
Idaho Code § 28-42-301 — Idaho Code / Title 28 / Chapter 42 / Section 28-42-301
28-42-301 DELINQUENCY CHARGES.
Status: in_force

PART 3.

OTHER CHANGES AND MODIFICATIONS

28-42-301. Delinquency charges. (1) With respect to a precomputed regulated consumer credit transaction, the parties may contract for a delinquency charge on any installment not paid in full within ten (10) days after its due date, as originally scheduled or as deferred, in an amount which is not more than five percent (5%) of the unpaid amount of the installment, or twelve dollars and fifty cents ($12.50), whichever is greater.

(2) With respect to a regulated consumer loan secured by a security interest in real property which is used or expected to be used as the residence of the debtor which is not a precomputed regulated consumer loan, the parties may contract for a delinquency charge on any installment not paid in full within fifteen (15) days after its scheduled due date in an amount not exceeding five percent (5%) of the unpaid amount of the installment, or fifteen dollars ($15.00), whichever is greater.

(3) With respect to all other regulated consumer credit transactions, whether secured or unsecured, and whether such credit transactions are classified as open-end credit or closed-end credit, the parties may contract for a delinquency charge on any installment or scheduled payment not paid in full within ten (10) days after its scheduled due date in an amount not exceeding five percent (5%) of the unpaid amount of the installment or scheduled payment, or fifteen dollars ($15.00), whichever is greater.

(4) A delinquency charge under subsection (1), subsection (2) or subsection (3) of this section may be collected only once on an installment or scheduled payment, however long it remains in default. No delinquency charge may be collected if the installment or scheduled payment has been deferred and a deferral charge, section 28-42-302, Idaho Code, has been paid or incurred. A delinquency charge may be collected at the time it accrues or at any time thereafter.

(5) No delinquency charge may be collected on an installment or payment which is paid in full within ten (10) days after its scheduled due date even though an earlier maturing installment or scheduled payment or a delinquency charge on an earlier installment or scheduled payment may not have been paid in full. For purposes of this subsection, payments are applied first to current installments or scheduled payments and then to delinquent installments or scheduled payments.

(6) If two (2) installments or parts thereof of a precomputed regulated consumer credit transaction are in default for ten (10) days or more, the creditor may elect to convert the credit transaction from a precomputed regulated consumer credit transaction to one in which the finance charge is based on unpaid balances. In this event, he shall make a rebate pursuant to the provisions on rebate upon prepayment, section 28-42-307, Idaho Code, as of the maturity date of the first delinquent installment, and thereafter may make a finance charge as authorized by the provisions on finance charge for regulated consumer credit transactions. The amount of the rebate shall not be reduced by the amount of any permitted minimum charge, section 28-42-307, Idaho Code.

History:

[28-42-301, added 1983, ch. 119, sec. 3, p. 276; am. 1993, ch. 227, sec. 2, p. 798; am. 1996, ch. 134, sec. 1, p. 459; am. 2002, ch. 302, sec. 1, p. 865.]
Idaho Code § 28-3-111 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-111
28-3-111 PLACE OF PAYMENT.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-111. Place of payment. Except as otherwise provided for items in chapter 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place of payment is the place of business of the drawee or maker. If a drawee or maker has more than one (1) place of business, the place of payment is any place of business of the drawee or maker chosen by the person entitled to enforce the instrument. If the drawee or maker has no place of business, the place of payment is the residence of the drawee or maker.

History:

[28-3-111, added 1993, ch. 288, sec. 2, p. 1026.]
Idaho Code § 28-43-403 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-403
28-43-403 FORM OF AGREEMENT OR OFFER — STATEMENT OF BUYER'S RIGHTS.
Status: in_force

PART 4.

HOME SOLICITATION SALES

28-43-403. Form of agreement or offer — Statement of buyer's rights. (1) In a home solicitation sale, the seller shall present to the buyer and obtain his signature to a written agreement or offer to purchase that designates as the date of the transaction the date on which the buyer actually signs, and contains a statement of the buyer's rights that complies with subsection (2) of this section. A copy of any writing required by this subsection to be signed by the buyer, completed at least as to the date of the transaction and the name and mailing address of the seller, shall be given to the buyer at the time he signs the writing.

(2) The statement shall either:

(a) Comply with any notice of cancellation or similar requirement of any trade regulation rule of the Federal Trade Commission which by its terms applies to the home solicitation sale; or

(b) Appear under the conspicuous caption: "BUYER'S RIGHT TO CANCEL," and read as follows: "If you decide you do not want the goods or services, you may cancel this agreement by mailing a notice to the seller. The notice must say that you do not want the goods or services and must be mailed before midnight of the third business day after you sign this agreement. The notice must be mailed to:

(3) Until the seller has complied with this section, the buyer may cancel the home solicitation sale by notifying the seller in any manner and by any means of his intention to cancel.

History:

[28-43-403, added 1983, ch. 119, sec. 3, p. 286.]
Idaho Code § 28-3-413 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-413
28-3-413 OBLIGATION OF ACCEPTOR.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-413. Obligation of acceptor. (1) The acceptor of a draft is obliged to pay the draft (i) according to its terms at the time it was accepted, even though the acceptance states that the draft is payable "as originally drawn" or equivalent terms, (ii) if the acceptance varies the terms of the draft, according to the terms of the draft as varied, or (iii) if the acceptance is of a draft that is an incomplete instrument, according to its terms when completed, to the extent stated in sections 28-3-115 and 28-3-407. The obligation is owed to a person entitled to enforce the draft or to the drawer or an indorser who paid the draft under section 28-3-414 or 28-3-415.

(2) If the certification of a check or other acceptance of a draft states the amount certified or accepted, the obligation of the acceptor is that amount. If (i) the certification or acceptance does not state an amount, (ii) the amount of the instrument is subsequently raised, and (iii) the instrument is then negotiated to a holder in due course, the obligation of the acceptor is the amount of the instrument at the time it was taken by the holder in due course.

History:

[28-3-413, added 1993, ch. 288, sec. 2, p. 1043.]
Idaho Code § 28-12-520 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-520
28-12-520 LESSEE'S INCIDENTAL AND CONSEQUENTIAL DAMAGES.
Status: in_force

PART 5.

DEFAULT

28-12-520. Lessee's incidental and consequential damages. (1) Incidental damages resulting from a lessor's default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfully rejected or goods the acceptance of which is justifiably revoked, any commercially reasonable charges, expenses or commissions in connection with effecting cover, and any other reasonable expense incident to the default.

(2) Consequential damages resulting from a lessor's default include:

(a) Any loss resulting from general or particular requirements and needs of which the lessor at the time of contracting had reason to know and which could not reasonably be prevented by cover or otherwise; and

(b) Injury to person or property proximately resulting from any breach of warranty.

History:

[28-12-520, added 1993, ch. 287, sec. 1, p. 1007.]
Idaho Code § 28-7-603 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-603
28-7-603 CONFLICTING CLAIMS — INTERPLEADER.
Status: in_force

PART 6.

WAREHOUSE RECEIPTS AND BILLS OF LADING — MISCELLANEOUS PROVISIONS

28-7-603. Conflicting claims — Interpleader. If more than one (1) person claims title to or possession of the goods, the bailee is excused from delivery until the bailee has a reasonable time to ascertain the validity of the adverse claims or to commence an action for interpleader. The bailee may assert an interpleader either in defending an action for nondelivery of the goods or by original action.

History:

[28-7-603, added 2004, ch. 42, sec. 2, p. 96.]
Idaho Code § 28-46-413 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-413
28-46-413 PAYDAY LOAN BUSINESS PRACTICES.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-413. Payday loan business practices. (1) No licensee or person related to a licensee by common control may have outstanding at any time to a single borrower a loan or loans with an aggregate principal balance exceeding one thousand dollars ($1,000), plus allowable fees.

(2) A payday lender shall not make a payday loan that exceeds twenty-five percent (25%) of the gross monthly income of the borrower when the loan is made.

(3) A payday lender shall obtain income information from a borrower consistent with subsection (4) of this section not less than once every twelve (12) months.

(4) A payday lender shall not be in violation of subsection (2) of this section if the borrower presents evidence of his gross monthly income to the payday lender or represents to the payday lender in writing that the payday loan does not exceed twenty-five percent (25%) of the borrower's gross monthly income when the loan is made.

(5) No payday loan shall be repaid by the proceeds of another payday loan made by the same licensee or a person related to the licensee by common control.

(6) If the borrower's check is returned unpaid to the licensee from a payor financial institution, the licensee shall have the right to collect charges authorized by section 28-22-105, Idaho Code, provided such charges are disclosed in the loan agreement. A licensee may not charge treble damages. If the borrower's obligation is assigned to any third party for collection, the provisions of this section shall apply to such third party collector.

(7) A licensee, or person required to be licensed pursuant to this part, shall not threaten a borrower with criminal action as a result of any payment deficit.

(8) No licensee, or person required to be licensed pursuant to this part, shall engage in unfair or deceptive acts, practices or advertising in the conduct of a payday loan business.

(9) A licensee may renew a payday loan no more than three (3) consecutive times, after which the payday loan shall be repaid in full by the borrower. A borrower may enter into a new loan transaction with the licensee at any time after a prior loan to the borrower is completed. A loan secured by a borrower's check is completed when the check is presented or deposited by the licensee or redeemed by the borrower pursuant to section 28-46-412(5), Idaho Code.

(10) Other than a borrower's check in a transaction pursuant to section 28-46-412(5), Idaho Code, a licensee shall not accept any property, title to property, or other evidence of ownership as collateral for a payday loan.

(11) A licensee may conduct other business at a location where it engages in payday lending unless it carries on such other business for the purpose of evading or violating the provisions of this act.

(12) A borrower may rescind the payday loan at no cost at any time prior to the close of business on the next business day following the day on which the payday loan was made by paying the principal amount of the loan to the licensee in cash or other immediately available funds.

History:

[28-46-413, added 2003, ch. 182, sec. 1, p. 496; am. 2013, ch. 54, sec. 6, p. 117; am. 2014, ch. 270, sec. 3, p. 675.]
Idaho Code § 28-46-503 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-503
28-46-503 LICENSE REQUIRED.
Status: in_force

PART 5

TITLE LOAN ACT

28-46-503. License required. (1) No person shall engage in the business of making title loans without having first obtained a license from the administrator pursuant to this chapter authorizing the person to make regulated consumer loans.

(2) Any title loan made without first having obtained a license is void, in which case the person making the loan forfeits the right to collect any moneys, including principal, interest, and any other fee paid by the debtor in connection with the title loan agreement. The person making the title loan shall release its security interest in the titled personal property used as security for the title loan and shall return to the debtor:

(a) The certificate of title for such titled personal property;

(b) Such titled personal property if the person making the loan took possession of such property;

(c) The fair market value of such titled personal property if the person making the loan took possession of such property and is not able to return such property; and

(d) All principal, interest, and any other fees paid by the debtor.

History:

[28-46-503, added 2006, ch. 323, sec. 1, p. 1024.]
Idaho Code § 28-3-408 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-408
28-3-408 DRAWEE NOT LIABLE ON UNACCEPTED DRAFT.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-408. Drawee not liable on unaccepted draft. A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.

History:

[28-3-408, added 1993, ch. 288, sec. 2, p. 1041.]
Idaho Code § 28-4-102 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-102
28-4-102 APPLICABILITY.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-4-102. Applicability. (1) To the extent that items within this chapter are also within chapters 3 and 8, they are subject to the provisions of those chapters. If there is conflict, the provisions of this chapter govern those of chapter 3, but the provisions of chapter 8 govern those of this chapter.

(2) The liability of a bank for action or nonaction with respect to an item handled by it for purposes of presentment, payment or collection is governed by the law of the place where the bank is located. In the case of action or nonaction by or at a branch or separate office of a bank, its liability is governed by the law of the place where the branch or separate office is located.

History:

[28-4-102, added 1967, ch. 161, sec. 4-102, p. 351; am. 1993, ch. 288, sec. 4, p. 1053.]
Idaho Code § 28-42-303 — Idaho Code / Title 28 / Chapter 42 / Section 28-42-303
28-42-303 FINANCE CHARGE ON REFINANCING.
Status: in_force

PART 3.

OTHER CHANGES AND MODIFICATIONS

28-42-303. Finance charge on refinancing. With respect to a regulated consumer credit transaction, the creditor may, by agreement with the debtor, refinance the unpaid balance and may contract for and receive a finance charge based on the amount financed resulting from the refinancing. The amount financed resulting from the refinancing comprises, if the transaction was not precomputed, the total of the unpaid balance and accrued charges on the date of refinancing, or, if the transaction was precomputed, the amount which the borrower or buyer would have been required to pay upon prepayment pursuant to the provisions on rebate upon prepayment, section 28-42-307, Idaho Code, on the date of refinancing, except that for the purpose of computing this amount, no minimum charge shall be allowed.

History:

[28-42-303, added 1983, ch. 119, sec. 3, p. 277.]
Idaho Code § 28-21-103 — Idaho Code / Title 28 / Chapter 21 / Section 28-21-103
28-21-103 PROVISIONS IN CONFLICT.
Status: in_force

28-21-103. Provisions in conflict. To the extent that the provisions of this chapter may conflict with provisions of the Uniform Commercial Code, the provisions of the Uniform Commercial Code shall control in transactions where applicable.

History:

[(28-21-103) I.C., sec. 27-1803, as added by 1967, ch. 272, sec. 2, p. 745.]
Idaho Code § 28-9-314 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-314
28-9-314 PERFECTION BY CONTROL.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-314. Perfection by control. (a) A security interest in investment property, deposit accounts, letter of credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral under section 28-7-106, 28-9-104, 28-9-105, 28-9-106 or 28-9-107.

(b) A security interest in deposit accounts, electronic chattel paper, letter of credit rights, or electronic documents is perfected by control under section 28-7-106, 28-9-104, 28-9-105 or 28-9-107, when the secured party obtains control and remains perfected by control only while the secured party retains control.

(c) A security interest in investment property is perfected by control under section 28-9-106 from the time the secured party obtains control and remains perfected by control until:

(1) The secured party does not have control; and

(2) One (1) of the following occurs:

(A) if the collateral is a certificated security, the debtor has or acquires possession of the security certificate;

(B) if the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or

(C) if the collateral is a security entitlement, the debtor is or becomes the entitlement holder.

History:

[28-9-314, added 2001, ch. 208, sec. 2, p. 736; am. 2004, ch. 42, sec. 29, p. 132.]
Idaho Code § 28-1-302 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-302
28-1-302 VARIATION BY AGREEMENT.
Status: in_force

PART 3.

TERRITORIAL APPLICABILITY AND GENERAL RULES

28-1-302. Variation by agreement. (a) Except as otherwise provided in subsection (b) of this section or elsewhere in the uniform commercial code, the effect of provisions of the uniform commercial code may be varied by agreement.

(b) The obligations of good faith, diligence, reasonableness, and care prescribed by the uniform commercial code may not be disclaimed by agreement. The parties, by agreement, may determine the standards by which the performance of those obligations is to be measured if those standards are not manifestly unreasonable. Whenever the uniform commercial code requires an action to be taken within a reasonable time, a time that is not manifestly unreasonable may be fixed by agreement.

(c) The presence in certain provisions of the uniform commercial code of the phrase "unless otherwise agreed," or words of similar import, does not imply that the effect of other provisions may not be varied by agreement under this section.

History:

[28-1-302, added 2004, ch. 43, sec. 20, p. 149.]
Idaho Code § 28-36-101 — Idaho Code / Title 28 / Chapter 36 / Section 28-36-101
28-36-101 SHORT TITLE AND PURPOSE.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATORS

28-36-101. Short title and purpose. This act shall be known and may be cited as the "Idaho Lease-Purchase Agreement Act." The purpose of this act is to protect both consumers and businesses engaged in the lease-purchase of consumer goods against unfair or deceptive acts and practices, to provide certainty and regularity in the conduct of these transactions, and to provide efficient and economical procedures to secure such protection.

History:

[28-36-101, added 1993, ch. 232, sec. 1, p. 807.]
Idaho Code § 28-3-202 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-202
28-3-202 NEGOTIATION SUBJECT TO RESCISSION.
Status: in_force

PART 2.

NEGOTIATION, TRANSFER, AND INDORSEMENT

28-3-202. Negotiation subject to rescission. (1) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress or mistake, or (iii) in breach of duty or as part of an illegal transaction.

(2) To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy.

History:

[28-3-202, added 1993, ch. 288, sec. 2, p. 1029.]
Idaho Code § 28-3-106 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-106
28-3-106 UNCONDITIONAL PROMISE OR ORDER.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-106. Unconditional promise or order. (1) Except as provided in this section, for the purposes of section 28-3-104(1), a promise or order is unconditional unless it states (i) an express condition to payment, (ii) that the promise or order is subject to or governed by another writing, or (iii) that rights or obligations with respect to the promise or order are stated in another writing. A reference to another writing does not of itself make the promise or order conditional.

(2) A promise or order is not made conditional (i) by a reference to another writing for a statement of rights with respect to collateral, prepayment, or acceleration, or (ii) because payment is limited to resort to a particular fund or source.

(3) If a promise or order requires, as a condition to payment, a countersignature by a person whose specimen signature appears on the promise or order, the condition does not make the promise or order conditional for the purposes of section 28-3-104(1). If the person whose specimen signature appears on an instrument fails to countersign the instrument, the failure to countersign is a defense to the obligation of the issuer, but the failure does not prevent a transferee of the instrument from becoming a holder of the instrument.

(4) If a promise or order at the time it is issued or first comes into possession of a holder contains a statement, required by applicable statutory or administrative law, to the effect that the rights of a holder or transferee are subject to claims or defenses that the issuer could assert against the original payee, the promise or order is not thereby made conditional for the purposes of section 28-3-104(1); but if the promise or order is an instrument, there cannot be a holder in due course of the instrument.

History:

[28-3-106, added 1993, ch. 288, sec. 2, p. 1024.]
Idaho Code § 28-9-604 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-604
28-9-604 PROCEDURE IF SECURITY AGREEMENT COVERS REAL PROPERTY OR FIXTURES.
Status: in_force

PART 6.

DEFAULT

28-9-604. Procedure if security agreement covers real property or fixtures. (a) If a security agreement covers both personal and real property, a secured party may proceed:

(1) Under this part as to the personal property without prejudicing any rights with respect to the real property; or

(2) As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply.

(b) Subject to subsection (c) of this section, if a security agreement covers goods that are or become fixtures, a secured party may proceed:

(1) Under this part; or

(2) In accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.

(c) Subject to the other provisions of this part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.

(d) A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.

History:

[28-9-604, added 2001, ch. 208, sec. 2, p. 781.]
Idaho Code § 28-5-109 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-109
28-5-109 FRAUD AND FORGERY.
Status: in_force

28-5-109. Fraud and forgery. (1) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant:

(a) the issuer shall honor the presentation, if honor is demanded by (i) a nominated person who has given value in good faith and without notice of forgery or material fraud, (ii) a confirmer who has honored its confirmation in good faith, (iii) a holder in due course of a draft drawn under the letter of credit which was taken after acceptance by the issuer or nominated person, or (iv) an assignee of the issuer's or nominated person's deferred obligation that was taken for value and without notice of forgery or material fraud after the obligation was incurred by the issuer or nominated person, and

(b) the issuer, acting in good faith, may honor or dishonor the presentation in any other case.

(2) If an applicant claims that a required document is forged or materially fraudulent or that honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, a court of competent jurisdiction may temporarily or permanently enjoin the issuer from honoring a presentation or grant similar relief against the issuer or other persons only if the court finds that:

(a) the relief is not prohibited under the law applicable to an accepted draft or deferred obligation incurred by the issuer,

(b) a beneficiary, issuer, or nominated person who may be adversely affected is adequately protected against loss that it may suffer because the relief is granted,

(c) all of the conditions to entitle a person to the relief under Idaho law have been met, and

(d) on the basis of the information submitted to the court, the applicant is more likely than not to succeed under its claim of forgery or material fraud and the person demanding honor does not qualify for protection under subsection (1)(a) of this section.

History:

[28-5-109, added 1996, ch. 7, sec. 2, p. 14.]
Idaho Code § 28-9-807 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-807
28-9-807 AMENDMENT OF PRE-EFFECTIVE-DATE FINANCING STATEMENT.
Status: in_force

PART 8.

TRANSITION PROVISIONS FOR 2011 AMENDMENTS

28-9-807. amendment of pre-effective-date financing statement. (a) In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect.

(b) After this act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in this chapter as amended by this act. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.

(c) Except as otherwise provided in subsection (d) of this section, if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this act takes effect only if:

(1) The pre-effective-date financing statement and an amendment are filed in the office specified in section 28-9-501, Idaho Code;

(2) An amendment is filed in the office specified in section 28-9-501, Idaho Code, concurrently with, or after the filing in that office of, an initial financing statement that satisfies section 28-9-806(c), Idaho Code; or

(3) An initial financing statement that provides the information as amended and satisfies section 28-9-806(c), Idaho Code, is filed in the office specified in section 28-9-501, Idaho Code.

(d) If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under section 28-9-805(c) and (e) or 28-9-806, Idaho Code.

(e) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after this act takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies section 28-9-806(c), Idaho Code, has been filed in the office specified by the law of the jurisdiction governing perfection as provided in this chapter as amended by this act as the office in which to file a financing statement.

History:

[28-9-807, added 2012, ch. 145, sec. 20, p. 412.]
Idaho Code § 28-7-503 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-503
28-7-503 DOCUMENT OF TITLE TO GOODS DEFEATED IN CERTAIN CASES.
Status: in_force

PART 5.

WAREHOUSE RECEIPTS AND BILLS OF LADING — NEGOTIATION AND TRANSFER

28-7-503. Document of title to goods defeated in certain cases. (a) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not:

(1) Deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor's nominee with:

(A) Actual or apparent authority to ship, store, or sell;

(B) Power to obtain delivery under section 28-7-403; or

(C) Power of disposition under section 28-2-403, 28-12-304(2), 28-12-305(2), 28-9-320 or 28-9-321(c), or other statute or rule of law; or

(2) Acquiesce in the procurement by the bailor or its nominee of any document.

(b) Title to goods based upon an unaccepted delivery order is subject to the rights of any person to which a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. That title may be defeated under section 28-7-504 to the same extent as the rights of the issuer or a transferee from the issuer.

(c) Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of any person to which a bill issued by the freight forwarder is duly negotiated. However, delivery by the carrier in accordance with part 4 of this chapter pursuant to its own bill of lading discharges the carrier's obligation to deliver.

History:

[28-7-503, added 2004, ch. 42, sec. 2, p. 94.]
Idaho Code § 28-45-108 — Idaho Code / Title 28 / Chapter 45 / Section 28-45-108
28-45-108 CREDITOR'S RIGHT TO TAKE POSSESSION AFTER DEFAULT.
Status: in_force

PART 1.

LIMITATIONS ON CREDITORS' REMEDIES

28-45-108. Creditor's right to take possession after default. Upon default by a debtor with respect to a regulated consumer credit transaction, unless the debtor voluntarily surrenders possession of the collateral to the creditor, the creditor may take possession of the collateral without judicial process only if possession can be taken without entry into a dwelling and without the use of force or other breach of the peace.

History:

[28-45-108, added 1983, ch. 119, sec. 3, p. 296.]
Idaho Code § 28-12-307 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-307
28-12-307 PRIORITY OF LIENS ARISING BY ATTACHMENT OR LEVY ON, SECURITY INTERESTS IN, AND OTHER CLAIMS TO GOODS.
Status: in_force

PART 3.

EFFECT OF LEASE CONTRACT

28-12-307. Priority of liens arising by attachment or levy on, security interests in, and other claims to goods. (1) Except as otherwise provided in section 28-12-306, a creditor of a lessee takes subject to the lease contract.

(2) Except as otherwise provided in subsection (3) of this section and in sections 28-12-306 and 28-12-308, a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable.

(3) Except as otherwise provided in sections 28-9-317, 28-9-321 and 28-9-323, a lessee takes a leasehold interest subject to a security interest held by a creditor of the lessor.

History:

[28-12-307, added 1993, ch. 287, sec. 1, p. 993; am. 2001, ch. 208, sec. 22, p. 821.]
Idaho Code § 28-22-105 — Idaho Code / Title 28 / Chapter 22 / Section 28-22-105
28-22-105 CHECKS DISHONORED BY NONACCEPTANCE OR NONPAYMENT — LIABILITY FOR INTEREST — COLLECTION COSTS AND ATTORNEY'S FEES.
Status: in_force

28-22-105. Checks dishonored by nonacceptance or nonpayment — Liability for interest — Collection costs and attorney's fees. Whenever a check, as defined in section 28-3-104, Idaho Code, has been dishonored by nonacceptance or nonpayment and has not been paid within fifteen (15) days and after the holder of such check sends such notice of dishonor as provided in section 28-22-106, Idaho Code, to the drawer, then if the check does not provide for the payment of interest, or collection costs and attorney's fees, the drawer of such check shall also be liable for payment of interest at the rate of twelve percent (12%) per annum from the date of dishonor and cost of collection not to exceed twenty dollars ($20.00) or the face amount of the check, whichever is the lesser; provided however, that if the holder of the dishonored check has the right to collect a set fee under a written agreement or has notified the drawer by a posted notice at the point of sale that the drawer will be required to pay a set collection fee if the check is dishonored, the holder is not required to give the notice of dishonor as provided in section 28-22-106, Idaho Code, and may assess a collection cost of the notice amount regardless of the size of the check, but the set fee may not exceed twenty dollars ($20.00). In addition, in the event of court action on the check, the court, after such notice and the expiration of said fifteen (15) days, shall award reasonable attorney's fees as part of the damages payable to the holder of the check. No attorney's fees may be awarded to a collection agency in a proceeding pursuant to section 1-2301A, Idaho Code. The provisions of this section shall not apply to any check which has been dishonored by reason of any justifiable stop payment order.

History:

[28-22-105, added 1994, ch. 185, sec. 1, p. 604; am. 1996, ch. 373, sec. 5, p. 1271; am. 2002, ch. 288, sec. 2, p. 834.]
Idaho Code § 28-3-306 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-306
28-3-306 CLAIMS TO AN INSTRUMENT.
Status: in_force

PART 3.

ENFORCEMENT OF INSTRUMENTS

28-3-306. Claims to an instrument. A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument.

History:

[28-3-306, added 1993, ch. 288, sec. 2, p. 1035.]
Idaho Code § 28-8-116 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-116
28-8-116 SECURITIES INTERMEDIARY AS PURCHASER FOR VALUE.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-116. Securities intermediary as purchaser for value. A securities intermediary that receives a financial asset and establishes a security entitlement to the financial asset in favor of an entitlement holder is a purchaser for value of the financial asset. A securities intermediary that acquires a security entitlement to a financial asset from another securities intermediary acquires the security entitlement for value if the securities intermediary acquiring the security entitlement establishes a security entitlement to the financial asset in favor of an entitlement holder.

History:

[28-8-116, added 1995, ch. 272, sec. 2, p. 885.]
Idaho Code § 28-12-509 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-509
28-12-509 LESSEE'S RIGHTS ON IMPROPER DELIVERY — RIGHTFUL REJECTION.
Status: in_force

PART 5.

DEFAULT

28-12-509. Lessee's rights on improper delivery — Rightful rejection. (1) Subject to the provisions of section 28-12-510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unit or units and reject the rest of the goods.

(2) Rejection of goods is ineffective unless it is within a reasonable time after tender or delivery of the goods and the lessee seasonably notifies the lessor.

History:

[28-12-509, added 1993, ch. 287, sec. 1, p. 1003.]
Idaho Code § 28-3-114 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-114
28-3-114 CONTRADICTORY TERMS OF INSTRUMENT.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-114. Contradictory terms of instrument. If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers.

History:

[28-3-114, added 1993, ch. 288, sec. 2, p. 1027.]
Idaho Code § 28-7-703 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-703
28-7-703 APPLICABILITY.
Status: in_force

PART 7.

MISCELLANEOUS PROVISIONS

28-7-703. Applicability. This act applies to a document of title that is issued or a bailment that arises on or after July 1, 2004. This act does not apply to a document of title that is issued or a bailment that arises before July 1, 2004, even if the document of title or bailment would be subject to this act if the document of title had been issued or bailment had arisen on or after July 1, 2004. This act does not apply to a right of action that has accrued before July 1, 2004.

History:

[28-7-703, added 2004, ch. 42, sec. 2, p. 97.]
Idaho Code § 28-4-603 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-603
28-4-603 PAYMENT ORDER — DEFINITIONS.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-603. Payment order — Definitions. (1) In this part:

(a) "Beneficiary" means the person to be paid by the beneficiary's bank.

(b) "Beneficiary's bank" means the bank identified in a payment order in which an account of the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account.

(c) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if:

(i) the instruction does not state a condition to payment to the beneficiary other than time of payment,

(ii) the receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender, and

(iii) the instruction is transmitted by the sender directly to the receiving bank or to an agent, funds-transfer system, or communication system for transmittal to the receiving bank.

(d) "Receiving bank" means the bank to which the sender's instruction is addressed.

(e) "Sender" means the person giving the instruction to the receiving bank.

(2) If an instruction complying with subsection (1)(a) is to make more than one (1) payment to a beneficiary, the instruction is a separate payment order with respect to each payment.

(3) A payment order is issued when it is sent to the receiving bank.

History:

[28-4-603, added 1991, ch. 135, sec. 1, p. 296.]
Idaho Code § 28-50-110 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-110
28-50-110 EFFECT OF CHANGE OR ERROR.
Status: in_force

28-50-110. Effect of change or error. If a change or error in an electronic record occurs in a transmission between parties to a transaction, the following rules apply:

(1) If the parties have agreed to use a security procedure to detect changes or errors and one (1) party has conformed to the procedure, but the other party has not, and the nonconforming party would have detected the change or error had that party also conformed, the conforming party may avoid the effect of the changed or erroneous electronic record.

(2) In an automated transaction involving an individual, the individual may avoid the effect of an electronic record that resulted from an error made by the individual in dealing with the electronic agent of another person if the electronic agent did not provide an opportunity for the prevention or correction of the error and, at the time the individual learns of the error, the individual:

(A) Promptly notifies the other person of the error and that the individual did not intend to be bound by the electronic record received by the other person;

(B) Takes reasonable steps, including steps that conform to the other person's reasonable instructions, to return to the other person or, if instructed by the other person, to destroy the consideration received, if any, as a result of the erroneous electronic record; and

(C) Has not used or received any benefit or value from the consideration, if any, received from the other person.

(3) If neither subsection (1) nor (2) of this section apply, the change or error has the effect provided by other law, including the law of mistake, and the parties' contract, if any.

(4) Subsections (2) and (3) of this section may not be varied by agreement.

History:

[28-50-110, added 2000, ch. 286, sec. 1, p. 963.]
Idaho Code § 28-4-619 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-619
28-4-619 CANCELLATION AND AMENDMENT OF PAYMENT ORDER.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-619. Cancellation and amendment of payment order. (1) A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally, electronically, or in writing. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective to cancel or amend the order unless the communication is verified pursuant to the security procedure or the bank agrees to the cancellation or amendment.

(2) Subject to subsection (1) of this section, a communication by the sender cancelling or amending a payment order is effective to cancel or amend the order if notice of the communication is received at a time and in a manner affording the receiving bank a reasonable opportunity to act on the communication before the bank accepts the payment order.

(3) After a payment order has been accepted, cancellation or amendment of the order is not effective unless the receiving bank agrees or a funds-transfer system rule allows cancellation or amendment without agreement of the bank.

(a) With respect to a payment order accepted by a receiving bank other than the beneficiary's bank, cancellation or amendment is not effective unless a conforming cancellation or amendment of the payment order issued by the receiving bank is also made.

(b) With respect to a payment order accepted by the beneficiary's bank, cancellation or amendment is not effective unless the order was issued in execution of an unauthorized payment order, or because of a mistake by a sender in the funds transfer which resulted in the issuance of a payment order (i) that is a duplicate of a payment order previously issued by the sender, (ii) that orders payment to a beneficiary not entitled to receive payment from the originator, or (iii) that orders payment in an amount greater than the amount the beneficiary was entitled to receive from the originator. If the payment order is cancelled or amended, the beneficiary's bank is entitled to recover from the beneficiary any amount paid to the beneficiary to the extent allowed by the law governing mistake and restitution.

(4) An unaccepted payment order is cancelled by operation of law at the close of the fifth funds-transfer business day of the receiving bank after the execution date or payment date of the order.

(5) A cancelled payment order cannot be accepted. If an accepted payment order is cancelled, the acceptance is nullified and no person has any right or obligation based on the acceptance. Amendment of a payment order is deemed to be cancellation of the original order at the time of amendment and issue of a new payment order in the amended form at the same time.

(6) Unless otherwise provided in an agreement of the parties or in a funds-transfer system rule, if the receiving bank, after accepting a payment order, agrees to cancellation or amendment of the order by the sender or is bound by a funds-transfer system rule allowing cancellation or amendment without the bank's agreement, the sender, whether or not cancellation or amendment is effective, is liable to the bank for any loss and expenses, including reasonable attorney's fees, incurred by the bank as a result of the cancellation or amendment or attempted cancellation or amendment.

(7) A payment order is not revoked by the death or legal incapacity of the sender unless the receiving bank knows of the death or of an adjudication of incapacity by a court of competent jurisdiction and has reasonable opportunity to act before acceptance of the order.

(8) A funds-transfer system rule is not effective to the extent it conflicts with the provisions of subsection (3)(b) of this section.

History:

[28-4-619, added 1991, ch. 135, sec. 1, p. 305.]
Idaho Code § 28-4-621 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-621
28-4-621 EXECUTION AND EXECUTION DATE.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-621. Execution and execution date. (1) A payment order is "executed" by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary's bank can be accepted but cannot be executed.

(2) "Execution date" of a payment order means the day on which the receiving bank may properly issue a payment order in execution of the sender's order. The execution date may be determined by instruction of the sender but cannot be earlier than the day the order is received and, unless otherwise determined, is the day the order is received. If the sender's instruction states a payment date, the execution date is the payment date or an earlier date on which execution is reasonably necessary to allow payment to the beneficiary on the payment date.

History:

[28-4-621, added 1991, ch. 135, sec. 1, p. 307.]
Idaho Code § 28-4-636 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-636
28-4-636 PRECLUSION OF OBJECTION TO DEBIT OF CUSTOMER'S ACCOUNT.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-636. Preclusion of objection to debit of customer's account. If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer's objection to the payment within one (1) year after the notification was received by the customer.

History:

[28-4-636, added 1991, ch. 135, sec. 1, p. 316.]
Idaho Code § 28-42-305 — Idaho Code / Title 28 / Chapter 42 / Section 28-42-305
28-42-305 CONVERSION TO OPEN-END CREDIT.
Status: in_force

PART 3.

OTHER CHANGES AND MODIFICATIONS

28-42-305. Conversion to open-end credit. The parties may agree at or within ten (10) days before the time of conversion to add the unpaid balance of a regulated consumer credit transaction not made pursuant to open-end credit to the debtor's open-end credit account with the creditor. The unpaid balance so added is an amount equal to the amount financed, determined according to the provision on finance charge on refinancing, section 28-42-303, Idaho Code.

History:

[28-42-305, added 1983, ch. 119, sec. 3, p. 278.]