Idaho Code § 28-1-301 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-301
28-1-301 TERRITORIAL APPLICATION OF THE UNIFORM COMMERCIAL CODE — PARTIES' POWER TO CHOOSE APPLICABLE LAW.
Status: in_force

PART 3.

TERRITORIAL APPLICABILITY AND GENERAL RULES

28-1-301. Territorial application of the uniform commercial code — Parties' power to choose applicable law. (a) Except as provided hereafter in this section, when a transaction bears a reasonable relation to this state and also to another state or nation the parties may agree that the law either of this state or of such other state or nation shall govern their rights and duties. Failing such agreement the uniform commercial code applies to transactions bearing an appropriate relation to this state.

(b) Where one (1) of the following provisions of the uniform commercial code specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law, including the conflict of laws rules, so specified:

Rights of creditors against sold goods. Section 28-2-402, Idaho Code.

Applicability of the chapter on leases. Sections 28-12-105 and 28-12-106, Idaho Code.

Applicability of the chapter on bank deposits and collections. Section 28-4-102, Idaho Code.

Governing law in the part on funds transfers. Section 28-4-638, Idaho Code.

Letters of credit. Section 28-5-116, Idaho Code.

Applicability of the chapter on investment securities. Section 28-8-110, Idaho Code.

Law governing perfection, the effect of perfection or nonperfection, the priority of security interests and agricultural liens. Sections 28-9-301 through 28-9-307, Idaho Code.

History:

[(28-1-301) 28-1-105, added 1967, ch. 161, sec. 1-105, p. 351; am. 1991, ch. 135, sec. 2, p. 318; am. 1993, ch. 287, sec. 2, p. 1013; am. 1993, ch. 288, sec. 47, p. 1074; am. 1995, ch. 272, sec. 16, p. 916; am. 1996, ch. 7, sec. 3, p. 19; am. 2001, ch. 208, sec. 3, p. 800; am. and redesig. 2004, ch. 43, sec. 19, p. 149.]
Idaho Code § 28-7-306 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-306
28-7-306 ALTERED BILLS OF LADING.
Status: in_force

PART 3.

BILLS OF LADING — SPECIAL PROVISIONS

28-7-306. Altered bills of lading. An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor.

History:

[28-7-306, added 2004, ch. 42, sec. 2, p. 90.]
Idaho Code § 28-9-316 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-316
28-9-316 EFFECT OF CHANGE IN GOVERNING LAW.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-316. effect of change in governing law. (a) A security interest perfected pursuant to the law of the jurisdiction designated in section 28-9-301(1) or 28-9-305(c), Idaho Code, remains perfected until the earliest of:

(1) The time perfection would have ceased under the law of that jurisdiction;

(2) The expiration of four (4) months after a change of the debtor's location to another jurisdiction; or

(3) The expiration of one (1) year after a transfer of collateral to a person that thereby becomes a debtor and is located in another jurisdiction.

(b) If a security interest described in subsection (a) of this section becomes perfected under the law of the other jurisdiction before the earliest time or event described in that subsection, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earliest time or event, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.

(c) A possessory security interest in collateral, other than goods covered by a certificate of title and as-extracted collateral consisting of goods, remains continuously perfected if:

(1) The collateral is located in one (1) jurisdiction and subject to a security interest perfected under the law of that jurisdiction;

(2) Thereafter the collateral is brought into another jurisdiction; and

(3) Upon entry into the other jurisdiction, the security interest is perfected under the law of the other jurisdiction.

(d) Except as otherwise provided in subsection (e) of this section, a security interest in goods covered by a certificate of title which is perfected by any method under the law of another jurisdiction when the goods become covered by a certificate of title from this state remains perfected until the security interest would have become unperfected under the law of the other jurisdiction had the goods not become so covered.

(e) A security interest described in subsection (d) of this section becomes unperfected as against a purchaser of the goods for value and is deemed never to have been perfected as against a purchaser of the goods for value if the applicable requirements for perfection under section 28-9-311(b) or 28-9-313, Idaho Code, are not satisfied before the earlier of:

(1) The time the security interest would have become unperfected under the law of the other jurisdiction had the goods not become covered by a certificate of title from this state; or

(2) The expiration of four (4) months after the goods had become so covered.

(f) A security interest in deposit accounts, letter of credit rights, or investment property which is perfected under the law of the bank's jurisdiction, the issuer's jurisdiction, a nominated person's jurisdiction, the securities intermediary's jurisdiction, or the commodity intermediary's jurisdiction, as applicable, remains perfected until the earlier of:

(1) The time the security interest would have become unperfected under the law of that jurisdiction; or

(2) The expiration of four (4) months after a change of the applicable jurisdiction to another jurisdiction.

(g) If a security interest described in subsection (f) of this section becomes perfected under the law of the other jurisdiction before the earlier of the time or the end of the period described in that subsection, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earlier of that time or the end of that period, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.

(h) The following rules apply to collateral to which a security interest attaches within four (4) months after the debtor changes its location to another jurisdiction:

(1) A financing statement filed before the change pursuant to the law of the jurisdiction designated in section 28-9-301(1) or 28-9-305(c), Idaho Code, is effective to perfect a security interest in the collateral if the financing statement would have been effective to perfect a security interest in the collateral if the debtor had not changed its location.

(2) If a security interest that is perfected by a financing statement that is effective under paragraph (1) of this subsection becomes perfected under the law of the other jurisdiction before the earlier of the time the financing statement would have become ineffective under the law of the jurisdiction designated in section 28-9-301(1) or 28-9-305(c), Idaho Code, or the expiration of the four (4) month period, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earlier time or event, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.

(i) If a financing statement naming an original debtor is filed pursuant to the law of the jurisdiction designated in section 28-9-301(1) or 28-9-305(c), Idaho Code, and the new debtor is located in another jurisdiction, the following rules apply:

(1) The financing statement is effective to perfect a security interest in collateral in which the new debtor has or acquires rights before or within four (4) months after the new debtor becomes bound under section 28-9-203(d), Idaho Code, if the financing statement would have been effective to perfect a security interest in the collateral if the collateral had been acquired by the original debtor.

(2) A security interest that is perfected by the financing statement and that becomes perfected under the law of the other jurisdiction before the earlier of the expiration of the four (4) month period or the time the financing statement would have become ineffective under the law of the jurisdiction designated in section 28-9-301(1) or 28-9-305(c), Idaho Code, remains perfected thereafter. A security interest that is perfected by the financing statement but that does not become perfected under the law of the other jurisdiction before the earlier time or event becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.

History:

[28-9-316, added 2001, ch. 208, sec. 2, p. 737; am. 2012, ch. 145, sec. 5, p. 392.]
Idaho Code § 28-9-519 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-519
28-9-519 NUMBERING, MAINTAINING, AND INDEXING RECORDS — COMMUNICATING INFORMATION PROVIDED IN RECORDS.
Status: in_force

PART 5.

FILING

28-9-519. Numbering, maintaining, and indexing records — communicating information provided in records. (a) For each record filed in a filing office, the filing office shall:

(1) Assign a unique number to the filed record;

(2) Create a record that bears the number assigned to the filed record and the date and time of filing;

(3) Maintain the filed record for public inspection; and

(4) Index the filed record in accordance with subsections (c), (d) and (e) of this section.

(b) A file number assigned after January 1, 2002, must include a digit that:

(1) Is mathematically derived from or related to the other digits of the file number; and

(2) Aids the filing office in determining whether a number communicated as the file number includes a single digit or transpositional error.

(c) Except as otherwise provided in subsections (d) and (e) of this section, the filing office shall:

(1) Index an initial financing statement according to the name of the debtor and index all filed records relating to the initial financing statement in a manner that associates with one another an initial financing statement and all filed records relating to the initial financing statement; and

(2) Index a record that provides a name of a debtor which was not previously provided in the financing statement to which the record relates also according to the name that was not previously provided.

(d) If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, it must be filed for record and the filing office shall index it:

(1) Under the names of the debtor and of each owner of record shown on the financing statement as if they were the mortgagors under a mortgage of the real property described; and

(2) To the extent that the law of this state provides for indexing of records of mortgages under the name of the mortgagee, under the name of the secured party as if the secured party were the mortgagee thereunder, or, if indexing is by description, as if the financing statement were a record of a mortgage of the real property described.

(e) If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, the filing office shall index an assignment filed under section 28-9-514(a) or an amendment filed under section 28-9-514(b):

(1) Under the name of the assignor as grantor; and

(2) To the extent that the law of this state provides for indexing a record of the assignment of a mortgage under the name of the assignee, under the name of the assignee.

(f) The filing office shall maintain a capability:

(1) To retrieve a record by the name of the debtor and by the file number assigned to the initial financing statement to which the record relates; and

(2) To associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement.

(g) The filing office may not remove a debtor's name from the index until one (1) year after the effectiveness of a financing statement naming the debtor lapses under section 28-9-515 with respect to all secured parties of record.

(h) The filing office shall perform the acts required by subsections (a) through (e) of this section at the time and in the manner prescribed by filing office rule, but not later than two (2) business days after the filing office receives the record in question.

(i) Subsections (b) and (h) of this section do not apply to a filing office described in section 28-9-501(a)(1).

History:

[28-9-519, added 2001, ch. 208, sec. 2, p. 771.]
Idaho Code § 28-8-401 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-401
28-8-401 DUTY OF ISSUER TO REGISTER TRANSFER.
Status: in_force

PART 4.

REGISTRATION

28-8-401. Duty of issuer to register transfer. (1) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if:

(a) Under the terms of the security the person seeking registration of transfer is eligible to have the security registered in its name;

(b) The indorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person;

(c) Reasonable assurance is given that the indorsement or instruction is genuine and authorized (section 28-8-402);

(d) Any applicable law relating to the collection of taxes has been complied with;

(e) The transfer does not violate any restriction on transfer imposed by the issuer in accordance with section 28-8-204;

(f) A demand that the issuer not register transfer has not become effective under section 28-8-403, or the issuer has complied with section 28-8-403(2), but no legal process or indemnity bond is obtained as provided in section 28-8-403(4); and

(g) The transfer is in fact rightful or is to a protected purchaser.

(2) If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person's principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer.

History:

[28-8-401, added 1995, ch. 272, sec. 2, p. 891.]
Idaho Code § 28-8-114 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-114
28-8-114 EVIDENTIARY RULES CONCERNING CERTIFICATED SECURITIES.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-114. Evidentiary rules concerning certificated securities. The following rules apply in an action on a certificated security against the issuer:

(1) Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted.

(2) If the effectiveness of a signature is put in issue, the burden of establishing effectiveness is on the party claiming under the signature, but the signature is presumed to be genuine or authorized.

(3) If signatures on a security certificate are admitted or established, production of the certificate entitles a holder to recover on it unless the defendant establishes a defense or a defect going to the validity of the security.

(4) If it is shown that a defense or defect exists, the plaintiff has the burden of establishing that the plaintiff or some person under whom the plaintiff claims is a person against whom the defense or defect cannot be asserted.

History:

[28-8-114, added 1995, ch. 272, sec. 2, p. 884.]
Idaho Code § 28-2-721 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-721
28-2-721 REMEDIES FOR FRAUD.
Status: in_force

PART 7.

REMEDIES

28-2-721. Remedies for fraud. Remedies for material misrepresentation or fraud include all remedies available under this chapter for nonfraudulent breach. Neither rescission or a claim for rescission of the contract for sale nor rejection or return of the goods shall bar or be deemed inconsistent with a claim for damages or other remedy.

History:

[28-2-721, added 1967, ch. 161, sec. 2-721, p. 351.]
Idaho Code § 28-8-501 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-501
28-8-501 SECURITIES ACCOUNT AND ACQUISITION OF SECURITY ENTITLEMENT FROM SECURITIES INTERMEDIARY.
Status: in_force

PART 5.

SECURITY ENTITLEMENTS

28-8-501. Securities account and acquisition of security entitlement from securities intermediary. (1) "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.

(2) Except as otherwise provided in subsections (4) and (5) of this section, a person acquires a security entitlement if a securities intermediary:

(a) Indicates by book entry that a financial asset has been credited to the person's securities account;

(b) Receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or

(c) Becomes obligated under other law, regulation or rule to credit a financial asset to the person's securities account.

(3) If a condition of subsection (2) of this section has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset.

(4) If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially indorsed to the other person, and has not been indorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset.

(5) Issuance of a security is not establishment of a security entitlement.

History:

[28-8-501, added 1995, ch. 272, sec. 2, p. 895.]
Idaho Code § 28-12-530 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-530
28-12-530 LESSOR'S INCIDENTAL DAMAGES.
Status: in_force

PART 5.

DEFAULT

28-12-530. Lessor's incidental damages. Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the lessee's default, in connection with return or disposition of the goods, or otherwise resulting from the default.

History:

[28-12-530, added 1993, ch. 287, sec. 1, p. 1012.]
Idaho Code § 28-2-724 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-724
28-2-724 ADMISSIBILITY OF MARKET QUOTATIONS.
Status: in_force

PART 7.

REMEDIES

28-2-724. Admissibility of market quotations. Whenever the prevailing price or value of any goods regularly bought and sold in any established commodity market is in issue, reports in official publications or trade journals or in newspapers or periodicals of general circulation published as the reports of such market shall be admissible in evidence. The circumstances of the preparation of such a report may be shown to affect its weight but not its admissibility.

History:

[28-2-724, added 1967, ch. 161, sec. 2-724, p. 351.]
Idaho Code § 28-46-406 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-406
28-46-406 NONTRANSFERABILITY — CHANGE IN CONTROL.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-406. Nontransferability — Change in control. (1) Other than the transfer of a license to a new location as set forth in subsection (3) of this section, a license issued pursuant to this chapter is not transferable or assignable.

(2) The prior written approval of the administrator is required for the continued operation of a payday loan business whenever a change in control of a licensee is proposed. Control in the case of an entity means direct or indirect ownership, or the right to vote or otherwise control, twenty-five percent (25%) or more of the governance interests of the entity, or the ability of any person to elect a majority of the directors. The administrator may require information deemed necessary to determine whether a new application is required. Costs incurred by the administrator in investigating a change of control request shall be paid by the licensee requesting such approval.

(3) A licensee shall notify the administrator in writing at least fifteen (15) days before any proposed changes in the licensee's business location or name.

History:

[28-46-406, added 2003, ch. 182, sec. 1, p. 493.]
Idaho Code § 28-4-609 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-609
28-4-609 SECURITY PROCEDURE.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-609. Security procedure. "Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (1) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (2) detecting error in the transmission or the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures, or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a security procedure.

History:

[28-4-609, added 1991, ch. 135, sec. 1, p. 299.]
Idaho Code § 28-12-106 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-106
28-12-106 LIMITATION ON POWER OF PARTIES TO CONSUMER LEASE TO CHOOSE APPLICABLE LAW AND JUDICIAL FORUM.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-12-106. Limitation on power of parties to consumer lease to choose applicable law and judicial forum. (1) If the law chosen by the parties to a consumer lease is that of a jurisdiction other than a jurisdiction in which the lessee resides at the time the lease agreement becomes enforceable or within thirty (30) days thereafter or in which the goods are to be used, the choice is not enforceable.

(2) If the judicial forum chosen by the parties to a consumer lease is a forum that would not otherwise have jurisdiction over the lessee, the choice is not enforceable.

History:

[28-12-106, added 1993, ch. 287, sec. 1, p. 982.]
Idaho Code § 28-9-105 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-105
28-9-105 CONTROL OF ELECTRONIC CHATTEL PAPER.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-9-105. Control of electronic chattel paper. (a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.

(b) A system satisfies subsection (a) of this section, and a secured party has control of electronic chattel paper, if the record or records comprising the chattel paper are created, stored and assigned in such a manner that:

(1) A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5) and (6) of this subsection, unalterable;

(2) The authoritative copy identifies the secured party as the assignee of the record or records;

(3) The authoritative copy is communicated to and maintained by the secured party 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 secured party;

(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:

[28-9-105, added 2001, ch. 208, sec. 2, p. 719; am. 2012, ch. 145, sec. 2, p. 390.]
Idaho Code § 28-9-522 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-522
28-9-522 MAINTENANCE AND DESTRUCTION OF RECORDS.
Status: in_force

PART 5.

FILING

28-9-522. Maintenance and destruction of records. (a) The filing office shall maintain a record of the information provided in a filed financing statement for at least one (1) year after the effectiveness of the financing statement has lapsed under section 28-9-515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and by using the file number assigned to the initial financing statement to which the record relates.

(b) Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with subsection (a) of this section.

History:

[28-9-522, added 2001, ch. 208, sec. 2, p. 777.]
Idaho Code § 28-9-704 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-704
28-9-704 SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE.
Status: in_force

PART 7.

TRANSITION

28-9-704. Security interest unperfected before effective date. A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

(1) Remains an enforceable security interest for one (1) year after this act takes effect;

(2) Remains enforceable thereafter if the security interest becomes enforceable under section 28-9-203 when this act takes effect or within one (1) year thereafter; and

(3) Becomes perfected:

(A) Without further action, when this act takes effect if the applicable requirements for perfection under this act are satisfied before or at that time; or

(B) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

History:

[28-9-704, added 2001, ch. 208, sec. 2, p. 797.]
Idaho Code § 28-4-404B — Idaho Code / Title 28 / Chapter 4 / Section 28-4-404B
28-4-404B STATUTORY FORM FOR NOTICE OF PROCESSING PHOTOCOPIED CHECK.
Status: in_force

PART 4.

RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER

28-4-404B. Statutory form for notice of processing photocopied check. The notice of a photocopied check required by section 28-4-404A, Idaho Code, shall be imprinted on the jacket containing the photocopied check or the facsimile itself and the notice shall be substantially in the following form:

NOTICE OF PROCESSING OF PHOTOCOPIED CHECK.

A check drawn by you has been photocopied and the photocopy has been honored. The original of the check has been lost or mutilated, and the photocopy has been used for your convenience. We have attempted to insure that payment has been made only one time. This is your notice of this process so that you may check your statement of account to determine that payment has not been duplicated.

History:

[28-4-404B, added 1984, ch. 145, sec. 2, p. 340.]
Idaho Code § 28-50-106 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-106
28-50-106 CONSTRUCTION AND APPLICATION.
Status: in_force

28-50-106. Construction and application. This chapter must be construed and applied:

(1) To facilitate electronic transactions consistent with other applicable law;

(2) To be consistent with reasonable practices concerning electronic transactions and with the continued expansion of those practices; and

(3) To effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.

History:

[28-50-106, added 2000, ch. 286, sec. 1, p. 962.]
Idaho Code § 28-9-521 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-521
28-9-521 UNIFORM FORM OF WRITTEN FINANCING STATEMENT AND AMENDMENT.
Status: in_force

PART 5.

FILING

28-9-521. Uniform form of written financing statement and amendment. (a) A filing office that accepts written records may not refuse to accept a written initial financing statement in the form and format as prescribed by the secretary of state that is in compliance with the standards of the uniform commercial code, except for a reason set forth in section 28-9-516(b), Idaho Code.

(b) A filing office that accepts written records may not refuse to accept a written record in the form and format as prescribed by the secretary of state that is in compliance with the standards of the uniform commercial code, except for a reason set forth in section 28-9-516(b), Idaho Code.

History:

[28-9-521, added 2012, ch. 145, sec. 18, p. 404; am. 2025, ch. 111, sec. 1, p. 591.]
Idaho Code § 28-46-302 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-302
28-46-302 LICENSE TO MAKE REGULATED CONSUMER LOANS.
Status: in_force

PART 3.

REGULATED LENDERS — LICENSING AND RELATED PROVISIONS

28-46-302. License to make regulated consumer loans. (1) The administrator shall receive and act on all applications for a license to do business as a regulated lender. Applications shall be filed in the manner prescribed by the administrator, shall contain such information as the administrator may reasonably require, shall be updated as necessary to keep the information current, and shall be accompanied by an application fee of three hundred fifty dollars ($350). When an application for licensure is denied or withdrawn, the administrator shall retain all fees paid by the applicant. The administrator may deny an application for a license if the administrator finds that:

(a) The financial responsibility, character, and fitness of the applicant, and of the officers and directors thereof (if the applicant is a corporation) are not such as to warrant belief that the business will be operated honestly and fairly within the purposes of this act;

(b) The applicant does not maintain at least thirty thousand dollars ($30,000) in liquid assets, as determined in accordance with generally accepted accounting principles, available for the purpose of making loans under this chapter;

(c) The applicant has had a license, substantially equivalent to a license under this chapter and issued by any state, denied, revoked or suspended under the law of such state;

(d) The applicant has filed an application for a license which is false or misleading with respect to any material fact;

(e) The application does not contain all of the information required by the administrator; or

(f) The application is not accompanied by an application fee of three hundred fifty dollars ($350).

(2) A licensee under this chapter shall meet the requirements of subsection (1) of this section at all times while licensed pursuant to this chapter. The administrator is empowered to conduct investigations as he may deem necessary, to enable him to determine the existence of the requirements set out in subsection (1) of this section.

(3) Upon written request, the applicant is entitled to a hearing on the question of his qualifications for a license if:

(a) The administrator has notified the applicant in writing that his application has been denied, or objections filed; or

(b) The administrator has not issued a license within sixty (60) days after the application for the license was filed.

If a hearing is held, the applicant and those filing objections shall reimburse, pro rata, the administrator for his reasonable and necessary expenses incurred as a result of the hearing. A request 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 in substance the administrator's finding supporting denial of the application or that objections have been filed and the substance thereof.

(4) The administrator may issue additional licenses to the same licensee upon application by the licensee, in the manner prescribed by the administrator, and payment of the required application fee. A separate license shall be required for each place of business. Each license shall remain in full force and effect unless the licensee does not satisfy the renewal requirements of subsection (8) of this section, or the license is relinquished, suspended or revoked.

(5) No licensee shall change the location of any place of business, or consolidate, or close any locations, without giving the administrator at least fifteen (15) days' prior written notice.

(6) A licensee shall not engage in the business of making regulated consumer loans at any place of business for which he does not hold a license nor shall he engage in business under any other name than that in the license.

(7) A license application shall be deemed withdrawn and void if an applicant submits an incomplete license application and, after receipt of a written notice of the application deficiency, fails to provide the director with information necessary to complete the application within sixty (60) days of receipt of the deficiency notice. A written deficiency notice shall be deemed received by a license applicant when:

(a) Placed in regular U.S. mail by the director or his agent using an address provided by the applicant on the license application; or

(b) E-mailed to the applicant using an e-mail address provided by the applicant on the license application; or

(c) Posted by the director or his agent on the NMLSR if the license application was submitted through the NMLSR.

(8) On or before May 31 of each year, every licensee under this chapter shall pay a nonrefundable annual license renewal fee of one hundred fifty dollars ($150) per licensed location, and shall file with the administrator a renewal form containing such information as the administrator may require. Notwithstanding the provisions of section 67-5254, Idaho Code, a license issued under this part automatically expires if not timely renewed according to the requirements of this section. Notwithstanding the provisions of section 67-5254, Idaho Code, branch licenses issued under this part also expire upon the expiration, relinquishment or revocation of a license issued under this part to a licensee's designated home office.

(9) For a period of time not to exceed sixty (60) days following license expiration, the director may reinstate an expired license if he finds that the applicant meets the requirements for licensure under this part and the applicant has submitted to the director:

(a) A complete application for renewal;

(b) The fees required to apply for license renewal unless previously paid for the period for which the license renewal applies; and

(c) A reinstatement fee of two hundred dollars ($200).

History:

[28-46-302, added 1983, ch. 119, sec. 3, p. 307; am. 1984, ch. 47, sec. 14, p. 85; am. 1998, ch. 74, sec. 1, p. 272; am. 1999, ch. 275, sec. 1, p. 689; am. 2006, ch. 122, sec. 8, p. 350; am. 2008, ch. 312, sec. 2, p. 862; am. 2013, ch. 54, sec. 4, p. 115.]
Idaho Code § 28-8-207 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-207
28-8-207 RIGHTS AND DUTIES OF ISSUER WITH RESPECT TO REGISTERED OWNERS.
Status: in_force

PART 2.

ISSUE AND ISSUER

28-8-207. Rights and duties of issuer with respect to registered owners. (1) Before due presentment for registration of transfer of a certificated security in registered form or of an instruction requesting registration of transfer of an uncertificated security, the issuer or indenture trustee may treat the registered owner as the person exclusively entitled to vote, receive notifications, and otherwise exercise all the rights and powers of an owner.

(2) This chapter does not affect the liability of the registered owner of a security for a call, assessment or the like.

History:

[28-8-207, added 1995, ch. 272, sec. 2, p. 888.]
Idaho Code § 28-12-508 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-508
28-12-508 LESSEE'S REMEDIES.
Status: in_force

PART 5.

DEFAULT

28-12-508. Lessee's remedies. (1) If a lessor fails to deliver the goods in conformity to the lease contract (section 28-12-509) or repudiates the lease contract (section 28-12-402), or a lessee rightfully rejects the goods (section 28-12-509) or justifiably revokes acceptance of the goods (section 28-12-517), then with respect to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (section 28-12-510), the lessor is in default under the lease contract and the lessee may:

(a) Cancel the lease contract (section 28-12-505(1));

(b) Recover so much of the rent and security as has been paid and is just under the circumstances;

(c) Cover and recover damages as to all goods affected whether or not they have been identified to the lease contract (sections 28-12-518 and 28-12-520), or recover damages for nondelivery (sections 28-12-519 and 28-12-520);

(d) Exercise any other rights or pursue any other remedies provided in the lease contract.

(2) If a lessor fails to deliver the goods in conformity to the lease contract or repudiates the lease contract, the lessee may also:

(a) If the goods have been identified, recover them (section 28-12-522); or

(b) In a proper case, obtain specific performance or replevy the goods (section 28-12-521).

(3) If a lessor is otherwise in default under a lease contract, the lessee may exercise the rights and pursue the remedies provided in the lease contract, which may include a right to cancel the lease, and in section (4) If a lessor has breached a warranty, whether express or implied, the lessee may recover damages (section 28-12-519(4)).

(5) On rightful rejection or justifiable revocation of acceptance, a lessee has a security interest in goods in the lessee's possession or control for any rent and security that has been paid and any expenses reasonably incurred in their inspection, receipt, transportation, and care and custody and may hold those goods and dispose of them in good faith and in a commercially reasonable manner, subject to section 28-12-527(5).

(6) Subject to the provisions of section 28-12-407, a lessee, on notifying the lessor of the lessee's intention to do so, may deduct all or any part of the damages resulting from any default under the lease contract from any part of the rent still due under the same lease contract.

History:

[28-12-508, added 1993, ch. 287, sec. 1, p. 1002.]
Idaho Code § 28-2-609 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-609
28-2-609 RIGHT TO ADEQUATE ASSURANCE OF PERFORMANCE.
Status: in_force

PART 6.

BREACH, REPUDIATION AND EXCUSE

28-2-609. Right to adequate assurance of performance. (1) A contract for sale imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired. When reasonable grounds for insecurity arise with respect to the performance of either party the other may in writing demand adequate assurance of due performance and until he receives such assurance may if commercially reasonable suspend any performance for which he has not already received the agreed return.

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

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

(4) After receipt of a justified demand failure to provide within a reasonable time not exceeding thirty (30) days such assurance of due performance as is adequate under the circumstances of the particular case is a repudiation of the contract.

History:

[28-2-609, added 1967, ch. 161, sec. 2-609, p. 351.]
Idaho Code § 28-9-401 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-401
28-9-401 ALIENABILITY OF DEBTOR'S RIGHTS.
Status: in_force

PART 4.

RIGHTS OF THIRD PARTIES

28-9-401. Alienability of debtor's rights. (a) Except as otherwise provided in subsection (b) of this section and sections 28-9-406, 28-9-407, 28-9-408 and 28-9-409, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this chapter.

(b) An agreement between the debtor and secured party which prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.

History:

[28-9-401, added 2001, ch. 208, sec. 2, p. 756.]
Idaho Code § 28-46-110 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-110
28-46-110 INJUNCTIONS AGAINST VIOLATIONS OF ACT.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-110. Injunctions against violations of act. The administrator may bring a civil action to restrain any person from violating this act and for other appropriate relief including, but not limited to, the following: to prevent a person from using or employing practices prohibited by this act, to reform contracts to conform to this act and to rescind contracts into which a creditor has induced a debtor to enter by conduct violating this act, even though a debtor is not a party to the action. An action under this section may be joined with an action under the provisions on civil actions by the administrator, section 28-46-113, Idaho Code.

History:

[28-46-110, added 1983, ch. 119, sec. 3, p. 303.]
Idaho Code § 28-12-406 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-406
28-12-406 PROCEDURE ON EXCUSED PERFORMANCE.
Status: in_force

PART 4.

PERFORMANCE OF LEASE CONTRACT — REPUDIATED, SUBSTITUTED AND EXCUSED

28-12-406. Procedure on excused performance. (1) If the lessee receives notification of a material or indefinite delay or an allocation justified under the provisions of section 28-12-405, the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (section 28-12-510):

(a) Terminate the lease contract (section 28-12-505(2)); or

(b) Except in a finance lease that is not a consumer lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.

(2) If, after receipt of a notification from the lessor under the provisions of section 28-12-405, the lessee fails so to modify the lease agreement within a reasonable time not exceeding thirty (30) days, the lease contract lapses with respect to any deliveries affected.

History:

[28-12-406, added 1993, ch. 287, sec. 1, p. 998.]
Idaho Code § 28-12-405 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-405
28-12-405 EXCUSED PERFORMANCE.
Status: in_force

PART 4.

PERFORMANCE OF LEASE CONTRACT — REPUDIATED, SUBSTITUTED AND EXCUSED

28-12-405. Excused performance. Subject to section 28-12-404 on substituted performance, the following rules apply:

(1) Delay in delivery or nondelivery in whole or in part by a lessor or a supplier who complies with the provisions of subsections (2) and (3) of this section is not a default under the lease contract if performance as agreed has been made impracticable by the occurrence of a contingency the nonoccurrence of which was a basic assumption on which the lease contract was made or by compliance in good faith with any applicable foreign or domestic governmental regulation or order, whether or not the regulation or order later proves to be invalid.

(2) If the causes mentioned in subsection (1) of this section affect only part of the lessor's or the supplier's capacity to perform, he shall allocate production and deliveries among his customers but at his option may include regular customers not then under contract for sale or lease as well as his own requirements for further manufacture. He may so allocate in any manner that is fair and reasonable.

(3) The lessor seasonably shall notify the lessee and in the case of a finance lease the supplier seasonably shall notify the lessor and the lessee, if known, that there will be delay or nondelivery and, if allocation is required under the provisions of subsection (2) of this section, of the estimated quota thus made available for the lessee.

History:

[28-12-405, added 1993, ch. 287, sec. 1, p. 998.]
Idaho Code § 28-9-705 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-705
28-9-705 EFFECTIVENESS OF ACTION TAKEN BEFORE EFFECTIVE DATE.
Status: in_force

PART 7.

TRANSITION

28-9-705. Effectiveness of action taken before effective date. (a) If action, other than the filing of a financing statement, is taken before this act takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before this act takes effect, the action is effective to perfect a security interest that attaches under this act within one (1) year after this act takes effect. An attached security interest becomes unperfected one (1) year after this act takes effect unless the security interest becomes a perfected security interest under this act before the expiration of that period.

(b) The filing of a financing statement before this act takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this act.

(c) This act does not render ineffective an effective financing statement that, before this act takes effect, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former section 28-9-103. However, except as otherwise provided in subsections (d) and (e) of this section and section 28-9-706, the financing statement ceases to be effective at the earlier of:

(1) The time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or

(2) June 30, 2006.

(d) The filing of a continuation statement after this act takes effect does not continue the effectiveness of the financing statement filed before this act takes effect. However, upon the timely filing of a continuation statement after this act takes effect and in accordance with the law of the jurisdiction governing perfection as provided in part 3, the effectiveness of a financing statement filed in the same office in that jurisdiction before this act takes effect continues for the period provided by the law of that jurisdiction.

(e) Subsection (c)(2) of this section applies to a financing statement that, before this act takes effect, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former section 28-9-103 only to the extent that part 3 provides that the law of a jurisdiction other than jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.

(f) A financing statement that includes a financing statement filed before this act takes effect and a continuation statement filed after this act takes effect is effective only to the extent that it satisfies the requirements of part 5 for an initial financing statement.

(g) A financing statement filed as a fixture, timber or mineral filing before July 1, 2001 (except for a record of mortgage which is effective as a financing statement filed as a fixture filing) shall cease to be effective after June 30, 2006. The effectiveness of such a financing statement may be continued by filing a continuation statement between January 1, 2006, and June 30, 2006, inclusive. The new five (5) year effective period for such a financing statement, as provided in section 28-9-515, shall commence on the date of filing such continuation statement.

History:

[28-9-705, added 2001, ch. 208, sec. 2, p. 798; am. 2002, ch. 107, sec. 6, p. 303.]
Idaho Code § 28-4-212 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-212
28-4-212 PRESENTMENT BY NOTICE OF ITEM NOT PAYABLE BY, THROUGH OR AT A BANK — LIABILITY OF DRAWER OR INDORSER.
Status: in_force

PART 2.

COLLECTION OF ITEMS — DEPOSITARY AND COLLECTING BANKS

28-4-212. Presentment by notice of item not payable by, through or at a bank — Liability of drawer or indorser. (1) Unless otherwise instructed, a collecting bank may present an item not payable by, through or at a bank by sending to the party to accept or pay a written notice that the bank holds the item for acceptance or payment. The notice must be sent in time to be received on or before the day when presentment is due and the bank must meet any requirement of the party to accept or pay under section 28-3-501 by the close of the bank's next banking day after it knows of the requirement.

(2) If presentment is made by notice and payment, acceptance or request for compliance with a requirement under section 28-3-501 is not received by the close of business on the day after maturity or, in the case of demand items, by the close of business on the third banking day after notice was sent, the presenting bank may treat the item as dishonored and charge any drawer or indorser by sending it notice of the facts.

History:

[(28-4-212) 1967, ch. 161, sec. 4-210, p. 351; am. and redesig. 1993, ch. 288, sec. 27, p. 1063.]
Idaho Code § 28-3-417 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-417
28-3-417 PRESENTMENT WARRANTIES.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-417. Presentment warranties. (1) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, (i) the person obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft, at the time of transfer, warrant to the drawee making payment or accepting the draft in good faith that:

(a) The warrantor is, or was, at the time the warrantor transferred the draft, a person entitled to enforce the draft or authorized to obtain payment or acceptance of the draft on behalf of a person entitled to enforce the draft;

(b) The draft has not been altered;

(c) The warrantor has no knowledge that the signature of the drawer of the draft is unauthorized; and

(d) If the draft is a demand draft, creation of the demand draft according to the terms on its face was authorized by the person identified as drawer.

(2) A drawee making payment may recover from any warrantor damages for breach of warranty equal to the amount paid by the drawee less the amount the drawee received or is entitled to receive from the drawer because of the payment. In addition, the drawee is entitled to compensation for expenses and loss of interest resulting from the breach. The right of the drawee to recover damages under this subsection is not affected by any failure of the drawee to exercise ordinary care in making payment. If the drawee accepts the draft, breach of warranty is a defense to the obligation of the acceptor. If the acceptor makes payment with respect to the draft, the acceptor is entitled to recover from any warrantor for breach of warranty the amounts stated in this subsection.

(3) If a drawee asserts a claim for breach of warranty under subsection (1) of this section, based on an unauthorized indorsement of the draft or an alteration of the draft, the warrantor may defend by proving that the indorsement is effective under section 28-3-404 or 28-3-405 or the drawer is precluded under section 28-3-406 or 28-4-406 from asserting against the drawee the unauthorized indorsement or alteration.

(4) If (i) a dishonored draft is presented for payment to the drawer or an indorser or (ii) any other instrument is presented for payment to a party obliged to pay the instrument, and (iii) payment is received, the following rules apply:

(a) The person obtaining payment and a prior transferor of the instrument warrant to the person making payment in good faith that the warrantor is, or was, at the time the warrantor transferred the instrument, a person entitled to enforce the instrument or authorized to obtain payment on behalf of a person entitled to enforce the instrument.

(b) The person making payment may recover from any warrantor for breach of warranty an amount equal to the amount paid plus expenses and loss of interest resulting from the breach.

(5) The warranties stated in subsections (1) and (4) of this section cannot be disclaimed with respect to checks. Unless notice of a claim for breach of warranty is given to the warrantor within thirty (30) days after the claimant has reason to know of the breach and the identity of the warrantor, the liability of the warrantor under subsection (2) or (4) of this section is discharged to the extent of any loss caused by the delay in giving notice of the claim.

(6) A cause of action for breach of warranty under this section accrues when the claimant has reason to know of the breach.

(7) A demand draft is a check, as provided in section 28-3-104.

(8) If the warranty in subsection (1)(d) of this section is not given by a transferor under applicable conflict of law rules, the warranty is not given to that transferor when the transferor is a transferee.

History:

[28-3-417, added 1993, ch. 288, sec. 2, p. 1045; am. 2002, ch. 121, sec. 4, p. 342.]
Idaho Code § 28-9-301 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-301
28-9-301 LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-301. Law governing perfection and priority of security interests. Except as otherwise provided in sections 28-9-303 through 28-9-306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:

(1) Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.

(2) While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.

(3) Except as otherwise provided in subsection (4) of this section, while tangible negotiable documents, goods, instruments, money or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:

(A) Perfection of a security interest in the goods by filing a fixture filing;

(B) Perfection of a security interest in timber to be cut; and

(C) The effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.

(4) The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.

History:

[28-9-301, added 2001, ch. 208, sec. 2, p. 728; am. 2004, ch. 42, sec. 25, p. 129.]
Idaho Code § 28-1-304 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-304
28-1-304 OBLIGATION OF GOOD FAITH.
Status: in_force

PART 3.

TERRITORIAL APPLICABILITY AND GENERAL RULES

28-1-304. Obligation of good faith. Every contract or duty within the uniform commercial code imposes an obligation of good faith in its performance and enforcement.

History:

[(28-1-304) 28-1-203, added 1967, ch. 161, sec. 1-203, p. 351; am. and redesig. 2004, ch. 43, sec. 22, p. 151.]
Idaho Code § 28-9-702 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-702
28-9-702 SAVINGS CLAUSE.
Status: in_force

PART 7.

TRANSITION

28-9-702. 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) Except as otherwise provided in subsection (c) of this section and sections 28-9-703 through 28-9-709:

(1) Transactions and liens that were not governed by former chapter 9, title 28, Idaho Code, were validly entered into or created before this act takes effect, and would be subject to this act if they had been entered into or created after this act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this act takes effect; and

(2) The transactions and liens may be terminated, completed, consummated and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect.

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

History:

[28-9-702, added 2001, ch. 208, sec. 2, p. 797.]
Idaho Code § 28-9-342 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-342
28-9-342 BANK'S RIGHT TO REFUSE TO ENTER INTO OR DISCLOSE EXISTENCE OF CONTROL AGREEMENT.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-342. Bank's right to refuse to enter into or disclose existence of control agreement. This chapter does not require a bank to enter into an agreement of the kind described in section 28-9-104(a)(2), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer.

History:

[28-9-342, added 2001, ch. 208, sec. 2, p. 755.]
Idaho Code § 28-42-404 — Idaho Code / Title 28 / Chapter 42 / Section 28-42-404
28-42-404 COMPOUND INTEREST.
Status: in_force

PART 4.

MONEY OF ACCOUNT AND INTEREST

28-42-404. Compound interest. Parties may agree in writing for the payment of compound interest.

History:

[28-42-404, added 1983, ch. 119, sec. 3, p. 281.]
Idaho Code § 28-8-115 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-115
28-8-115 SECURITIES INTERMEDIARY AND OTHERS NOT LIABLE TO ADVERSE CLAIMANT.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-115. Securities intermediary and others not liable to adverse claimant. A securities intermediary that has transferred a financial asset pursuant to an effective entitlement order, or a broker or other agent or bailee that has dealt with a financial asset at the direction of its customer or principal, is not liable to a person having an adverse claim to the financial asset, unless the securities intermediary, or broker or other agent or bailee:

(1) Took the action after it had been served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order or other legal process; or

(2) Acted in collusion with the wrongdoer in violating the rights of the adverse claimant; or

(3) In the case of a security certificate that has been stolen, acted with notice of the adverse claim.

History:

[28-8-115, added 1995, ch. 272, sec. 2, p. 885.]
Idaho Code § 28-46-501 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-501
28-46-501 SHORT TITLE.
Status: in_force

PART 5

TITLE LOAN ACT

28-46-501. Short title. This part shall be known and may be cited as the "Title Loan Act."

History:

[28-46-501, added 2006, ch. 323, sec. 1, p. 1023.]
Idaho Code § 28-49-107 — Idaho Code / Title 28 / Chapter 49 / Section 28-49-107
28-49-107 CHAPTER 22, TITLE 26, UNAFFECTED.
Status: in_force

28-49-107. Chapter 22, title 26, unaffected. No provision of this act shall be construed to amend or repeal any of the provisions of chapter 22, title 26, Idaho Code, as the same is now enacted or as it may be hereafter amended, reenacted or substituted.

History:

[28-49-107, added 1983, ch. 119, sec. 3, p. 312.]
Idaho Code § 28-46-115 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-115
28-46-115 DEBTORS' REMEDIES NOT AFFECTED.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-115. Debtors' remedies not affected. The grant of powers to the administrator in this chapter does not affect remedies available to debtors under this act or under other principles of law or equity.

History:

[28-46-115, added 1983, ch. 119, sec. 3, p. 306.]
Idaho Code § 28-4-504 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-504
28-4-504 PRIVILEGE OF PRESENTING BANK TO DEAL WITH GOODS — SECURITY INTEREST FOR EXPENSES.
Status: in_force

PART 5.

COLLECTION OF DOCUMENTARY DRAFTS

28-4-504. Privilege of presenting bank to deal with goods — Security interest for expenses. (1) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner.

(2) For its reasonable expenses incurred by action under subsection (1) of this section, the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien.

History:

[28-4-504, added 1967, ch. 161, sec. 4-504, p. 351; am. 1993, ch. 288, sec. 45, p. 1074.]
Idaho Code § 28-12-302 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-302
28-12-302 TITLE TO AND POSSESSION OF GOODS.
Status: in_force

PART 3.

EFFECT OF LEASE CONTRACT

28-12-302. Title to and possession of goods. Except as otherwise provided in this chapter, each provision of this chapter applies whether the lessor or a third party has title to the goods, and whether the lessor, the lessee, or a third party has possession of the goods, notwithstanding any statute or rule of law that possession or the absence of possession is fraudulent.

History:

[28-12-302, added 1993, ch. 287, sec. 1, p. 990.]
Idaho Code § 28-9-318 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-318
28-9-318 NO INTEREST RETAINED IN RIGHT TO PAYMENT THAT IS SOLD — RIGHTS AND TITLE OF SELLER OF ACCOUNT OR CHATTEL PAPER WITH RESPECT TO CREDITORS AND PURCHASERS.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-318. No interest retained in right to payment that is sold — Rights and title of seller of account or chattel paper with respect to creditors and purchasers. (a) A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold.

(b) For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.

History:

[28-9-318, added 2001, ch. 208, sec. 2, p. 739.]
Idaho Code § 28-2-611 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-611
28-2-611 RETRACTION OF ANTICIPATORY REPUDIATION.
Status: in_force

PART 6.

BREACH, REPUDIATION AND EXCUSE

28-2-611. Retraction of anticipatory repudiation. (1) Until the repudiating party's next performance is due he can retract his repudiation unless the aggrieved party has since the repudiation cancelled or materially changed his position or otherwise indicated that he considers the repudiation final.

(2) Retraction may be by any method which clearly indicates to the aggrieved party that the repudiating party intends to perform, but must include any assurance justifiably demanded under the provisions of this chapter (section 28-2-609).

(3) Retraction reinstates the repudiating party's rights under the contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation.

History:

[28-2-611, added 1967, ch. 161, sec. 2-611, p. 351.]
Idaho Code § 28-9-329 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-329
28-9-329 PRIORITY OF SECURITY INTERESTS IN LETTER OF CREDIT RIGHT.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-329. Priority of security interests in letter of credit right. The following rules govern priority among conflicting security interests in the same letter of credit right:

(1) A security interest held by a secured party having control of the letter of credit right under section 28-9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.

(2) Security interests perfected by control under section 28-9-314 rank according to priority in time of obtaining control.

History:

[28-9-329, added 2001, ch. 208, sec. 2, p. 750.]
Idaho Code § 28-4-604 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-604
28-4-604 FUNDS TRANSFER — DEFINITIONS.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-604. Funds transfer — Definitions. In this part:

(1) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order. A funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order.

(2) "Intermediary bank" means a receiving bank other than the originator's bank or the beneficiary's bank.

(3) "Originator" means the sender of the first payment order in a funds transfer.

(4) "Originator's bank" means:

(a) the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or

(b) the originator if the originator is a bank.

History:

[28-4-604, added 1991, ch. 135, sec. 1, p. 297.]
Idaho Code § 28-42-401 — Idaho Code / Title 28 / Chapter 42 / Section 28-42-401
28-42-401 MONEY OF ACCOUNT DEFINED.
Status: in_force

PART 4.

MONEY OF ACCOUNT AND INTEREST

28-42-401. Money of account defined. The money of account in this state is the dollar, cent and mill, and all public accounts and the proceedings of all courts in relation to money must be kept and expressed in money of the above denomination.

History:

[28-42-401, added 1983, ch. 119, sec. 3, p. 281.]
Idaho Code § 28-8-203 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-203
28-8-203 STALENESS AS NOTICE OF DEFECT OR DEFENSE.
Status: in_force

PART 2.

ISSUE AND ISSUER

28-8-203. Staleness as notice of defect or defense. After an act or event, other than a call that has been revoked, creating a right to immediate performance of the principal obligation represented by a certificated security or setting a date on or after which the security is to be presented or surrendered for redemption or exchange, a purchaser is charged with notice of any defect in its issue or defense of the issuer, if the act or event:

(1) Requires the payment of money, the delivery of a certificated security, the registration of transfer of an uncertificated security, or any of them on presentation or surrender of the security certificate, the money or security is available on the date set for payment or exchange, and the purchaser takes the security more than one (1) year after that date; or

(2) Is not covered by subsection (1) of this section and the purchaser takes the security more than two (2) years after the date set for surrender or presentation or the date on which performance became due.

History:

[28-8-203, added 1995, ch. 272, sec. 2, p. 887.]
Idaho Code § 28-11-106 — Idaho Code / Title 28 / Chapter 11 / Section 28-11-106
28-11-106 APPLICATION.
Status: in_force

PART 1.

ARTIST AND ART DEALER

28-11-106. Application. This part of this chapter does not apply to a written contract executed prior to July 1, 1987, unless:

(1) The parties agree that this part of this chapter will apply; or

(2) The contract is extended or renewed after July 1, 1987.

History:

[28-11-106, added 1987, ch. 127, sec. 1, p. 259.]
Idaho Code § 28-3-304 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-304
28-3-304 OVERDUE INSTRUMENT.
Status: in_force

PART 3.

ENFORCEMENT OF INSTRUMENTS

28-3-304. Overdue instrument. (1) An instrument payable on demand becomes overdue at the earliest of the following times:

(a) On the day after the day demand for payment is duly made;

(b) If the instrument is a check, ninety (90) days after its date; or

(c) If the instrument is not a check, when the instrument has been outstanding for a period of time after its date which is unreasonably long under the circumstances of the particular case in light of the nature of the instrument and usage of the trade.

(2) With respect to an instrument payable at a definite time the following rules apply:

(a) If the principal is payable in installments and a due date has not been accelerated, the instrument becomes overdue upon default under the instrument for nonpayment of an installment, and the instrument remains overdue until the default is cured.

(b) If the principal is not payable in installments and the due date has not been accelerated, the instrument becomes overdue on the day after the due date.

(c) If a due date with respect to principal has been accelerated, the instrument becomes overdue on the day after the accelerated due date.

(3) Unless the due date of principal has been accelerated, an instrument does not become overdue if there is default in payment of interest but no default in payment of principal.

History:

[28-3-304, added 1993, ch. 288, sec. 2, p. 1033.]
Idaho Code § 28-4-208 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-208
28-4-208 PRESENTMENT WARRANTIES.
Status: in_force

PART 2.

COLLECTION OF ITEMS — DEPOSITARY AND COLLECTING BANKS

28-4-208. Presentment warranties. (1) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, (i) the person obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft, at the time of transfer, warrant to the drawee that pays or accepts the draft in good faith that:

(a) The warrantor is, or was, at the time the warrantor transferred the draft, a person entitled to enforce the draft or authorized to obtain payment or acceptance of the draft on behalf of a person entitled to enforce the draft;

(b) The draft has not been altered;

(c) The warrantor has no knowledge that the signature of the purported drawer of the draft is unauthorized; and

(d) If the draft is a demand draft, creation of the demand draft according to the terms on its face was authorized by the person identified as drawer.

(2) A drawee making payment may recover from a warrantor damages for breach of warranty equal to the amount paid by the drawee less the amount the drawee received or is entitled to receive from the drawer because of the payment. In addition, the drawee is entitled to compensation for expenses and loss of interest resulting from the breach. The right of the drawee to recover damages under this subsection is not affected by any failure of the drawee to exercise ordinary care in making payment. If the drawee accepts the draft (i) breach of warranty is a defense to the obligation of the acceptor, and (ii) if the acceptor makes payment with respect to the draft, the acceptor is entitled to recover from a warrantor for breach of warranty the amounts stated in this subsection.

(3) If a drawee asserts a claim for breach of warranty under subsection (1) of this section based on an unauthorized indorsement of the draft or an alteration of the draft, the warrantor may defend by proving that the indorsement is effective under section 28-3-404 or 28-3-405 or the drawer is precluded under section 28-3-406 or 28-4-406 from asserting against the drawee the unauthorized indorsement or alteration.

(4) If (i) a dishonored draft is presented for payment to the drawer or an indorser or (ii) any other item is presented for payment to a party obliged to pay the item, and the item is paid, the person obtaining payment and a prior transferor of the item warrant to the person making payment in good faith that the warrantor is, or was, at the time the warrantor transferred the item, a person entitled to enforce the item or authorized to obtain payment on behalf of a person entitled to enforce the item. The person making payment may recover from any warrantor for breach of warranty an amount equal to the amount paid plus expenses and loss of interest resulting from the breach.

(5) The warranties stated in subsections (1) and (2) of this section cannot be disclaimed with respect to checks. Unless notice of a claim for breach of warranty is given to the warrantor within thirty (30) days after the claimant has reason to know of the breach and the identity of the warrantor, the warrantor is discharged to the extent of any loss caused by the delay in giving notice of the claim.

(6) A cause of action for breach of warranty under this section accrues when the claimant has reason to know of the breach.

(7) A demand draft is a check, as provided in section 28-3-104.

(8) If the warranty in subsection (1)(d) of this section is not given by a transferor under applicable conflict of law rules, the warranty is not given to that transferor when the transferor is a transferee.

History:

[28-4-208, added 1993, ch. 288, sec. 23, p. 1061; am. 2002, ch. 121, sec. 6, p. 344.]
Idaho Code § 28-12-305 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-305
28-12-305 SALE OR SUBLEASE OF GOODS BY LESSEE.
Status: in_force

PART 3.

EFFECT OF LEASE CONTRACT

28-12-305. Sale or sublease of goods by lessee. (1) Subject to the provisions of section 28-12-303, a buyer or sublessee from the lessee of goods under an existing lease contract obtains, to the extent of the interest transferred, the leasehold interest in the goods that the lessee had or had power to transfer, and except as provided in subsection (2) of this section and section 28-12-511(4), takes subject to the existing lease contract. A lessee with a voidable leasehold interest has power to transfer a good leasehold interest to a good faith buyer for value or a good faith sublessee for value, but only to the extent set forth in the preceding sentence. When goods have been delivered under a transaction of lease the lessee has that power even though:

(a) The lessor was deceived as to the identity of the lessee;

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

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

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

(3) A buyer or sublessee from the lessee 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:

[28-12-305, added 1993, ch. 287, sec. 1, p. 992.]
Idaho Code § 28-1-303 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-303
28-1-303 COURSE OF PERFORMANCE, COURSE OF DEALING, AND USAGE OF TRADE.
Status: in_force

PART 3.

TERRITORIAL APPLICABILITY AND GENERAL RULES

28-1-303. Course of performance, course of dealing, and usage of trade. (a) A "course of performance" is a sequence of conduct between the parties to a particular transaction that exists if:

(1) The agreement of the parties with respect to the transaction involves repeated occasions for performance by a party; and

(2) The other party, with knowledge of the nature of the performance and opportunity for objection to it, accepts the performance or acquiesces in it without objection.

(b) A "course of dealing" is a sequence of conduct concerning previous transactions between the parties to a particular transaction that is fairly to be regarded as establishing a common basis of understanding for interpreting their expressions and other conduct.

(c) A "usage of trade" is any practice or method of dealing having such regularity of observance in a place, vocation, or trade as to justify an expectation that it will be observed with respect to the transaction in question. The existence and scope of such a usage must be proved as facts. If it is established that such a usage is embodied in a trade code or similar record, the interpretation of the record is a question of law.

(d) A course of performance or course of dealing between the parties or usage of trade in the vocation or trade in which they are engaged or of which they are or should be aware is relevant in ascertaining the meaning of the parties' agreement, may give particular meaning to specific terms of the agreement, and may supplement or qualify the terms of the agreement. A usage of trade applicable in the place in which part of the performance under the agreement is to occur may be so utilized as to that part of the performance.

(e) Except as otherwise provided in subsection (f) of this section, the express terms of an agreement and any applicable course of performance, course of dealing, or usage of trade shall be construed wherever reasonable as consistent with each other. If such a construction is unreasonable:

(1) Express terms prevail over course of performance, course of dealing, and usage of trade;

(2) Course of performance prevails over course of dealing and usage of trade; and

(3) Course of dealing prevails over usage of trade.

(f) Subject to section 28-2-209, Idaho Code, a course of performance is relevant to show a waiver or modification of any term inconsistent with the course of performance.

(g) Evidence of a relevant usage of trade offered by one (1) party is not admissible unless that party has given the other party notice that the court finds sufficient to prevent unfair surprise to the other party.

History:

[(28-1-303) 28-1-205, added 1967, ch. 161, sec. 1-205, p. 351; am. and redesig. 2004, ch. 43, sec. 21, p. 150.]
Idaho Code § 28-8-402 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-402
28-8-402 ASSURANCE THAT INDORSEMENT OR INSTRUCTION IS EFFECTIVE.
Status: in_force

PART 4.

REGISTRATION

28-8-402. Assurance that indorsement or instruction is effective. (1) An issuer may require the following assurance that each necessary indorsement or each instruction is genuine and authorized:

(a) In all cases, a guaranty of the signature of the person making an indorsement or originating an instruction including, in the case of an instruction, reasonable assurance of identity;

(b) If the indorsement is made or the instruction is originated by an agent, appropriate assurance of actual authority to sign;

(c) If the indorsement is made or the instruction is originated by a fiduciary pursuant to section 28-8-107(1)(d) or (1)(e), appropriate evidence of appointment or incumbency;

(d) If there is more than one (1) fiduciary, reasonable assurance that all who are required to sign have done so; and

(e) If the indorsement is made or the instruction is originated by a person not covered by another provision of this subsection, assurance appropriate to the case corresponding as nearly as may be to the provisions of this subsection.

(2) An issuer may elect to require reasonable assurance beyond that specified in this section.

(3) In this section:

(a) "Guaranty of the signature" means a guaranty signed by or on behalf of a person reasonably believed by the issuer to be responsible. An issuer may adopt standards with respect to responsibility if they are not manifestly unreasonable.

(b) "Appropriate evidence of appointment or incumbency" means:

(i) In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of the court or an officer thereof and dated within sixty (60) days before the date of presentation for transfer; or

(ii) In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by an issuer to be responsible or, in the absence of that document or certificate, other evidence the issuer reasonably considered appropriate.

History:

[28-8-402, added 1995, ch. 272, sec. 2, p. 892; am. 2015, ch. 244, sec. 14, p. 1015.]
Idaho Code § 28-5-114 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-114
28-5-114 ASSIGNMENT OF PROCEEDS.
Status: in_force

28-5-114. Assignment of proceeds. (1) In this section, "proceeds of a letter of credit" means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary's drawing rights or documents presented by the beneficiary.

(2) A beneficiary may assign its right to part or all of the proceeds of a letter of credit. The beneficiary may do so before presentation as a present assignment of its right to receive proceeds contingent upon its compliance with the terms and conditions of the letter of credit.

(3) An issuer or nominated person need not recognize an assignment of proceeds of a letter of credit until it consents to the assignment.

(4) An issuer or nominated person has no obligation to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent may not be unreasonably withheld if the assignee possesses and exhibits the letter of credit and presentation of the letter of credit is a condition to honor.

(5) Rights of a transferee beneficiary or nominated person are independent of the beneficiary's assignment of the proceeds of a letter of credit and are superior to the assignee's right to the proceeds.

(6) Neither the rights recognized by this section between an assignee and an issuer, transferee beneficiary, or nominated person nor the issuer's or nominated person's payment of proceeds to an assignee or a third person affect the rights between the assignee and any person other than the issuer, transferee beneficiary, or nominated person. The mode of creating and perfecting a security interest in or granting an assignment of a beneficiary's rights to proceeds is governed by chapter 9, title 28, Idaho Code, or other law. Against persons other than the issuer, transferee beneficiary, or nominated person, the rights and obligations arising upon the creation of a security interest or other assignment of a beneficiary's right to proceeds and its perfection are governed by chapter 9, title 28, Idaho Code, or other law.

History:

[28-5-114, added 1996, ch. 7, sec. 2, p. 16.]
Idaho Code § 28-46-505 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-505
28-46-505 DISCLOSURE.
Status: in_force

PART 5

TITLE LOAN ACT

28-46-505. Disclosure. (1) Notwithstanding the provisions of section 28-46-103, Idaho Code, or any other law to the contrary, in accordance with the Idaho administrative procedure act, chapter 52, title 67, Idaho Code, the administrator may promulgate rules requiring each title lender to issue a standardized consumer notification and disclosure form in compliance with federal truth-in-lending laws prior to entering into any title loan agreement. The required style, content and method of executing the form may be prescribed by the rule and shall be designed to ensure that the debtor, prior to entering into such agreement, receives and acknowledges an accurate and complete notification and disclosure of the itemized and total amounts of all interest, fees, charges and other costs that will or potentially could be imposed as a result of such agreement.

(2) A title lender shall conspicuously post in each licensed location the statements listed in section 28-46-504(2)(c), Idaho Code.

History:

[28-46-505, added 2006, ch. 323, sec. 1, p. 1025.]
Idaho Code § 28-7-209 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-209
28-7-209 LIEN OF WAREHOUSE.
Status: in_force

PART 2.

WAREHOUSE RECEIPTS — SPECIAL PROVISIONS

28-7-209. Lien of warehouse. (a) A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds thereof in its possession for charges for storage or transportation, including demurrage and terminal charges, insurance, labor, or other charges, present or future, in relation to the goods, and for expenses necessary for preservation of the goods or reasonably incurred in their sale pursuant to law. If the person on whose account the goods are held is liable for similar charges or expenses in relation to other goods whenever deposited and it is stated in the warehouse receipt or storage agreement that a lien is claimed for charges and expenses in relation to other goods, the warehouse also has a lien against the goods covered by the warehouse receipt or storage agreement or on the proceeds thereof in its possession for those charges and expenses, whether or not the other goods have been delivered by the warehouse. However, as against a person to which a negotiable warehouse receipt is duly negotiated, a warehouse's lien is limited to charges in an amount or at a rate specified in the warehouse receipt or, if no charges are so specified, to a reasonable charge for storage of the specific goods covered by the receipt subsequent to the date of the receipt.

(b) A warehouse may also reserve a security interest against the bailor for the maximum amount specified on the receipt for charges other than those specified in subsection (a) of this section, such as for money advanced and interest. The security interest is governed by chapter 9, title 28, Idaho Code.

(c) A warehouse's lien for charges and expenses under subsection (a) of this section or a security interest under subsection (b) of this section is also effective against any person that so entrusted the bailor with possession of the goods that a pledge of them by the bailor to a good-faith purchaser for value would have been valid. However, the lien or security interest is not effective against a person that before issuance of a document of title 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.

(d) A warehouse's lien on household goods for charges and expenses in relation to the goods under subsection (a) of this section is also effective against all persons if the depositor was the legal possessor of the goods at the time of deposit. In this subsection, "household goods" means furniture, furnishings, or personal effects used by the depositor in a dwelling.

(e) A warehouse loses its lien on any goods that it voluntarily delivers or unjustifiably refuses to deliver.

History:

[28-7-209, added 2004, ch. 42, sec. 2, p. 85.]
Idaho Code § 28-23-113 — Idaho Code / Title 28 / Chapter 23 / Section 28-23-113
28-23-113 DEFINITIONS.
Status: in_force

28-23-113. Definitions. The definitions set forth in section 28-24-102, Idaho Code, shall apply to the provisions of this chapter.

History:

[28-23-113, added 2011, ch. 270, sec. 11, p. 734.]
Idaho Code § 28-12-215 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-215
28-12-215 CUMULATION AND CONFLICT OF WARRANTIES EXPRESS OR IMPLIED.
Status: in_force

PART 2.

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

28-12-215. Cumulation and conflict of warranties express or implied. Warranties, whether express or implied, must be construed as consistent with each other and as cumulative, but if that construction is unreasonable, the intention of the parties determines which warranty is dominant. In ascertaining that intention the following rules apply:

(1) Exact or technical specifications displace an inconsistent sample or model or general language of description.

(2) A sample from an existing bulk displaces inconsistent general language of description.

(3) Express warranties displace inconsistent implied warranties other than an implied warranty of fitness for a particular purpose.

History:

[28-12-215, added 1993, ch. 287, sec. 1, p. 988.]
Idaho Code § 28-9-504 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-504
28-9-504 INDICATION OF COLLATERAL.
Status: in_force

PART 5.

FILING

28-9-504. Indication of collateral. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:

(1) A description of the collateral pursuant to section 28-9-108; or

(2) An indication that the financing statement covers all assets or all personal property.

History:

[28-9-504, added 2001, ch. 208, sec. 2, p. 764.]
Idaho Code § 28-44-105 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-105
28-44-105 CONDITIONS APPLYING TO INSURANCE TO BE PROVIDED BY CREDITOR.
Status: in_force

PART 1.

INSURANCE IN GENERAL

28-44-105. Conditions applying to insurance to be provided by creditor. If a creditor agrees with a debtor to provide insurance:

(1) The insurance shall be evidenced by an individual policy, certificate of insurance, application or notice of proposed insurance, disclosed to debtor pursuant to the provisions of section 41-2308, Idaho Code; or

(2) The creditor shall promptly notify the debtor of any failure or delay in providing the insurance.

History:

[28-44-105, added 1983, ch. 119, sec. 3, p. 288.]
Idaho Code § 28-44-304 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-304
28-44-304 CANCELLATION BY CREDITOR.
Status: in_force

PART 3.

PROPERTY AND LIABILITY INSURANCE

28-44-304. Cancellation by creditor. A creditor shall not request cancellation of a policy of property or liability insurance except after the debtor's default or in accordance with a written authorization by the debtor, and in either case the cancellation does not take effect until written notice is delivered to the debtor or mailed to him at his address as stated by him. The notice shall state that the policy may be cancelled on a date not less than ten (10) days after the notice is delivered or, if the notice is mailed, not less than thirteen (13) days after it is mailed.

History:

[28-44-304, added 1983, ch. 119, sec. 3, p. 293.]
Idaho Code § 28-12-108 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-108
28-12-108 UNCONSCIONABILITY.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-12-108. Unconscionability. (1) If the court as a matter of law finds a lease contract or any clause of a lease contract to have been unconscionable at the time it was made the court may refuse to enforce the lease contract, or it may enforce the remainder of the lease contract without the unconscionable clause, or it may so limit the application of any unconscionable clause as to avoid any unconscionable result.

(2) With respect to a consumer lease, if the court as a matter of law finds that a lease contract, or any clause of a lease contract, has been induced by unconscionable conduct or that unconscionable conduct has occurred in the collection of a claim arising from a lease contract, the court may grant appropriate relief.

(3) Before making a finding of unconscionability under subsection (1) or (2) of this section, the court, on its own motion or that of a party, shall afford the parties a reasonable opportunity to present evidence as to the setting, purpose and effect of the lease contract or clause thereof, or of the conduct.

(4) In an action in which the lessee claims unconscionability with respect to a consumer lease:

(a) If the court finds unconscionability under subsection (1) or (2) of this section, the court shall award reasonable attorney's fees to the lessee.

(b) If the court does not find unconscionability and the lessee claiming unconscionability has brought or maintained an action he knew to be groundless, the court shall award reasonable attorney's fees to the party against whom the claim is made.

(c) In determining attorney's fees, the amount of the recovery on behalf of the claimant under subsections (1) and (2) of this section is not controlling.

History:

[28-12-108, added 1993, ch. 287, sec. 1, p. 982.]
Idaho Code § 28-9-101 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-101
28-9-101 SHORT TITLE.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-9-101. Short title. This chapter may be cited as "Uniform Commercial Code — Secured Transactions."

History:

[28-9-101, added 2001, ch. 208, sec. 2, p. 708.]
Idaho Code § 28-46-304 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-304
28-46-304 RECORDS — ANNUAL REPORTS.
Status: in_force

PART 3.

REGULATED LENDERS — LICENSING AND RELATED PROVISIONS

28-46-304. Records — Annual reports. (1) Every regulated lender shall maintain records in conformity with generally accepted accounting principles and practices in a manner that will enable the administrator to determine whether the regulated lender is complying with the provisions of this act. The recordkeeping system of a regulated lender shall be sufficient if he makes the required information reasonably available. The records need not be kept in the place of business where regulated consumer loans are made, if the administrator is given free access to the records wherever located. The records pertaining to any loan need not be preserved for more than two (2) years after making the final entry relating to the loan, but in the case of an open-end account, the two (2) years is measured from the date of each entry.

(2) Concurrent with license renewal, on or before May 31 of each year, every licensee shall file with the administrator a composite annual report for the prior calendar year in the form prescribed by the administrator relating to all regulated consumer loans made by him. Information contained in annual reports shall be subject to disclosure according to chapter 1, title 74, Idaho Code, and may be published only in composite form.

History:

[28-46-304, added 1983, ch. 119, sec. 3, p. 309; am. 1990, ch. 213, sec. 25, p. 504; am. 2006, ch. 122, sec. 10, p. 352; am. 2015, ch. 141, sec. 49, p. 417.]
Idaho Code § 28-7-207 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-207
28-7-207 GOODS MUST BE KEPT SEPARATE — FUNGIBLE GOODS.
Status: in_force

PART 2.

WAREHOUSE RECEIPTS — SPECIAL PROVISIONS

28-7-207. Goods must be kept separate — Fungible goods. (a) Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled.

(b) If different lots of fungible goods are commingled, the goods are owned in common by the persons entitled thereto and the warehouse is severally liable to each owner for that owner's share. If, because of overissue, a mass of fungible goods is insufficient to meet all the receipts the warehouse has issued against it, the persons entitled include all holders to which overissued receipts have been duly negotiated.

History:

[28-7-207, added 2004, ch. 42, sec. 2, p. 85.]
Idaho Code § 28-4-104 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-104
28-4-104 DEFINITIONS AND INDEX OF DEFINITIONS.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-4-104. Definitions and index of definitions. (1) In this chapter, unless the context otherwise requires:

(a) "Account" means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;

(b) "Afternoon" means the period of a day between noon and midnight;

(c) "Banking day" means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;

(d) "Clearing house" means an association of banks or other payors regularly clearing items;

(e) "Customer" means any person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;

(f) "Documentary draft" means a draft to be presented for acceptance or payment if specified documents, certificated securities (section 28-8-102) or instructions for uncertificated securities (section 28-8-102), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;

(g) "Draft" means a draft as defined in section 28-3-104 or an item, other than an instrument, that is an order;

(h) "Drawee" means a person ordered in a draft to make payment;

(i) "Item" means an instrument or a promise or order to pay money handled by a bank for collection or payment. The term does not include a payment order governed by part 6 of chapter 4 or a credit or debit card slip;

(j) "Midnight deadline" with respect to a bank is midnight on its next banking day following the banking day on which it receives the relevant item or notice or from which the time for taking action commences to run, whichever is later;

(k) "Settle" means to pay in cash, by clearing-house settlement, in a charge or credit or by remittance, or otherwise as agreed. A settlement may be either provisional or final;

(l) "Suspends payments" with respect to a bank means that it has been closed by order of the supervisory authorities, that a public officer has been appointed to take it over or that it ceases or refuses to make payments in the ordinary course of business.

(2) Other definitions applying to this chapter and the sections in which they appear are:

"Agreement for electronic presentment"

"Bank"

"Collecting bank"

"Depositary bank"

"Intermediary bank"

"Payor bank"

"Presenting bank"

"Presentment notice"

(3) "Control" as provided in section 28-7-106 and the following definitions in other chapters apply to this chapter:

"Acceptance"

"Alteration"

"Cashier's check"

"Certificate of deposit"

"Certified check"

"Check"

"Draft"

"Good faith"

"Holder in due course"

"Instrument"

"Notice of dishonor"

"Order"

"Ordinary care"

"Person entitled to enforce"

"Presentment"

"Promise"

"Prove"

"Teller's check"

"Unauthorized signature"

(4) In addition chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter.

History:

[28-4-104, added 1967, ch. 161, sec. 4-104, p. 351; am. 1993, ch. 288, sec. 6, p. 1054; am. 1995, ch. 272, sec. 18, p. 917; am. 2004, ch. 42, sec. 18, p. 113.]
Idaho Code § 28-46-305 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-305
28-46-305 EXAMINATIONS AND INVESTIGATIONS.
Status: in_force

PART 3.

REGULATED LENDERS — LICENSING AND RELATED PROVISIONS

28-46-305. Examinations and investigations. (1) The administrator may examine periodically at intervals he deems appropriate, the loans and business records of every regulated lender. In addition, for the purpose of discovering violations of this act or securing information lawfully required, the administrator may at any time investigate the loans, business, and records of any regulated lender. For these purposes, he shall have free and reasonable access to the offices, places of business, and records of the lender. The administrator, for purposes of examination of licensees herein, shall be paid the cost of examination by the licensee, within thirty (30) days of demand for payment. The administrator shall, on July 1 of each year, fix such per diem examination cost.

(2) If the regulated lender's records are located outside this state, the regulated lender, 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 at the place where they are maintained. The administrator may designate representatives, including comparable officials of the state in which the records are located, to inspect them on his behalf.

(3) For the purposes of this section, the administrator may administer oaths or affirmations, and upon his own motion or upon request of any party, may subpoena witnesses, compel their attendance, adduce evidence, and require the production of any matter which is 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.

(4) Upon failure without lawful excuse to obey a subpoena or to give testimony and upon reasonable notice to all persons affected thereby, the administrator may apply to the district court for an order compelling compliance.

History:

[28-46-305, added 1983, ch. 119, sec. 3, p. 309; am. 2006, ch. 122, sec. 11, p. 353.]
Idaho Code § 28-3-406 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-406
28-3-406 NEGLIGENCE CONTRIBUTING TO FORGED SIGNATURE OR ALTERATION OF INSTRUMENT.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-406. Negligence contributing to forged signature or alteration of instrument. (1) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery against a person who, in good faith, pays the instrument or takes it for value or for collection.

(2) Under subsection (1) of this section, if the person asserting the preclusion fails to exercise ordinary care in paying or taking the instrument and that failure substantially contributes to loss, the loss is allocated between the person precluded and the person asserting the preclusion according to the extent to which the failure of each to exercise ordinary care contributed to the loss.

(3) Under subsection (1) of this section, the burden of proving failure to exercise ordinary care is on the person asserting the preclusion. Under subsection (2) of this section, the burden of proving failure to exercise ordinary care is on the person precluded.

History:

[28-3-406, added 1993, ch. 288, sec. 2, p. 1041.]
Idaho Code § 28-5-120 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-120
28-5-120 SECURITY INTEREST OF ISSUER OR NOMINATED PERSON.
Status: in_force

28-5-120. Security interest of issuer or nominated person. (a) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation.

(b) So long as and to the extent that an issuer or nominated person has not been reimbursed or has not otherwise recovered the value given with respect to a security interest in a document under subsection (a) of this section, the security interest continues and is subject to chapter 9, title 28, Idaho Code, but:

(1) A security agreement is not necessary to make the security interest enforceable under section 28-9-203(b)(3), Idaho Code;

(2) If the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and

(3) If the document is presented in a written or other tangible medium and is not a certificated security, chattel paper, a document of title, an instrument, or a letter of credit, the security interest is perfected and has priority over a conflicting security interest in the document so long as the debtor does not have possession of the document. This act applies to a letter of credit that is issued on or after the effective date of this act. This act does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before the effective date of this act.

History:

[28-5-120, added 2001, ch. 208, sec. 11, p. 810; am. 2014, ch. 97, sec. 9, p. 272.]
Idaho Code § 28-5-111 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-111
28-5-111 REMEDIES.
Status: in_force

28-5-111. Remedies. (1) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or repudiation. If the issuer's obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or, at the claimant's election, recover an amount equal to the value of performance from the issuer. In either case, the claimant may also recover incidental but not consequential damages. The claimant is not obligated to take action to avoid damages that might be due from the issuer under this subsection. If, although not obligated to do so, the claimant avoids damages, the claimant's recovery from the issuer must be reduced by the amount of damages avoided. The issuer has the burden of proving the amount of damages avoided. In the case of repudiation the claimant need not present any document.

(2) If an issuer wrongfully dishonors a draft or demand presented under a letter of credit or honors a draft or demand in breach of its obligation to the applicant, the applicant may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach.

(3) If an adviser or nominated person other than a confirmer breaches an obligation under this article or an issuer breaches an obligation not covered in subsection (1) or (2) of this section, a person to whom the obligation is owed may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach. To the extent of the confirmation, a confirmer has the liability of an issuer specified in this subsection and subsections (1) and (2) of this section.

(4) An issuer, nominated person, or adviser who is found liable under subsection (1), (2) or (3) of this section shall pay interest on the amount owed thereunder from the date of wrongful dishonor or other appropriate date.

(5) Reasonable attorney's fees and other expenses of litigation must be awarded to the prevailing party in an action in which a remedy is sought under this chapter.

(6) Damages that would otherwise be payable by a party for breach of an obligation under this article may be liquidated by agreement or undertaking, but only in an amount or by a formula that is reasonable in light of the harm anticipated.

History:

[28-5-111, added 1996, ch. 7, sec. 2, p. 14.]
Idaho Code § 28-45-202 — Idaho Code / Title 28 / Chapter 45 / Section 28-45-202
28-45-202 DAMAGES OR PENALTIES AS SETOFF TO OBLIGATION.
Status: in_force

PART 2.

DEBTORS' REMEDIES

28-45-202. Damages or penalties as setoff to obligation. Damages or penalties to which a debtor is entitled pursuant to this part may be set off against the debtor's obligation, and may be raised as a defense to an action on the obligation without regard to the time limitations prescribed by this part.

History:

[28-45-202, added 1983, ch. 119, sec. 3, p. 298.]
Idaho Code § 28-4-611 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-611
28-4-611 UNENFORCEABILITY OF CERTAIN VERIFIED PAYMENT ORDERS.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-611. Unenforceability of certain verified payment orders. (1) If an accepted payment order is not, under section 28-4-610(1), an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to section 28-4-610(2), the following rules apply:

(a) By express written agreement, the receiving bank may limit the extent to which it is entitled to enforce or retain payment of the payment order.

(b) The receiving bank is not entitled to enforce or retain payment of the payment order if the customer proves that the order was not caused, directly or indirectly, by a person (i) entrusted at any time with duties to act for the customer with respect to payment orders or the security procedure, or (ii) who obtained access to transmitting facilities of the customer or who obtained, from a source controlled by the customer and without authority of the receiving bank, information facilitating breach of the security procedure, regardless of how the information was obtained or whether the customer was at fault. Information includes any access device, computer software, or the like.

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

History:

[28-4-611, added 1991, ch. 135, sec. 1, p. 300.]
Idaho Code § 28-9-308 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-308
28-9-308 WHEN SECURITY INTEREST OR AGRICULTURAL LIEN IS PERFECTED — CONTINUITY OF PERFECTION.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-308. When security interest or agricultural lien is perfected — Continuity of perfection. (a) Except as otherwise provided in this section and section 28-9-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 28-9-310 through 28-9-316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.

(b) An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in section 28-9-310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.

(c) A security interest or agricultural lien is perfected continuously if it is originally perfected by one (1) method under this chapter and is later perfected by another method under this chapter, without an intermediate period when it was unperfected.

(d) Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.

(e) Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage or other lien on personal or real property securing the right.

(f) Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.

(g) Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.

History:

[28-9-308, added 2001, ch. 208, sec. 2, p. 732.]
Idaho Code § 28-5-116 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-116
28-5-116 CHOICE OF LAW AND FORUM.
Status: in_force

28-5-116. Choice of law and forum. (1) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed or otherwise authenticated by the affected parties in the manner provided in section 28-5-104 or by a provision in the person's letter of credit, confirmation, or other undertaking. The jurisdiction whose law is chosen need not bear any relation to the transaction.

(2) Unless subsection (1) of this section applies, the liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction in which the person is located. The person is considered to be located at the address indicated in the person's undertaking. If more than one (1) address is indicated, the person is considered to be located at the address from which the person's undertaking was issued. For the purpose of jurisdiction, choice of law, and recognition of interbranch letters of credit, but not enforcement of a judgment, all branches of a bank are considered separate juridical entities and a bank is considered to be located at the place where its relevant branch is considered to be located under this subsection.

(3) Except as otherwise provided in this subsection, the liability of an issuer, nominated person, or adviser is governed by any rules of custom or practice, such as the uniform customs and practice for documentary credits, to which the letter of credit, confirmation, or other undertaking is expressly made subject. If (i) this chapter would govern the liability of an issuer, nominated person, or adviser under subsection (1) or (2) of this section, (ii) the relevant undertaking incorporates rules of custom or practice, and (iii) there is conflict between this chapter and those rules as applied to that undertaking, those rules govern except to the extent of any conflict with the nonvariable provisions specified in section 28-5-103(3).

(4) If there is conflict between this chapter and chapter 3, 4, or 9, title 28, Idaho Code, this chapter governs.

(5) The forum for settling disputes arising out of an undertaking within this chapter may be chosen in the manner and with the binding effect that governing law may be chosen in accordance with subsection (1) of this section.

History:

[28-5-116, added 1996, ch. 7, sec. 2, p. 17.]
Idaho Code § 28-2-507 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-507
28-2-507 EFFECT OF SELLER'S TENDER — DELIVERY ON CONDITION.
Status: in_force

PART 5.

PERFORMANCE

28-2-507. Effect of seller's tender — Delivery on condition. (1) Tender of delivery is a condition to the buyer's duty to accept the goods and, unless otherwise agreed, to his duty to pay for them. Tender entitles the seller to acceptance of the goods and to payment according to the contract.

(2) Where payment is due and demanded on the delivery to the buyer of goods or documents of title, his right as against the seller to retain or dispose of them is conditional upon his making the payment due.

History:

[28-2-507, added 1967, ch. 161, sec. 2-507, p. 351.]
Idaho Code § 28-10-102 — Idaho Code / Title 28 / Chapter 10 / Section 28-10-102
28-10-102 SPECIFIC REPEALER — PROVISION FOR TRANSITION.
Status: in_force

28-10-102. Specific repealer — Provision for transition. (1) The following acts and parts of acts and all other acts and parts of acts inconsistent herewith are hereby repealed:

(a) (i) Chapter 15 of title 26, Idaho Code, as amended;

(ii) Chapters 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 (as amended), 11, 12, 13, 14, 15, 16 and 17 of title 27, Idaho Code;

(iii) Chapter 4 of title 30, Idaho Code;

(iv) Chapter 11 of title 45, Idaho Code, as amended, except section 45-1102;

(v) Chapter 12 of title 45, Idaho Code;

(vi) Chapter 14 of title 45, Idaho Code;

(vii) Chapter 6 of title 62, Idaho Code;

(viii) Chapters 1, 2, 3, 4, 5 and 6 of title 64, Idaho Code;

(ix) Chapter 7 of title 64, Idaho Code;

(x) Chapter 8 of title 64, Idaho Code, as amended;

(xi) Chapter 9 of title 64, Idaho Code, as amended;

(xii) Chapter 10 of title 64, Idaho Code; and

(xiii) Chapter 1 of title 69, Idaho Code, as amended.

(b) Sections 9-505(4), 18-3705, 26-1003, 26-1005, 26-1006, 26-1008, 26-1013, 26-1015, 26-1016 and 45-1301, Idaho Code.

(2) Transactions validly entered into before the effective date specified in section 28-10-101 and the rights, duties and interests flowing therefrom remain valid thereafter and may be terminated, completed, consummated or enforced as required or permitted by any statute or other law amended or repealed by this act as though such repeal or amendment had not occurred.

History:

[28-10-102, added 1967, ch. 161, sec. 10-102, p. 351.]
Idaho Code § 28-8-303 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-303
28-8-303 PROTECTED PURCHASER.
Status: in_force

PART 3.

TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES

28-8-303. Protected purchaser. (1) "Protected purchaser" means a purchaser of a certificated or uncertificated security, or of an interest therein, who:

(a) Gives value;

(b) Does not have notice of any adverse claim to the security; and

(c) Obtains control of the certificated or uncertificated security.

(2) In addition to acquiring the rights of a purchaser, a protected purchaser also acquires its interest in the security free of any adverse claim.

History:

[28-8-303, added 1995, ch. 272, sec. 2, p. 889.]
Idaho Code § 28-46-508 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-508
28-46-508 PROHIBITED ACTIONS.
Status: in_force

PART 5

TITLE LOAN ACT

28-46-508. Prohibited actions. No title lender licensee under this part or person required under this part to have such license shall:

(1) Enter into a title loan agreement with a person less than eighteen (18) years of age, or with anyone who appears to be intoxicated;

(2) Make any agreement giving the title lender any recourse against the debtor other than the title lender's right to take possession of the titled personal property and certificate of title upon the debtor's default, and to sell or otherwise dispose of the titled personal property in accordance with the provisions of chapter 9, title 28, Idaho Code, except where the debtor prevented repossession of the vehicle, damaged or committed or permitted waste on the vehicle or committed fraud;

(3) Enter into a title loan agreement in which the amount of money loaned, when combined with the outstanding balance of other outstanding title loan agreements the debtor has with the same lender secured by any single titled personal property, exceeds the retail value of the titled personal property as determined by common motor vehicle appraisal guides;

(4) Accept any waiver, in writing or otherwise, of any right or protection accorded a debtor under this chapter;

(5) Fail to exercise reasonable care to protect from loss or damage the certificate of title in the physical possession of the title lender;

(6) Purchase titled personal property used as security for a title loan made by the title lender;

(7) Enter into a title loan agreement unless the debtor presents a clear title to titled personal property at the time that the loan is made. If the title lender files a lien against such titled personal property without possession of a clear title to such property, the resulting lien shall be void;

(8) Capitalize or add any accrued interest or fee to the original principal of the title loan agreement during any renewal of the agreement;

(9) Require a debtor to provide any additional guaranty as a condition to entering into a title loan agreement;

(10) Use any device or agreement, including agreements with affiliated title lenders, with the intent to obtain greater charges than otherwise would be authorized by this part; or

(11) Violate the provisions of this part or any rule promulgated pursuant thereto.

History:

[28-46-508, added 2006, ch. 323, sec. 1, p. 1027; am. 2013, ch. 54, sec. 7, p. 118.]
Idaho Code § 28-23-102 — Idaho Code / Title 28 / Chapter 23 / Section 28-23-102
28-23-102 REPURCHASE OF REPAIR PARTS.
Status: in_force

28-23-102. Repurchase of repair parts. Whenever any person, firm, or corporation engaged in the business of selling and retailing farm implements or equipment, or repair parts for farm implements or equipment, enters into a written or parol contract, sales agreement or security agreement whereby the retailer agrees with any wholesaler, manufacturer or distributor of farm implements or equipment, machinery, attachments, accessories or repair parts to maintain a stock of parts or complete or whole machines, or attachments, manuals and repair manuals and thereafter the written or parol contract, sales agreement or security agreement is terminated, canceled or discontinued, then the wholesaler, manufacturer or distributor shall pay to the retailer or credit to the retailer's account, if the retailer has outstanding any sums owing the wholesaler, manufacturer or distributor, unless the retailer should desire and has a contractual right to keep such merchandise, a sum equal to one hundred percent (100%) of the current net prices, including the transportation charges from the retailer to the wholesaler, manufacturer or distributor which have been paid by the retailer, or invoiced to a retailer's account by the wholesaler, manufacturer or distributor, for manuals and repair manuals, repair parts, including superseded or previously included parts listed in current price lists or catalogs or electronic catalogs in use, or previously used within thirty-six (36) months prior to the latest parts price list issue date by the wholesaler, manufacturer or distributor on the date of cancellation or discontinuance of the contract, which parts had previously been purchased by the retailer from the wholesaler, manufacturer or distributor and are held by the retailer on the date of the cancellation or discontinuance of the contract or thereafter received by the retailer from the wholesaler, manufacturer or distributor.

The wholesaler, manufacturer or distributor shall also pay the retailer or credit to his account a sum equal to five percent (5%) of the current net price of all parts returned for the handling, packing and loading of the parts back to the wholesaler, manufacturer or distributor unless the wholesaler, manufacturer or distributor elects to perform inventorying, packing and loading of the parts themselves.

Upon the payment or allowance of credit to the retailer's account of the sum required by this section and section 28-23-101, Idaho Code, the title to the farm implements, equipment, machinery, attachments, accessories or repair parts shall pass to the manufacturer, wholesaler or distributor making the payment or allowing the credit and the manufacturer, wholesaler or distributor shall be entitled to the possession of the farm implements, equipment, machinery, attachments, accessories or repair parts. Title to farm implements, equipment, attachments, accessories and repair parts is transferred to the supplier FOB the dealer location. The provisions of this section shall apply to any part return adjustment agreement made between a dealer and a supplier. All payments or allowances of credit due retailers under this section shall be paid or credited by the manufacturer, wholesaler, or distributor within ninety (90) days from the termination date of the dealer agreement. After the ninety (90) days all sums of credits due shall include interest at the rate specified in section 28-22-104(1), Idaho Code. However, this section and section 28-23-101, Idaho Code, shall not in any way affect any security interest which the wholesaler, manufacturer or distributor may have in the inventory of the retailer.

A supplier shall repurchase at one hundred percent (100%) of net dealer cost, manuals and repair manuals purchased in the previous six (6) years and at fifty percent (50%) for manuals and repair manuals purchased in the previous seven (7) through twelve (12) years as required by the supplier and held by the dealer on the date of termination. Manuals and repair manuals must be unique to the supplier's product line and must be in complete and in readable condition.

A supplier must repurchase, and the dealer must sell to the supplier, specialized repair tools. As applied in this section, "specialized repair tools" is defined as those tools required by the supplier and unique to the diagnosis or repair of the supplier's products. For specialized repair tools that are in new, unused condition and are applicable to the supplier's current products, the purchase price is one hundred percent (100%) of the original net cost to the dealer. For all other specialized repair tools, in complete and usable condition, the purchase price is the original net cost to the dealer less twenty percent (20%) per year depreciation, but not less than fifty percent (50%) of the original purchase price.

A supplier must repurchase, and the dealer must sell to the supplier, current signage. As used in this section, "current signage" means the principal outdoor signage required by the supplier that displays the supplier's current logo or similar exclusive identifier, and that identifies the dealer as representing either the supplier or the supplier's products, or both. The purchase price shall be the original net cost to the dealer less twenty percent (20%) per year, but may in no case be less than fifty percent (50%) of the original cost to the dealer.

History:

[28-23-102, added 1975, ch. 97, sec. 2, p. 197; am. 1986, ch. 248, sec. 2, p. 669; am. 2005, ch. 238, sec. 2, p. 731; am. 2011, ch. 270, sec. 3, p. 731; am. 2016, ch. 213, sec. 2, p. 598.]
Idaho Code § 28-24-106 — Idaho Code / Title 28 / Chapter 24 / Section 28-24-106
28-24-106 SEVERABILITY.
Status: in_force

PART 1.

AGREEMENTS BETWEEN SUPPLIERS AND DEALERS OF FARM EQUIPMENT

28-24-106. Severability. The provisions of this act are hereby declared to be severable and if any provision of this act or the application of such provision to any person or circumstance is declared invalid for any reason, such declaration shall not affect the validity of remaining portions of this act.

History:

[28-24-106, added 1990, ch. 267, sec. 1, p. 755.]
Idaho Code § 28-8-403 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-403
28-8-403 DEMAND THAT ISSUER NOT REGISTER TRANSFER.
Status: in_force

PART 4.

REGISTRATION

28-8-403. Demand that issuer not register transfer. (1) A person who is an appropriate person to make an indorsement or originate an instruction may demand that the issuer not register transfer of a security by communicating to the issuer a notification that identifies the registered owner and the issue of which the security is a part and provides an address for communications directed to the person making the demand. The demand is effective only if it is received by the issuer at a time and in a manner affording the issuer reasonable opportunity to act on it.

(2) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security after a demand that the issuer not register transfer has become effective, the issuer shall promptly communicate to (i) the person who initiated the demand at the address provided in the demand and (ii) the person who presented the security for registration of transfer or initiated the instruction requesting registration of transfer a notification stating that:

(a) The certificated security has been presented for registration of transfer or instruction for registration of transfer of uncertificated security has been received;

(b) A demand that the issuer not register transfer had previously been received; and

(c) The issuer will withhold registration of transfer for a period of time stated in the notification in order to provide the person who initiated the demand an opportunity to obtain legal process or an indemnity bond.

(3) The period described in subsection (2)(c) of this section may not exceed thirty (30) days after the date of communication of the notification. A shorter period may be specified by the issuer if it is not manifestly unreasonable.

(4) An issuer is not liable to a person who initiated a demand that the issuer not register transfer for any loss the person suffers as a result of registration of a transfer pursuant to an effective indorsement or instruction if the person who initiated the demand does not, within the time stated in the issuer's communication, either:

(a) Obtain an appropriate restraining order, injunction or other process from a court of competent jurisdiction enjoining the issuer from registering the transfer; or

(b) File with the issuer an indemnity bond, sufficient in the issuer's judgment to protect the issuer and any transfer agent, registrar or other agent of the issuer involved from any loss it or they may suffer by refusing to register the transfer.

(5) This section does not relieve an issuer from liability for registering transfer pursuant to an indorsement or instruction that was not effective.

History:

[28-8-403, added 1995, ch. 272, sec. 2, p. 893.]
Idaho Code § 28-4-602 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-602
28-4-602 SUBJECT MATTER.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-602. Subject matter. Except as otherwise provided in section 28-4-608, this part applies to funds transfers defined in section 28-4-604.

History:

[28-4-602, added 1991, ch. 135, sec. 1, p. 296.]
Idaho Code § 28-24-105 — Idaho Code / Title 28 / Chapter 24 / Section 28-24-105
28-24-105 REMEDIES AND ENFORCEMENT.
Status: in_force

PART 1.

AGREEMENTS BETWEEN SUPPLIERS AND DEALERS OF FARM EQUIPMENT

28-24-105. Remedies and enforcement. Monetary damages may be recovered for losses sustained as a consequence of any violation of the provisions of this chapter. Such recovery may also include a requirement that the supplier repurchase at fair market value any data processing hardware, software and specialized repair tools and equipment previously purchased from the supplier or approved vendor of the supplier pursuant to requirements of the supplier. 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 owing. Injunctive relief may also be granted against any actual or threatened violation of the provisions of this chapter. In any action brought under this chapter the prevailing party shall be entitled to recover reasonable attorney's fees and costs. The remedies set forth in this section shall not be deemed exclusive and shall be in addition to any other remedies permitted by law. 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:

[28-24-105, added 1990, ch. 267, sec. 1, p. 754; am. 2005, ch. 238, sec. 10, p. 741; am. 2011, ch. 270, sec. 16, p. 737.]
Idaho Code § 28-3-502 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-502
28-3-502 DISHONOR.
Status: in_force

PART 5.

PRESENTMENT, NOTICE OF DISHONOR AND PROTEST

28-3-502. Dishonor. (1) Dishonor of a note is governed by the following rules:

(a) If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment.

(b) If the note is not payable on demand and is payable at or through a bank or the terms of the note require presentment, the note is dishonored if presentment is duly made and the note is not paid on the day it becomes payable or the day of presentment, whichever is later.

(c) If the note is not payable on demand and paragraph (b) of this subsection does not apply, the note is dishonored if it is not paid on the day it becomes payable.

(2) Dishonor of an unaccepted draft other than a documentary draft is governed by the following rules:

(a) If a check is duly presented for payment to the payor bank otherwise than for immediate payment over the counter, the check is dishonored if the payor bank makes timely return of the check or sends timely notice of dishonor or nonpayment under section 28-4-301 or 28-4-302 or becomes accountable for the amount of the check under section 28-4-302.

(b) If a draft is payable on demand and paragraph (a) of this subsection does not apply, the draft is dishonored if presentment for payment is duly made to the drawee and the draft is not paid on the day of presentment.

(c) If a draft is payable on a date stated in the draft, the draft is dishonored if (i) presentment for payment is duly made to the drawee and payment is not made on the day the draft becomes payable or the day of presentment, whichever is later, or (ii) presentment for acceptance is duly made before the day the draft becomes payable and the draft is not accepted on the day of presentment.

(d) If a draft is payable on elapse of a period of time after sight or acceptance, the draft is dishonored if presentment for acceptance is duly made and the draft is not accepted on the day of presentment.

(3) Dishonor of an unaccepted documentary draft occurs according to the rules stated in subsection (2)(b), (c) and (d) of this section, except that payment or acceptance may be delayed without dishonor until no later than the close of the third business day of the drawee following the day on which payment or acceptance is required by those paragraphs.

(4) Dishonor of an accepted draft is governed by the following rules:

(a) If the draft is payable on demand, the draft is dishonored if presentment for payment is duly made to the acceptor and the draft is not paid on the day of presentment.

(b) If the draft is not payable on demand, the draft is dishonored if presentment for payment is duly made to the acceptor and payment is not made on the day it becomes payable or the day of presentment, whichever is later.

(5) In any case in which presentment is otherwise required for dishonor under this section and presentment is excused under section 28-3-504 dishonor occurs without presentment if the instrument is not duly accepted or paid.

(6) If a draft is dishonored because timely acceptance of the draft was not made and the person entitled to demand acceptance consents to a late acceptance, from the time of acceptance the draft is treated as never having been dishonored.

History:

[28-3-502, added 1993, ch. 288, sec. 2, p. 1048.]
Idaho Code § 28-52-105 — Idaho Code / Title 28 / Chapter 52 / Section 28-52-105
28-52-105 EXCEPTIONS.
Status: in_force

28-52-105. Exceptions. (1) Notwithstanding subsection (1) of section 28-52-103, Idaho Code, a consumer reporting agency may furnish a consumer's credit report to a third party if the purpose of the credit report is to:

(a) Use the credit report for purposes permitted under 15 U.S.C. section 1681b(c);

(b) Review the consumer's account with the third party, including for account maintenance or monitoring credit line increases or other upgrades or enhancements;

(c) Collect on a financial obligation owed by the consumer to the third party requesting the credit report; or

(d) Review the consumer's account with another person, or collect on a financial obligation owed by the consumer to another person and the credit report request is for purposes permitted under 15 U.S.C. section 1681b(c) or the third party requesting the credit report is a subsidiary, affiliate, agent, assignee or prospective assignee of the person holding the consumer's account or to whom the consumer owes a financial obligation.

(2) The consumer's request for a security freeze does not prohibit the consumer reporting agency from disclosing the consumer's credit report for other than credit related purposes consistent with the definition of credit report in section 28-52-102, Idaho Code. The following list identifies the types of credit report disclosures by consumer reporting agencies to third parties that are not prohibited by a security freeze:

(a) The third party does not use the credit report for the purpose of serving as a factor in establishing a consumer's eligibility for credit;

(b) The third party is acting under a court order, warrant or subpoena requiring release of the credit report;

(c) The third party is a child support agency, or its agent or assignee acting under part D, title IV, of the social security act or a similar state law;

(d) The third party is the federal department of health and human services or a similar state agency, or its agent or assignee, investigating medicare or medicaid fraud;

(e) The purpose of the credit report is to investigate or collect delinquent taxes, assessments or unpaid court orders and the third party is the federal internal revenue service; a state taxing authority; the division of motor vehicles of the Idaho transportation department; a county, municipality or other taxing district; a federal, state or local law enforcement agency; or the agent or assignee listed in subsection (1) or (2) of this section;

(f) The third party is using the information solely for criminal record information, tenant screening, employment screening, fraud prevention or detection, or personal loss history information;

(g) The third party is a person or entity regulated under title 41, Idaho Code;

(h) The third party is administering a credit file monitoring service to which the consumer has subscribed; or

(i) The third party requests the credit report for the sole purpose of providing the consumer with a copy of the consumer's credit report or credit score upon the consumer's request.

(3) Section 28-52-103, Idaho Code, does not apply to:

(a) A consumer reporting agency, the sole purpose of which is to resell credit information by assembling and merging information contained in the database of another consumer reporting agency and that does not maintain a permanent database of credit information from which a consumer's credit report is produced;

(b) A check services or fraud prevention services company that issues reports on incidents of fraud or authorizations for the purpose of approving or processing negotiable instruments, electronic fund transfers or similar methods of payment; or

(c) A deposit account information service company that issues reports concerning account closures based on fraud, substantial overdrafts, automated teller machine abuse or similar information concerning a consumer to a requesting financial institution for the purpose of evaluating a consumer's request to create a deposit account.

(4) Nothing in this chapter prohibits a person from obtaining, aggregating or using information lawfully obtained from public records in a manner that does not otherwise violate the provisions of this chapter.

History:

[28-52-105, added 2008, ch. 177, sec. 2, p. 525.]
Idaho Code § 28-9-322A — Idaho Code / Title 28 / Chapter 9 / Section 28-9-322A
28-9-322A SECURITY INTERESTS IN CROPS FOR PROVISION OF AGRICULTURAL CHEMICALS.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-322A. Security interests in crops for provision of agricultural chemicals. (a) As used in this section:

(1) "Agricultural chemical" means fertilizers and other chemicals applied to crops or land which is to be used for the raising of crops, including pesticides, soil amendments and plant regulators.

(2) "Fall agricultural chemical security interest" means a security interest in specific crops growing or to be grown granted by a grower to a supplier to secure the grower's obligation to repay value given by the supplier to enable the grower to purchase from the supplier (A) agricultural chemicals to apply to such crops or to land on which such crops will be grown, and (B) application of such agricultural chemicals if such application is performed by the supplier. To qualify as a fall agricultural chemical security interest, the security interest must also satisfy the following conditions:

(i) Before supplying the agricultural chemicals to the grower, the supplier and grower provide the lender with a notification statement and opportunity to respond in accordance with this section;

(ii) The security interest is perfected within twenty (20) days after the agricultural chemicals are delivered to the grower; and

(iii) The agricultural chemicals are actually applied to the grower's land or crops during the period September 1 through December 15.

(3) "Grower" shall mean a specified debtor of a lender.

(4) "Lender" shall mean the holder of an existing perfected security interest in crops of a grower.

(5) "Letter of response" shall mean a statement by a lender containing the information specified in subsection (j) of this section.

(6) "Notification statement" shall mean a statement by a supplier containing the information specified in subsection (h) of this section.

(7) "Supplier" shall mean a person who supplies agricultural chemicals to a grower.

(b) A supplier may obtain a fall agricultural chemical security interest as provided in this section. To the extent not otherwise expressly provided in this section, the provisions of this chapter apply to a fall agricultural chemical security interest. The amount secured by a fall agricultural security interest shall be the lesser of: (i) the agreed charges for the agricultural chemicals and application costs provided pursuant to the notification statement; or (ii) the amount of the anticipated charges as reflected in the notification statement.

(c) A fall agricultural chemical security interest attaches to the existing crops upon the land where the agricultural chemical is applied, or if crops are not planted at the time of the application, to the next production crop from that land. It does not attach to crops already harvested or which are harvested before December 15 from such land, or to crops to be grown on such land after the next production crop, or to crops grown on other land than that identified in the notification statement.

(d) A fall agricultural chemical security interest is perfected by filing a financing statement.

(e) A fall agricultural chemical security interest shall have priority over a conflicting security interest in the same crops and identifiable proceeds thereof except for a prior perfected fall agricultural chemical security interest. In the event of any commingling of crops or proceeds covered by a fall agricultural chemical security interest with other crops or proceeds, the burden of proving the applicability of the fall agricultural chemical security interest to any particular crops or proceeds is on the supplier asserting it.

(f) Nothing in this section is intended to limit the priority of agricultural liens established by the statutes creating such liens, and a perfected agricultural lien shall have priority over a conflicting security interest (including a fall agricultural chemical security interest) if the statute creating the agricultural lien provides such priority.

(g) A supplier may notify the lender that the supplier intends to supply agricultural chemicals to the grower and that the supplier requests the lender to issue a letter of response. In order to so notify the lender, the supplier shall provide a notification statement to the lender in an envelope marked CROP SECURITY INTEREST NOTIFICATION STATEMENT, sent by certified mail addressed to the lender at the address for such lender shown on such lender's most recently filed UCC-1F financing statement regarding that grower.

(h) A notification statement shall contain:

(1) The name, address and signature of the supplier providing the notification statement;

(2) The date the notification statement was prepared;

(3) The name and address of the lender;

(4) The name and address of the person to whom the lender's response to the supplier should be addressed;

(5) A description and anticipated date of the application of agricultural chemicals and the anticipated charges for the agricultural chemicals, including anticipated application costs;

(6) The name, address and signature of the grower to whom the supplier furnished or intends to furnish agricultural chemicals;

(7) A reasonable description of the real estate sufficient to identify the same where the agricultural chemicals are to be applied;

(8) The name and address of the owner (if other than the grower) of such real property;

(9) A description of the crops growing or to be grown on such real property as to which the supplier intends to supply agricultural chemicals and upon which the supplier claims or intends to obtain a security interest;

(10) The social security number or federal tax identification number of the grower to whom the supplier intends to provide agricultural chemicals; and

(11) The social security number or federal tax identification number of the supplier providing the notice.

(i) Within fifteen (15) days after actual receipt of a notification statement, the lender shall deposit in the U.S. mail, certified, a letter of response to the supplier. A copy of the lender's letter of response shall be sent to the grower.

(j) A letter of response shall contain the name, address and signature of the lender, and either

(1) A statement by the lender that there is an outstanding commitment for operating financing from the lender to the grower, and that the lender shall reserve the amount in the notification statement for the purpose of honoring drafts or other demands for payment by the supplier accompanied by invoices signed by the grower or other proof of delivery signed by the grower; or

(2) A statement by the lender that the lender shall subordinate the priority of its security interest in specified crops of the grower to the priority of the security interest in such crops obtained or to be obtained by the supplier, and specifying that the maximum amount of such subordination shall be the amount stated in the notification statement; or

(3) A statement by the lender that it declines to either reserve funds or subordinate its security interest.

(k) If the lender's letter of response states that the lender declines to either reserve funds or subordinate its security interest, the respective rights of the lender and the supplier are not affected by this section and the relative priority between the lender's security interest in crops, and any security interest obtained by the supplier in such crops, shall be determined according to the ordinary rules governing the priority of conflicting security interests in the same collateral, unless the supplier's security interest is a fall agricultural chemical security interest.

(l) If the lender does not mail its letter of response to the supplier within fifteen (15) days after receiving the notification statement, and the supplier has perfected a security interest in such crops or perfects such security interest within ten (10) days after the expiration of the fifteen (15) day period for the lender to respond, the supplier's perfected security interest in such crops shall take priority over the lender's perfected security interest in such crops, but only to the extent of the lesser of (1) the amount stated in the notification statement, or (2) the unpaid agreed charges for the agricultural chemicals identified in the notification statement and actually applied to, or for the benefit of, such crops.

(m) Any amounts repaid by any person on the grower's obligation for which the supplier has obtained an agricultural chemical security interest shall reduce the value of the agricultural chemical security interest on a dollar-for-dollar basis, and amounts may not be reborrowed or readvanced under the same notification statement. If the supplier receives proceeds of any collateral of the lender (other than proceeds of the crops covered by the fall agricultural security interest), such proceeds shall be turned over to the lender. In order to obtain the benefits of this section, any additional sales of agricultural chemicals not included in the original notification statement must be the subject of a new notification statement, to which the lender may issue a new letter of response.

(n) No one but the supplier shall be entitled to rely on a letter of response. Rights (if any) under a letter of response are not assignable, except in connection with an assignment by the supplier of the entire security interest to which such letter of response relates. By issuing a letter of response and performing thereunder, the lender does not become a partner, joint venturer or fiduciary of either the grower or the supplier.

(o) (1) The secretary of state shall publish a form substantially as follows:

Name of supplier

Address

SSN/TIN

Date notification statement was prepared

Name of lender

Address

Name of person to whom lender's response to supplier should be addressed

Address

Description and anticipated date of the application of agricultural chemicals

Anticipated charges for the agricultural chemicals

Anticipated charges for application, if not included in charges for chemicals

Name of grower

Address

SSN/TIN

Reasonable description of the real estate where the agricultural chemicals are to be applied

.

Name of owner of real property (if other than grower)

.

Address

Crops growing or to be grown on such real property as to which the supplier intends to supply agricultural chemicals and upon which supplier intends to obtain a security interest

.

Signature of supplier

Signature of grower

(2) On the reverse side of the form described in subsection (1) of this section, the secretary of state shall provide a form for the lender's letter of response, substantially as follows:

Name of lender

Address

Lender responds to notification statement as follows (choose one):

□ An outstanding commitment for operating financing exists for

this grower. Of that commitment, lender hereby reserves the amount specified in the notification statement for the purpose of honoring drafts or other demands for payment by supplier, accompanied by invoices signed by grower or other proof of delivery signed by grower.

□ Lender hereby subordinates the priority of its security

interest in (specify crops) ……………….. of grower to the priority of the security interest in such crops obtained or to be obtained by supplier, such subordination to be in the amount specified in the notification statement.

□ Lender declines to either reserve funds or subordinate its

security interest.

Signature of lender

(3) Suppliers and lenders are required to use the form published by the secretary of state.

History:

[28-9-322A, added 2001, ch. 208, sec. 2, p. 742.]
Idaho Code § 28-1-201 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-201
28-1-201 GENERAL DEFINITIONS.
Status: in_force

PART 2.

GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION

28-1-201. General definitions. (a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other chapters of the uniform commercial code that apply to particular chapters or parts thereof, have the meanings stated.

(b) Subject to definitions contained in other articles of the uniform commercial code that apply to particular articles or parts thereof:

(1) "Action," in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in equity, and any other proceeding in which rights are determined.

(2) "Aggrieved party" means a party entitled to pursue a remedy.

(3) "Agreement," as distinguished from "contract," means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing or usage of trade as provided in section 28-1-303, Idaho Code.

(4) "Bank" means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company.

(5) "Bearer" means a person in control of a negotiable electronic document of title or a person in possession of a negotiable instrument, negotiable tangible document of title, or certificated security that is payable to bearer or indorsed in blank.

(6) "Bill of lading" means a document of title evidencing the receipt of goods for shipment issued by a person engaged in the business of directly or indirectly transporting or forwarding goods. The term does not include a warehouse receipt.

(7) "Branch" includes a separately incorporated foreign branch of a bank.

(8) "Burden of establishing" a fact means the burden of persuading the trier of fact that the existence of the fact is more probable than its nonexistence.

(9) "Buyer in ordinary course of business" means a person that buys goods in good faith, without knowledge that the sale violates the rights of another person in the goods, and in the ordinary course from a person, other than a pawnbroker, in the business of selling goods of that kind. A person buys goods in the ordinary course if the sale to the person comports with the usual or customary practices in the kind of business in which the seller is engaged or with the seller's own usual or customary practices. A person that sells oil, gas or other minerals at the wellhead or minehead is a person in the business of selling goods of that kind. A buyer in ordinary course of business may buy for cash, by exchange of other property, or on secured or unsecured credit, and may acquire goods or documents of title under a preexisting contract for sale. Only a buyer that takes possession of the goods or has a right to recover the goods from the seller under chapter 2, title 28, Idaho Code, may be a buyer in ordinary course of business. "Buyer in ordinary course of business" does not include a person that acquires goods in a transfer in bulk or as security for or in total or partial satisfaction of a money debt.

(10) "Conspicuous," with reference to a term, means so written, displayed, or presented that a reasonable person against which it is to operate ought to have noticed it. Whether a term is "conspicuous" or not is a decision for the court. Conspicuous terms include the following:

(A) A heading in capitals equal to or greater in size than the surrounding text, or in contrasting type, font, or color to the surrounding text of the same or lesser size; and

(B) Language in the body of a record or display in larger type than the surrounding text, or in contrasting type, font, or color to the surrounding text of the same size, or set off from the surrounding text of the same size by symbols or other marks that call attention to the language.

(11) "Consumer" means an individual who enters into a transaction primarily for personal, family, or household purposes.

(12) "Contract," as distinguished from "agreement," means the total legal obligation that results from the parties' agreement as determined by the uniform commercial code as supplemented by any other applicable laws.

(13) "Creditor" includes a general creditor, a secured creditor, a lien creditor, and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator of an insolvent debtor's or assignor's estate.

(14) "Defendant" includes a person in the position of defendant in a counterclaim, cross-claim, or third-party claim.

(15) "Delivery," with respect to an electronic document of title means voluntary transfer of control and with respect to an instrument, a tangible document of title, or chattel paper, means voluntary transfer of possession.

(16) "Document of title" means a record (i) that in the regular course of business or financing is treated as adequately evidencing that the person in possession or control of the record is entitled to receive, control, hold, and dispose of the record and the goods the record covers and (ii) that purports to be issued by or addressed to a bailee and to cover goods in the bailee's possession which are either identified or are fungible portions of an identified mass. The term includes a bill of lading, transport document, dock warrant, dock receipt, warehouse receipt, and order for delivery of goods. An electronic document of title means a document of title evidenced by a record consisting of information stored in an electronic medium. A tangible document of title means a document of title evidenced by a record consisting of information that is inscribed on a tangible medium.

(17) "Fault" means a default, breach, or wrongful act or omission.

(18) "Fungible goods" means:

(A) Goods of which any unit, by nature or usage of trade, is the equivalent of any other like unit; or

(B) Goods that by agreement are treated as equivalent.

(19) "Genuine" means free of forgery or counterfeiting.

(20) "Good faith" means honesty in fact in the conduct or transaction concerned.

(21) "Holder" means:

(A) The person in possession of a negotiable instrument that is payable either to bearer or to an identified person that is the person in possession;

(B) The person in possession of a negotiable tangible document of title if the goods are deliverable either to bearer or to the order of the person in possession; or

(C) The person in control of a negotiable electronic document of title.

(22) "Insolvency proceeding" includes an assignment for the benefit of creditors or other proceeding intended to liquidate or rehabilitate the estate of the person involved.

(23) "Insolvent" means:

(A) Having generally ceased to pay debts in the ordinary course of business other than as a result of bona fide dispute;

(B) Being unable to pay debts as they become due; or

(C) Being insolvent within the meaning of federal bankruptcy law.

(24) "Money" means a medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two (2) or more countries.

(25) "Organization" means a person other than an individual.

(26) "Party," as distinguished from "third party," means a person that has engaged in a transaction or made an agreement subject to the uniform commercial code.

(27) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity.

(28) "Present value" means the amount as of a date certain of one (1) or more sums payable in the future, discounted to the date certain by use of either an interest rate specified by the parties if that rate is not manifestly unreasonable at the time the transaction is entered into or, if an interest rate is not so specified, a commercially reasonable rate that takes into account the facts and circumstances at the time the transaction is entered into.

(29) "Purchase" means taking by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift, or any other voluntary transaction creating an interest in property.

(30) "Purchaser" means a person that takes by purchase.

(31) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

(32) "Remedy" means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal.

(33) "Representative" means a person empowered to act for another, including an agent, an officer of a corporation or association, and a trustee, executor, or administrator of an estate.

(34) "Rights" includes remedy.

(35) "Security interest" means an interest in personal property or fixtures which secures payment or performance of an obligation. "Security interest" includes any interest of a consignor and a buyer of accounts, chattel paper, a payment intangible, or a promissory note in a transaction that is subject to chapter 9, title 28, Idaho Code. "Security interest" does not include the special property interest of a buyer of goods on identification of those goods to a contract for sale under section 28-2-401, Idaho Code, but a buyer may also acquire a "security interest" by complying with chapter 9, title 28, Idaho Code. Except as otherwise provided in section 28-2-505, Idaho Code, the right of a seller or lessor of goods under chapter 2 or chapter 12, title 28, Idaho Code, to retain or acquire possession of the goods is not a "security interest," but a seller or lessor may also acquire a "security interest" by complying with chapter 9, title 28, Idaho Code. The retention or reservation of title by a seller of goods notwithstanding shipment or delivery to the buyer under section 28-2-401, Idaho Code, is limited in effect to a reservation of a "security interest." Whether a transaction in the form of a lease creates a "security interest" is determined pursuant to section 28-1-203, Idaho Code.

(36) "Send" in connection with a writing, record, or notice means:

(A) To deposit in the mail or deliver for transmission by any other usual means of communication with postage or cost of transmission provided for and properly addressed and, in the case of an instrument, to an address specified thereon or otherwise agreed, or if there be none to any address reasonable under the circumstances; or

(B) In any other way to cause to be received any record or notice within the time it would have arrived if properly sent.

(37) "Signed" includes using any symbol executed or adopted with present intention to adopt or accept a writing.

(38) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.

(39) "Surety" includes a guarantor or other secondary obligor.

(40) "Term" means a portion of an agreement that relates to a particular matter.

(41) "Unauthorized signature" means a signature made without actual, implied, or apparent authority. The term includes a forgery.

(42) "Warehouse receipt" means a document of title issued by a person engaged in the business of storing goods for hire.

(43) "Written" or "writing" includes printing, typewriting, or any other intentional reduction to tangible form.

History:

[28-1-201, added 2004, ch. 309, sec. 2, p. 867.]
Idaho Code § 28-43-306 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-306
28-43-306 CERTAIN NEGOTIABLE INSTRUMENTS PROHIBITED.
Status: in_force

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-306. Certain negotiable instruments prohibited. With respect to a regulated consumer credit sale, the creditor may not take a negotiable instrument other than a check dated not later than ten (10) days after its issuance as evidence of the obligation of the debtor.

History:

[28-43-306, added 1983, ch. 119, sec. 3, p. 284.]
Idaho Code § 28-46-403 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-403
28-46-403 QUALIFICATIONS FOR PAYDAY LOAN LICENSE.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-403. Qualifications for payday loan license. (1) To qualify for a license, an applicant shall satisfy the following requirements:

(a) The applicant shall have liquid assets of at least thirty thousand dollars ($30,000) determined in accordance with generally accepted accounting principles, provided that applicants seeking to engage in the business of payday loans at more than one (1) location in the state shall have liquid assets of at least an additional five thousand dollars ($5,000) for each additional location in the state up to a maximum of seventy-five thousand dollars ($75,000) for all locations in the state; and

(b) The financial responsibility, financial condition, business experience, character and general fitness of the applicant shall reasonably warrant the administrator's belief that the applicant's business will be conducted lawfully and fairly. In determining whether this qualification has been met, and for the purpose of investigating compliance with this act, the administrator may review:

(i) The relevant business records and the capital adequacy of the applicant;

(ii) The competence, experience, integrity and financial ability of any applicant, and if the applicant is an entity, of any person who is a member, partner, director, senior officer or twenty-five percent (25%) or more equity owner of the applicant; and

(iii) Any record of conviction, on the part of the applicant, or any person referred to in subparagraph (ii) of this paragraph, of any criminal activity; any fraud or other act of personal dishonesty; any act, omission or practice which constitutes a breach of a fiduciary duty; or any suspension, revocation, removal or administrative action by any agency or department of the United States or any state, from participation in the conduct of any business.

(2) The requirements set forth in subsection (1) of this section are continuing in nature. A licensee shall meet the requirements of this section at all times while licensed pursuant to this part 4.

History:

[28-46-403, added 2003, ch. 182, sec. 1, p. 491; am. 2006, ch. 122, sec. 13, p. 354.]
Idaho Code § 28-9-330 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-330
28-9-330 PRIORITY OF PURCHASER OF CHATTEL PAPER OR INSTRUMENT.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-330. Priority of purchaser of chattel paper or instrument. (a) A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed merely as proceeds of inventory subject to a security interest if:

(1) In good faith and in the ordinary course of the purchaser's business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 28-9-105; and

(2) The chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser.

(b) A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 28-9-105 in good faith, in the ordinary course of the purchaser's business, and without knowledge that the purchase violates the rights of the secured party.

(c) Except as otherwise provided in section 28-9-327, a purchaser having priority in chattel paper under subsection (a) or (b) of this section also has priority in proceeds of the chattel paper to the extent that:

(1) Section 28-9-322 provides for priority in the proceeds; or

(2) The proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the purchaser's security interest in the proceeds is unperfected.

(d) Except as otherwise provided in section 28-9-331(a), a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party.

(e) For purposes of subsections (a) and (b) of this section, the holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory.

(f) For purposes of subsections (b) and (d) of this section, if chattel paper or an instrument indicates that it has been assigned to an identified secured party other than the purchaser, a purchaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the secured party.

History:

[28-9-330, added 2001, ch. 208, sec. 2, p. 750.]
Idaho Code § 28-43-308 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-308
28-43-308 REFERRAL SALES.
Status: in_force

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-308. Referral sales. With respect to a regulated consumer credit sale, the seller may not give or offer to give a rebate or discount or otherwise pay or offer to pay value to the debtor as an inducement for a sale for the debtor giving to the seller the names of prospective buyers, or otherwise aiding the seller in making a sale to another person, if the earning of the rebate, discount, or other value is contingent upon the occurrence of an event after the time the debtor agrees to buy. If a debtor is induced by a violation of this section to enter into a regulated consumer credit sale, the agreement is unenforceable by the seller and the debtor, at his option, may rescind the agreement or retain the property delivered and the benefit of any services performed, without any obligation to pay for them.

History:

[28-43-308, added 1983, ch. 119, sec. 3, p. 285.]
Idaho Code § 28-7-301 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-301
28-7-301 LIABILITY FOR NONRECEIPT OR MISDESCRIPTION — “SAID TO CONTAIN” — “SHIPPER'S WEIGHT, LOAD, AND COUNT” — IMPROPER HANDLING.
Status: in_force

PART 3.

BILLS OF LADING — SPECIAL PROVISIONS

28-7-301. Liability for nonreceipt or misdescription — "Said to contain" — "Shipper's weight, load, and count" — Improper handling. (a) A consignee of a nonnegotiable bill of lading which has given value in good faith, or a holder to which a negotiable bill has been duly negotiated, relying upon the description of the goods in the bill or upon the date shown in the bill, may recover from the issuer damages caused by the misdating of the bill or the nonreceipt or misdescription of the goods, except to the extent that the bill indicates that the issuer does not know whether any part or all of the goods in fact were received or conform to the description, such as in a case in which the description is in terms of marks or labels or kind, quantity, or condition or the receipt or description is qualified by "contents or condition of contents of packages unknown," "said to contain," "shipper's weight, load, and count," or words of similar import, if that indication is true.

(b) If goods are loaded by the issuer of a bill of lading:

(1) The issuer shall count the packages of goods if shipped in packages and ascertain the kind and quantity if shipped in bulk; and

(2) Words such as "shipper's weight, load, and count," or words of similar import indicating that the description was made by the shipper are ineffective except as to goods concealed in packages.

(c) If bulk goods are loaded by a shipper that makes available to the issuer of a bill of lading adequate facilities for weighing those goods, the issuer shall ascertain the kind and quantity within a reasonable time after receiving the shipper's request in a record to do so. In that case, "shipper's weight" or words of similar import are ineffective.

(d) The issuer of a bill of lading, by including in the bill the words "shipper's weight, load, and count," or words of similar import, may indicate that the goods were loaded by the shipper, and, if that statement is true, the issuer is not liable for damages caused by the improper loading. However, omission of such words does not imply liability for damages caused by improper loading.

(e) A shipper guarantees to an issuer the accuracy at the time of shipment of the description, marks, labels, number, kind, quantity, condition, and weight, as furnished by the shipper, and the shipper shall indemnify the issuer against damage caused by inaccuracies in those particulars. This right of indemnity does not limit the issuer's responsibility or liability under the contract of carriage to any person other than the shipper.

History:

[28-7-301, added 2004, ch. 42, sec. 2, p. 87.]
Idaho Code § 28-36-102 — Idaho Code / Title 28 / Chapter 36 / Section 28-36-102
28-36-102 DEFINITIONS.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATORS

28-36-102. Definitions. As used in this chapter:

(1) "Advertisement" means a commercial message in any medium that promotes, directly or indirectly, a lease-purchase agreement.

(2) "Consumer" means a natural person who rents personal property under a lease-purchase agreement to be used by the consumer primarily for personal, family or household purposes.

(3) "Consummation" means the time a consumer enters a lease-purchase agreement.

(4) "Lessor" means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement.

(5) "Lease-purchase agreement" means an agreement by a lessor and a consumer for the use of personal property by a consumer primarily for personal, family or household purposes, for an initial period of four (4) months or less that is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property.

(6) "Renewal date" means the date specified in the lease-purchase agreement upon which the consumer must either return the personal property to the lessor or renew the lease-purchase agreement.

History:

[28-36-102, added 1993, ch. 232, sec. 1, p. 807.]
Idaho Code § 28-12-527 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-527
28-12-527 LESSOR'S RIGHTS TO DISPOSE OF GOODS.
Status: in_force

PART 5.

DEFAULT

28-12-527. Lessor's rights to dispose of goods. (1) After a default by a lessee under the lease contract of the type described in section 28-12-523(1) or 28-12-523(3)(a) or after the lessor refuses to deliver or takes possession of goods (section 28-12-525 or 28-12-526), or, if agreed, after other default by a lessee, the lessor may dispose of the goods concerned or the undelivered balance thereof by lease, sale or otherwise.

(2) Except as otherwise provided with respect to damages liquidated in the lease agreement (section 28-12-504) or otherwise determined pursuant to agreement of the parties (sections 28-1-302 and 28-12-503), if the disposition is by lease agreement substantially similar to the original lease agreement and the new lease agreement is made in good faith and in a commercially reasonable manner, the lessor may recover from the lessee as damages (i) accrued and unpaid rent as of the date of the commencement of the term of the new lease agreement, (ii) the present value, as of the same date, of the total rent for the then remaining lease term of the original lease agreement minus the present value, as of the same date, of the rent under the new lease agreement applicable to that period of the new lease term which is comparable to the then remaining term of the original lease agreement, and (iii) any incidental damages allowed under section 28-12-530, less expenses saved in consequence of the lessee's default.

(3) If the lessor's disposition is by lease agreement that for any reason does not qualify for treatment under the provisions of subsection (2) of this section, or is by sale or otherwise, the lessor may recover from the lessee as if the lessor had elected not to dispose of the goods and section 28-12-528 governs.

(4) A subsequent buyer or lessee who buys or leases from the lessor in good faith for value as a result of a disposition under the provisions of this section takes the goods free of the original lease contract and any rights of the original lessee even though the lessor fails to comply with one or more of the requirements of this chapter.

(5) The lessor is not accountable to the lessee for any profit made on any disposition. A lessee who has rightfully rejected or justifiably revoked acceptance shall account to the lessor for any excess over the amount of the lessee's security interest (section 28-12-508(5)).

History:

[28-12-527, added 1993, ch. 287, sec. 1, p. 1010; am. 2004, ch. 43, sec. 41, p. 162.]
Idaho Code § 28-46-506 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-506
28-46-506 RENEWAL OF TITLE LOAN AGREEMENTS.
Status: in_force

PART 5

TITLE LOAN ACT

28-46-506. Renewal of title loan agreements. (1) Title loan agreements shall not exceed thirty (30) days in length. However, such agreements may provide for renewals, which may occur automatically, unless one (1) of the following has occurred:

(a) The debtor has paid all principal and finance charges due in accordance with the title loan agreement;

(b) The debtor has surrendered possession, title and all other interest in and to the titled personal property to the title lender; or

(c) The title lender has notified the debtor in writing that the title loan agreement is not to be renewed.

(2) A debtor has the right to cancel the debtor's obligation to make payments under a title loan agreement until the close of the next business day after the day when the debtor signs a title loan agreement if the debtor returns the original check or cash to the location where the loan was originated. For the purpose of this section, "business day" means any day that the title loan office is open for business.

(3) Notwithstanding any provision of this part 5 to the contrary, beginning with the third renewal or continuation and at each successive renewal or continuation thereafter, the debtor shall be required to make a payment of at least ten percent (10%) of the principal amount of the original title loan in addition to any finance charges that are due. Finance charges due at each successive renewal or continuation shall be calculated on the outstanding principal balance. Principal payments in excess of the ten percent (10%) required principal reduction shall be credited to the outstanding principal on the day received. If at the maturity of any renewal requiring a principal reduction, the debtor has not made previous principal reductions adequate to satisfy the current required principal reduction, and the debtor cannot repay at least ten percent (10%) of the original principal balance and any outstanding finance charges, the title lender may, but shall not be obligated to, defer any required principal payment until a future date. No further finance charges may accrue on any such principal amount thus deferred.

(4) Within fourteen (14) days after a title loan is automatically renewed, the title lender shall provide the debtor written notice of the renewal either by personal delivery to the debtor or by deposit in the regular mail to the debtor's residential address listed in the title loan agreement. For the purpose of this section, a renewal is any extension of a title loan for an additional period without any change in the terms of the title loan other than extension of the maturity date and a reduction in principal.

History:

[28-46-506, added 2006, ch. 323, sec. 1, p. 1026.]
Idaho Code § 28-4-624 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-624
28-4-624 DUTY OF SENDER TO REPORT ERRONEOUSLY EXECUTED PAYMENT ORDER.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-624. Duty of sender to report erroneously executed payment order. If the sender of a payment order that is erroneously executed as stated in section 28-4-623 receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding ninety (90) days after the notification from the bank was received by the sender. If the sender fails to perform that duty, the bank is not obliged to pay interest on any amount refundable to the sender under section 28-4-627(4) for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender on account of a failure by the sender to perform the duty stated in this section.

History:

[28-4-624, added 1991, ch. 135, sec. 1, p. 309.]
Idaho Code § 28-2-402 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-402
28-2-402 RIGHTS OF SELLER'S CREDITORS AGAINST SOLD GOODS.
Status: in_force

PART 4.

TITLE, CREDITORS AND GOOD FAITH PURCHASERS

28-2-402. Rights of seller's creditors against sold goods. (1) Except as provided in subsections (2) and (3), rights of unsecured creditors of the seller with respect to goods which have been identified to a contract for sale are subject to the buyer's rights to recover the goods under this chapter (sections 28-2-502 and 28-2-716).

(2) A creditor of the seller may treat a sale or an identification of goods to a contract for sale as void if as against him a retention of possession by the seller is fraudulent under any rule of law of the state where the goods are situated, except that retention of possession in good faith and current course of trade by a merchant-seller for a commercially reasonable time after a sale or identification is not fraudulent.

(3) Nothing in this chapter shall be deemed to impair the rights of creditors of the seller

(a) under the provisions of the chapter on Secured Transactions (chapter 9); or

(b) where identification to the contract or delivery is made not in current course of trade but in satisfaction of or as security for a pre-existing claim for money, security or the like and is made under circumstances which under any rule of law of the state where the goods are situated would apart from this chapter constitute the transaction a fraudulent transfer or voidable preference.

History:

[28-2-402, added 1967, ch. 161, sec. 2-402, p. 351.]
Idaho Code § 28-9-315 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-315
28-9-315 SECURED PARTY'S RIGHTS ON DISPOSITION OF COLLATERAL AND IN PROCEEDS.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-315. Secured party's rights on disposition of collateral and in proceeds. (a) Except as otherwise provided in this chapter and in section 28-2-403(2):

(1) A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and

(2) A security interest attaches to any identifiable proceeds of collateral.

(b) Proceeds that are commingled with other property are identifiable proceeds:

(1) If the proceeds are goods, to the extent provided by section 28-9-336; and

(2) If the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this chapter with respect to commingled property of the type involved.

(c) A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.

(d) A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless:

(1) The following conditions are satisfied:

(A) a filed financing statement covers the original collateral;

(B) the proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and

(C) the proceeds are not acquired with cash proceeds;

(2) The proceeds are identifiable cash proceeds; or

(3) The security interest in the proceeds is perfected other than under subsection (c) of this section when the security interest attaches to the proceeds or within twenty (20) days thereafter.

(e) If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection (d)(1) of this section becomes unperfected at the later of:

(1) When the effectiveness of the filed financing statement lapses under section 28-9-515 or is terminated under section 28-9-513; or

(2) The twenty-first day after the security interest attaches to the proceeds.

History:

[28-9-315, added 2001, ch. 208, sec. 2, p. 737.]
Idaho Code § 28-3-311 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-311
28-3-311 LOST, DESTROYED, OR STOLEN CASHIER'S CHECK, TELLER'S CHECK OR CERTIFIED CHECK.
Status: in_force

PART 3.

ENFORCEMENT OF INSTRUMENTS

28-3-311. Lost, destroyed, or stolen cashier's check, teller's check or certified check. (1) In this section:

(a) "Check" means a cashier's check, teller's check or certified check.

(b) "Claimant" means a person who claims the right to receive the amount of a cashier's check, teller's check, or certified check that was lost, destroyed or stolen.

(c) "Declaration of loss" means a written statement, made under penalty of perjury, to the effect that (i) the declarer lost possession of a check, (ii) the declarer is the drawer or payee of the check, in the case of a certified check, or the remitter or payee of the check, in the case of a cashier's check or teller's check, (iii) the loss of possession was not the result of a transfer by the declarer or a lawful seizure, and (iv) the declarer cannot reasonably obtain possession of the check because the check was destroyed, its whereabouts cannot be determined, or it is in the wrongful possession of an unknown person or a person that cannot be found or is not amenable to service of process.

(d) "Obligated bank" means the issuer of a cashier's check or teller's check or the acceptor of a certified check.

(2) A claimant may assert a claim to the amount of a check by a communication to the obligated bank describing the check with reasonable certainty and requesting payment of the amount of the check, if (i) the claimant is the drawer or payee of a certified check or the remitter or payee of a cashier's check or teller's check, (ii) the communication contains or is accompanied by a declaration of loss of the claimant with respect to the check, (iii) the communication is received at a time and in a manner affording the bank a reasonable time to act on it before the check is paid, and (iv) the claimant provides reasonable identification if requested by the obligated bank. Delivery of a declaration of loss is a warranty of the truth of the statements made in the declaration. If a claim is asserted in compliance with this subsection, the following rules apply:

(a) The claim becomes enforceable at the later of (i) the time the claim is asserted, or (ii) the 90th day following the date of the check, in the case of a cashier's check or teller's check, or the 90th day following the date of the acceptance, in the case of a certified check.

(b) Until the claim becomes enforceable, it has no legal effect and the obligated bank may pay the check or, in the case of a teller's check, may permit the drawee to pay the check. Payment to a person entitled to enforce the check discharges all liability of the obligated bank with respect to the check.

(c) If the claim becomes enforceable before the check is presented for payment, the obligated bank is not obliged to pay the check.

(d) When the claim becomes enforceable, the obligated bank becomes obliged to pay the amount of the check to the claimant if payment of the check has not been made to a person entitled to enforce the check. Subject to section 28-4-302(1)(a), payment to the claimant discharges all liability of the obligated bank with respect to the check.

(3) If the obligated bank pays the amount of a check to a claimant under subsection (2)(d) of this section and the check is presented for payment by a person having rights of a holder in due course, the claimant is obliged to (i) refund the payment to the obligated bank if the check is paid, or (ii) pay the amount of the check to the person having rights of a holder in due course if the check is dishonored.

(4) If a claimant has the right to assert a claim under subsection (2) of this section and is also a person entitled to enforce a cashier's check, teller's check or certified check which is lost, destroyed or stolen, the claimant may assert rights with respect to the check either under this section or section 28-3-309.

History:

[28-3-311, added 1993, ch. 288, sec. 2, p. 1037.]
Idaho Code § 28-9-332 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-332
28-9-332 TRANSFER OF MONEY — TRANSFER OF FUNDS FROM DEPOSIT ACCOUNT.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-332. Transfer of money — Transfer of funds from deposit account. (a) A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.

(b) A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.

History:

[28-9-332, added 2001, ch. 208, sec. 2, p. 751.]
Idaho Code § 28-3-119 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-119
28-3-119 NOTICE OF RIGHT TO DEFEND ACTION.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-119. Notice of right to defend action. In an action for breach of an obligation for which a third person is answerable over pursuant to this chapter or chapter 4, the defendant may give the third person written notice of the litigation, and the person notified may then give similar notice to any other person who is answerable over. If the notice states (i) that the person notified may come in and defend and (ii) that failure to do so will bind the person notified in an action later brought by the person giving the notice as to any determination of fact common to the two (2) litigations, the person notified is so bound unless after seasonable receipt of the notice the person notified does come in and defend.

History:

[28-3-119, added 1993, ch. 288, sec. 2, p. 1029.]
Idaho Code § 28-2-325 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-325
28-2-325 “LETTER OF CREDIT” TERM — “CONFIRMED CREDIT.”
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-325. "Letter of credit" term — "Confirmed credit." (1) Failure of the buyer seasonably to furnish an agreed letter of credit is a breach of the contract for sale.

(2) The delivery to seller of a proper letter of credit suspends the buyer's obligation to pay. If the letter of credit is dishonored, the seller may on seasonable notification to the buyer require payment directly from him.

(3) Unless otherwise agreed the term "letter of credit" or "banker's credit" in a contract for sale means an irrevocable credit issued by a financing agency of good repute and, where the shipment is overseas, of good international repute. The term "confirmed credit" means that the credit must also carry the direct obligation of such an agency which does business in the seller's financial market.

History:

[28-2-325, added 1967, ch. 161, sec. 2-325, p. 351.]
Idaho Code § 28-9-523 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-523
28-9-523 INFORMATION FROM FILING OFFICE — SALE OR LICENSE OF RECORDS — FARM PRODUCTS — MASTER LISTS.
Status: in_force

PART 5.

FILING

28-9-523. Information from filing office — Sale or license of records — Farm products — Master lists. (a) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to section 28-9-519(a)(1) and the date and time of the filing of the record. However, if the person furnishes a copy of the record to the filing office, the filing office may instead:

(1) Note upon the copy the number assigned to the record pursuant to section 28-9-519(a)(1) and the date and time of the filing of the record; and

(2) Send the copy to the person.

(b) If a person files a record other than a written record, the filing office shall communicate to the person an acknowledgment that provides:

(1) The information in the record;

(2) The number assigned to the record pursuant to section 28-9-519(a)(1); and

(3) The date and time of the filing of the record.

(c) The filing office shall communicate or otherwise make available in a record the following information to any person that requests it:

(1) Whether there is on file on a date and time specified by the filing office, but not a date earlier than three (3) business days before the filing office receives the request, any financing statement that:

(A) designates a particular debtor;

(B) has not lapsed under section 28-9-515 with respect to all secured parties of record; and

(C) if the request so states, has lapsed under section 28-9-515 and a record of which is maintained by the filing office under section 28-9-522(a);

(2) The date and time of filing of each financing statement; and

(3) The information provided in each financing statement.

(d) In complying with its duty under subsection (c) of this section, the filing office may communicate information in any medium. However, if requested, the filing office shall communicate information by issuing a record that can be admitted into evidence in the courts of this state without extrinsic evidence of its authenticity.

(e) The filing office shall perform the acts required by subsections (a) through (d) of this section at the time and in the manner prescribed by filing office rule, but in the case of a filing office described in section 28-9-501(a)(2), not later than two (2) business days after the filing office receives the request.

(f) At least weekly, the filing office shall offer to sell or license to the public on a nonexclusive basis, in bulk, copies of all records filed in it under this part, in every medium from time to time available to the filing office.

(g) The secretary of state shall maintain a central filing system containing the information filed with his office pursuant to section 28-9-502(e). Under this system the secretary shall record the date and time of filing and compile the information into a master list organized according to farm products. The list shall be organized within each farm product category in alphabetical order according to the last name of the borrower or, in the case of borrowers doing business other than as individuals, the first word in the name of such borrower. The list shall be further organized according to and contain information required by federal law and regulation. The secretary of state shall, by duly adopted administrative rule, designate the categories of farm products to be used in compiling the master list. The secretary of state may establish and maintain, pursuant to duly adopted administrative rule, a separate system for filing of financing statements and search, retrieval and dissemination of information relating to financing statements for farm products, and require separate search requests for such information pursuant to a fee schedule to be established in such administrative rule.

(h) The secretary of state shall maintain a list of all buyers of farm products, commission merchants, and selling agents who register with the secretary of state indicating an interest in receiving the lists described in subsection (i) of this section.

(i) The secretary of state shall distribute complete master lists for each farm product category at least quarterly to each buyer, commission merchant and selling agent registered under subsection (h) of this section and distribute either complete lists or cumulative supplements, which supplements shall be issued not less frequently than semimonthly, of financing statements covering farm products filed subsequent to the last date of filing for financing statements on the last preceding quarterly master list, which the buyer, commission merchant or selling agent has requested. The date of receipt for lists and supplements shall be the third calendar day following the date of mailing by the secretary of state, or in the event the mail is not delivered on that day, the first day thereafter on which mail is delivered.

(j) Upon the request of any person the secretary of state shall provide, within twenty-four (24) hours, an oral confirmation of the filing of the financing statement covering farm products followed by a written confirmation.

(k) Upon request of any person, the filing officer shall furnish copies of particular filed financing statements covering farm products or statements of assignment covering farm products at a uniform cost of one dollar ($1.00) per page if the requestor provides the filing officer with the file numbers of the statement to be copied.

History:

[28-9-523, added 2001, ch. 208, sec. 2, p. 777.]
Idaho Code § 28-3-205 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-205
28-3-205 SPECIAL INDORSEMENT — BLANK INDORSEMENT — ANOMALOUS INDORSEMENT.
Status: in_force

PART 2.

NEGOTIATION, TRANSFER, AND INDORSEMENT

28-3-205. Special indorsement — Blank indorsement — Anomalous indorsement. (1) If an indorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the indorsement identifies a person to whom it makes the instrument payable, it is a "special indorsement." When specially indorsed, an instrument becomes payable to the identified person and may be negotiated only by the indorsement of that person. The principles stated in section 28-3-110 apply to special indorsements.

(2) If an indorsement is made by the holder of an instrument and it is not a special indorsement, it is a "blank indorsement." When indorsed in blank, an instrument becomes payable to bearer and may be negotiated by transfer of possession alone until specially indorsed.

(3) The holder may convert a blank indorsement that consists only of a signature into a special indorsement by writing, above the signature of the indorser, words identifying the person to whom the instrument is made payable.

(4) "Anomalous indorsement" means an indorsement made by a person who is not the holder of the instrument. An anomalous indorsement does not affect the manner in which the instrument may be negotiated.

History:

[28-3-205, added 1993, ch. 288, sec. 2, p. 1030.]
Idaho Code § 28-2-712 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-712
28-2-712 “COVER” — BUYER'S PROCUREMENT OF SUBSTITUTE GOODS.
Status: in_force

PART 7.

REMEDIES

28-2-712. "Cover" — Buyer's procurement of substitute goods. (1) After a breach within the preceding section the buyer may "cover" by making in good faith and without unreasonable delay any reasonable purchase of or contract to purchase goods in substitution for those due from the seller.

(2) The buyer may recover from the seller as damages the difference between the cost of cover and the contract price together with any incidental or consequential damages as hereinafter defined (section 28-2-715), but less expenses saved in consequence of the seller's breach.

(3) Failure of the buyer to effect cover within this section does not bar him from any other remedy.

History:

[28-2-712, added 1967, ch. 161, sec. 2-712, p. 351.]