Idaho Code § 28-46-112 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-112
28-46-112 TEMPORARY RELIEF.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-112. Temporary relief. With respect to an action brought to enjoin violations of the act, section 28-46-110, Idaho Code, or unconscionable agreements or fraudulent or unconscionable conduct, section 28-46-111, Idaho Code, the administrator may apply to the court for appropriate temporary relief against a respondent, pending final determination of proceedings. If the court finds after a hearing held upon notice to the respondent that there is reasonable cause to believe that the respondent is engaging in or is likely to engage in conduct sought to be restrained, it may grant any temporary relief or restraining order it deems appropriate.

History:

[28-46-112, added 1983, ch. 119, sec. 3, p. 305.]
Idaho Code § 28-4-214 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-214
28-4-214 RIGHT OF CHARGE-BACK OR REFUND — LIABILITY OF COLLECTING BANK — RETURN OF ITEM.
Status: in_force

PART 2.

COLLECTION OF ITEMS — DEPOSITARY AND COLLECTING BANKS

28-4-214. Right of charge-back or refund — Liability of collecting bank — Return of Item. (1) If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by a bank, or otherwise to receive a settlement for the item which is or becomes final, the bank may revoke the settlement given by it, charge back the amount of any credit given for the item to its customer's account, or obtain refund from its customer, whether or not it is able to return the item, if by its midnight deadline or within a longer reasonable time after it learns the facts it returns the item or sends notification of the facts. If the return or notice is delayed beyond the bank's midnight deadline or a longer reasonable time after it learns the facts, the bank may revoke the settlement, charge back the credit, or obtain refund from its customer, but it is liable for any loss resulting from the delay. These rights to revoke, charge back and obtain refund terminate if and when a settlement for the item received by the bank is or becomes final.

(2) A collecting bank returns an item when it is sent or delivered to the bank's customer or transferor or pursuant to its instructions.

(3) A depositary bank that is also the payor may charge back the amount of an item to its customer's account or obtain refund in accordance with the section governing return of an item received by a payor bank for credit on its books (section 28-4-301).

(4) The right to charge back is not affected by:

(a) previous use of a credit given for the item; or

(b) failure by any bank to exercise ordinary care with respect to the item, but a bank so failing remains liable.

(5) A failure to charge back or claim refund does not affect other rights of the bank against the customer or any other party.

(6) If credit is given in dollars as the equivalent of the value of an item payable in foreign money, the dollar amount of any charge-back or refund must be calculated on the basis of the bank-offered spot rate for the foreign money prevailing on the day when the person entitled to the charge-back or refund learns that it will not receive payment in ordinary course.

History:

[(28-4-214) 1967, ch. 161, sec. 4-212, p. 351; am. and redesig. 1993, ch. 288, sec. 30, p. 1065.]
Idaho Code § 28-43-204 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-204
28-43-204 RECEIPTS — STATEMENTS OF ACCOUNT — EVIDENCE OF PAYMENT.
Status: in_force

PART 2.

DISCLOSURE

28-43-204. Receipts — Statements of account — Evidence of payment. (1) The creditor shall deliver or mail to the debtor, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a regulated consumer credit transaction. A periodic statement showing a payment received by mail complies with this subsection.

(2) Upon written request of a debtor, the person to whom an obligation is owed pursuant to a regulated consumer credit transaction, except one pursuant to open-end consumer credit, shall provide a written statement of the dates and amounts of payments made within the twelve (12) months preceding the month in which the request is received and the total amount unpaid as of the end of the period covered by the statement. The statement shall be provided without charge once during each year of the term of the obligation. If additional statements are requested, the creditor may make a reasonable charge not in excess of ten dollars ($10.00) for each additional statement.

(3) After a debtor has fulfilled all obligations with respect to a regulated consumer credit transaction, except one pursuant to open-end consumer credit, the person to whom the obligation was owed, upon request of the debtor, shall deliver or mail to the debtor written evidence acknowledging payment in full of all obligations with respect to the transaction.

History:

[28-43-204, added 1983, ch. 119, sec. 3, p. 282.]
Idaho Code § 28-1-206 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-206
28-1-206 PRESUMPTIONS.
Status: in_force

PART 2.

GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION

28-1-206. Presumptions. Whenever the uniform commercial code creates a "presumption" with respect to a fact, or provides that a fact is "presumed," the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence.

History:

[28-1-206, added 2004, ch. 43, sec. 17, p. 148.]
Idaho Code § 28-12-504 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-504
28-12-504 LIQUIDATION OF DAMAGES.
Status: in_force

PART 5.

DEFAULT

28-12-504. Liquidation of damages. (1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor's residual interest, may be liquidated in the lease agreement but only at an amount or by a formula that is reasonable in light of the then anticipated harm caused by the default or other act or omission.

(2) If the lease agreement provides for liquidation of damages, and such provision does not comply with the provisions of subsection (1) of this section, or such provision is an exclusive or limited remedy that circumstances cause to fail of its essential purpose, remedy may be had as provided in this chapter.

(3) If the lessor justifiably withholds or stops delivery of goods because of the lessee's default or insolvency (section 28-12-525 or 28-12-526), the lessee is entitled to restitution of any amount by which the sum of his payments exceeds:

(a) The amount to which the lessor is entitled by virtue of terms liquidating the lessor's damages in accordance with the provisions of subsection (1) of this section; or

(b) In the absence of those terms, twenty percent (20%) of the then present value of the total rent the lessee was obligated to pay for the balance of the lease term, or, in the case of a consumer lease, the lesser of such amount or five hundred dollars ($500).

(4) A lessee's right to restitution under the provisions of subsection (3) of this section is subject to offset to the extent the lessor establishes:

(a) A right to recover damages under the provisions of this chapter other than the provisions of subsection (1) of this section; and

(b) The amount or value of any benefits received by the lessee directly or indirectly by reason of the lease contract.

History:

[28-12-504, added 1993, ch. 287, sec. 1, p. 1000.]
Idaho Code § 28-9-805 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-805
28-9-805 EFFECTIVENESS OF ACTION TAKEN BEFORE EFFECTIVE DATE.
Status: in_force

PART 8.

TRANSITION PROVISIONS FOR 2011 AMENDMENTS

28-9-805. effectiveness of action taken before effective date. (a) 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 chapter as amended by this act.

(b) 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 this chapter as it existed before amendment. However, except as otherwise provided in subsections (c) and (d) of this section and section 28-9-806, Idaho Code, the financing statement ceases to be effective:

(1) If the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had this act not taken effect; or

(2) If the financing statement is filed in another jurisdiction, at the earlier of:

(A) the time the financing statement would have ceased to be effective under the law of that jurisdiction; or

(B) June 30, 2018.

(c) 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 this chapter as amended by this act, 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.

(d) Subsection (b)(2)(B) 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 this chapter as it existed before amendment, only to the extent that this chapter as amended by this act provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.

(e) 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 of this chapter as amended by this act for an initial financing statement. A financing statement that indicates that the debtor is a decedent's estate indicates that the collateral is being administered by a personal representative within the meaning of section 28-9-503(a)(2), Idaho Code, as amended by this act. A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of section 28-9-503(a)(3), Idaho Code, as amended by this act.

History:

[28-9-805, added 2012, ch. 145, sec. 20, p. 410.]
Idaho Code § 28-45-103 — Idaho Code / Title 28 / Chapter 45 / Section 28-45-103
28-45-103 RESTRICTIONS ON DEFICIENCY JUDGMENTS.
Status: in_force

PART 1.

LIMITATIONS ON CREDITORS' REMEDIES

28-45-103. Restrictions on deficiency judgments. (1) This section applies to a regulated consumer credit sale of goods or services.

(2) If the seller repossesses or voluntarily accepts surrender of goods which were the subject of the sale and in which he has a security interest and the cash price of the goods repossessed or surrendered was one thousand dollars ($1,000) or less, the buyer is not personally liable to the seller for the unpaid balance of the debt arising from the sale of the goods, and the seller is not obligated to resell the collateral.

(3) If the seller repossesses or voluntarily accepts surrender of goods which were not the subject of the sale but in which he has a security interest to secure a debt arising from a sale of goods or services or a combined sale of goods and services and the cash price of the sale was one thousand dollars ($1,000) or less, the buyer is not personally liable to the seller for the unpaid balance of the debt arising from the sale.

(4) For the purpose of determining the unpaid balance of consolidated debts or debts pursuant to open-end consumer credit, the allocation of payments to a debt shall be determined in the same manner as provided for determining the amount of debt secured by various security interests section 28-43-303, Idaho Code.

(5) The buyer may be liable in damages to the seller if the buyer has wrongfully damaged the collateral or if, after default and demand, the buyer has wrongfully failed to make the collateral available to the seller.

(6) If the seller elects to bring an action against the buyer for a debt arising from a regulated consumer credit sale of goods or services, when under this section he would not be entitled to a deficiency judgment if he repossessed the collateral, and obtains judgment:

(a) He may not repossess the collateral; and

(b) The collateral is not subject to levy or sale on execution or similar proceedings pursuant to the judgment.

History:

[28-45-103, added 1983, ch. 119, sec. 3, p. 294.]
Idaho Code § 28-1-305 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-305
28-1-305 REMEDIES TO BE LIBERALLY ADMINISTERED.
Status: in_force

PART 3.

TERRITORIAL APPLICABILITY AND GENERAL RULES

28-1-305. Remedies to be liberally administered. (a) The remedies provided by the uniform commercial code shall be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fully performed but neither consequential or special nor penal damages may be had except as specifically provided in the uniform commercial code or by other rule of law.

(b) Any right or obligation declared by the uniform commercial code is enforceable by action unless the provision declaring it specifies a different and limited effect.

History:

[(28-1-305) 28-1-106, added 1967, ch. 161, sec. 1-106, p. 351; am. and redesig. 2004, ch. 43, sec. 23, p. 151.]
Idaho Code § 28-3-602 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-602
28-3-602 PAYMENT.
Status: in_force

PART 6.

DISCHARGE AND PAYMENT

28-3-602. Payment. (1) Subject to subsection (2) of this section, an instrument is paid to the extent payment is made (i) by or on behalf of a party obliged to pay the instrument, and (ii) to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party obliged to pay the instrument is discharged even though payment is made with knowledge of a claim to the instrument under section 28-3-306 by another person.

(2) The obligation of a party to pay the instrument is not discharged under subsection (1) of this section if:

(a) A claim to the instrument under section 28-3-306 is enforceable against the party receiving payment and (i) payment is made with knowledge by the payor that payment is prohibited by injunction or similar process of a court of competent jurisdiction, or (ii) in the case of an instrument other than a cashier's check, teller's check or certified check, the party making payment accepted, from the person having a claim to the instrument, indemnity against loss resulting from refusal to pay the person entitled to enforce the instrument; or

(b) The person making payment knows that the instrument is a stolen instrument and pays a person it knows is in wrongful possession of the instrument.

History:

[28-3-602, added 1993, ch. 288, sec. 2, p. 1051.]
Idaho Code § 28-5304 — Idaho Code / Title 28 / Chapter 53 / Section 28-5304
28-5304 CLASSIFICATION OF DIGITAL ASSETS.
Status: in_force

28-5304. Classification of digital assets. Digital assets are intangible personal property and are classified as follows:

(1) Digital assets are intangible personal property and are general intangibles as defined in section 28-9-102, Idaho Code.

(2) Digital securities are intangible personal property and are investment property as defined in section 28-9-102, Idaho Code.

(3) Virtual currency is intangible personal property and is not a security, notwithstanding section 30-14-102, Idaho Code.

History:

[28-5304, added 2022, ch. 284, sec. 1, p. 902.]
Idaho Code § 28-52-106 — Idaho Code / Title 28 / Chapter 52 / Section 28-52-106
28-52-106 FEES FOR SECURITY FREEZE.
Status: in_force

28-52-106. Fees for security freeze. (1) Except as provided in subsection (2) of this section, a consumer reporting agency may not charge an administrative fee to a consumer for the first placement of a security freeze during a twelve (12) month period, and for the first temporary lift of a security freeze during a twelve (12) month period. A consumer reporting agency may charge an administrative fee, not to exceed six dollars ($6.00), to a consumer for the second or subsequent placement of a security freeze during a twelve (12) month period, and six dollars ($6.00) for the second or subsequent temporary lift of a security freeze during a twelve (12) month period.

(2) A consumer reporting agency may not charge a fee under section 28-52-103(1)(c), Idaho Code, to a consumer who has been the victim of identity theft and who has submitted to the consumer reporting agency a valid police report, an investigative report or complaint that the consumer has filed with a law enforcement agency.

(3) A consumer may be charged a reasonable fee, not to exceed ten dollars ($10.00), if the consumer fails to retain the original personal identification number, password or other device provided by the consumer reporting agency and if the consumer asks the consumer reporting agency to reissue the same or a new personal identification number, password or other device.

History:

[28-52-106, added 2008, ch. 177, sec. 2, p. 527; am. 2018, ch. 163, sec. 1, p. 322.]
Idaho Code § 28-23-103 — Idaho Code / Title 28 / Chapter 23 / Section 28-23-103
28-23-103 PROVISIONS OF CONTRACT SUPPLEMENTED.
Status: in_force

28-23-103. Provisions of contract supplemented. The provisions of this section shall be supplemental to any agreement between the retailer and the manufacturer, wholesaler or distributor covering the return of farm implements, equipment, machinery, attachments or repair parts. The retailer can elect to pursue either his contract remedy or the remedy provided herein, and an election by the retailer to pursue his contract remedy shall not bar his right to the remedy provided herein as to those farm implements, equipment, machinery, attachments or repair parts not affected by the contract remedy. Notwithstanding anything contained herein, the rights of a manufacturer, wholesaler or distributor to charge back to the retailer's account amounts previously paid or credited as a discount incident to the retailer's purchase of goods shall not be affected. Further, any repurchase hereunder shall not be subject to the provisions of the bulk sales law.

History:

[28-23-103, added 1975, ch. 97, sec. 3, p. 197; am. 2011, ch. 270, sec. 4, p. 732.]
Idaho Code § 28-4-620 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-620
28-4-620 LIABILITY AND DUTY OF RECEIVING BANK REGARDING UNACCEPTED PAYMENT ORDER.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-620. Liability and duty of receiving bank regarding unaccepted payment order. If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this part, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this part or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in section 28-4-617, and liability is limited to that provided in this part. A receiving bank is not the agent of the sender or beneficiary of the payment order it accepts, or of any other party to the funds transfer, and the bank owes no duty to any party to the funds transfer except as provided in this part or by express agreement.

History:

[28-4-620, added 1991, ch. 135, sec. 1, p. 307.]
Idaho Code § 28-44-201 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-201
28-44-201 TERM OF INSURANCE.
Status: in_force

PART 2.

CREDIT INSURANCE

28-44-201. Term of insurance. (1) Credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not such evidence is required, the term of the insurance shall commence no later than when the debtor becomes obligated to the creditor or when the debtor applies for the insurance, whichever is later, except as follows:

(a) If any required evidence of insurability is not furnished until more than thirty (30) days after the term would otherwise commence, the term may commence on the date when the insurer determines the evidence to be satisfactory; or

(b) If the creditor provides insurance not previously provided covering debts previously created, the term may commence on the effective date of the policy.

(2) The originally scheduled term of the insurance shall extend at least until the due date of the last scheduled payment of the debt except as follows:

(a) If the insurance relates to an open-end consumer credit account, the term need only extend until the payment of the debt under the account and may be sooner terminated after at least thirty (30) days notice to the debtor; or

(b) If the debtor is advised in writing that the insurance will be written for a specified shorter time, the term need only extend until the end of the specified time.

(3) The term of the insurance shall not extend more than fifteen (15) days after the originally scheduled due date of the last scheduled payment of the debt unless it is extended without additional cost to the debtor or as an incident to a deferral, refinancing, or consolidation.

History:

[28-44-201, added 1983, ch. 119, sec. 3, p. 291.]
Idaho Code § 28-46-111 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-111
28-46-111 INJUNCTIONS AGAINST UNCONSCIONABLE AGREEMENTS AND FRAUDULENT OR UNCONSCIONABLE CONDUCT INCLUDING DEBT COLLECTION.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-111. Injunctions against unconscionable agreements and fraudulent or unconscionable conduct including debt collection. (1) The administrator may bring a civil action to restrain a person to whom this part applies from engaging in a course of:

(a) Making or enforcing unconscionable terms or provisions of regulated consumer credit transactions;

(b) Fraudulent or unconscionable conduct in inducing debtors to enter into regulated consumer credit transactions;

(c) Conduct of any of the types specified in paragraph (a) or (b) of this subsection, with respect to transactions that give rise to or that lead persons to believe will give rise to regulated consumer credit transactions; or

(d) Fraudulent or unconscionable conduct in the collection of debts arising from regulated consumer credit transactions.

(2) In an action brought pursuant to this section, the court may grant relief only if it finds:

(a) That the respondent has made unconscionable agreements or has engaged or is likely to engage in a course of fraudulent or unconscionable conduct;

(b) That the respondent's agreements have caused or are likely to cause, or the conduct of the respondent has caused or is likely to cause, injury to debtors; and

(c) That the respondent has been able to cause or will be able to cause the injury primarily because the transactions involved are consumer credit transactions.

(3) In applying this section, consideration shall be given to each of the following factors, among others:

(a) Belief by the creditor at the time regulated consumer credit transactions are made that there was no reasonable probability of payment in full of the obligation by the debtor;

(b) In the case of regulated consumer credit sales, knowledge by the seller at the time of the sale of the inability of the buyer to receive substantial benefits from the property or services sold;

(c) In the case of regulated consumer credit sales, gross disparity between the price of the property or services sold and the value of the property or services measured by the price at which similar property or services are readily obtainable in credit transactions by like buyers;

(d) The fact that the creditor contracted for or received separate charges for insurance with respect to regulated consumer credit sales or regulated consumer loans with the effect of making the sales or loans, considered as a whole, unconscionable; and

(e) The fact that the respondent has knowingly taken advantage of the inability of the debtor reasonably to protect his interests by reason of physical or mental infirmities, ignorance, illiteracy or inability to understand the language of the agreement, or similar factors.

(4) In an action brought pursuant to this section, a charge or practice expressly permitted by this act is not in itself unconscionable.

History:

[28-46-111, added 1983, ch. 119, sec. 3, p. 304.]
Idaho Code § 28-4-502 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-502
28-4-502 PRESENTMENT OF “ON ARRIVAL” DRAFTS.
Status: in_force

PART 5.

COLLECTION OF DOCUMENTARY DRAFTS

28-4-502. Presentment of "on arrival" drafts. If a draft or the relevant instructions require presentment "on arrival," "when goods arrive" or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.

History:

[28-4-502, added 1967, ch. 161, sec. 4-502, p. 351; am. 1993, ch. 288, sec. 43, p. 1073.]
Idaho Code § 28-3-305 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-305
28-3-305 DEFENSES AND CLAIMS IN RECOUPMENT.
Status: in_force

PART 3.

ENFORCEMENT OF INSTRUMENTS

28-3-305. Defenses and claims in recoupment. (1) Except as stated in subsection (2) of this section, the right to enforce the obligation of a party to pay an instrument is subject to the following:

(a) A defense of the obligor based on (i) infancy of the obligor to the extent it is a defense to a simple contract, (ii) duress, lack of legal capacity or illegality of the transaction which, under other law, nullifies the obligation of the obligor, (iii) fraud that induced the obligor to sign the instrument with neither knowledge nor reasonable opportunity to learn of its character or its essential terms, or (iv) discharge of the obligor in insolvency proceedings;

(b) A defense of the obligor stated in another section of this chapter or a defense of the obligor that would be available if the person entitled to enforce the instrument were enforcing a right to payment under a simple contract; and

(c) A claim in recoupment of the obligor against the original payee of the instrument if the claim arose from the transaction that gave rise to the instrument; but the claim of the obligor may be asserted against a transferee of the instrument only to reduce the amount owing on the instrument at the time the action is brought.

(2) The right of a holder in due course to enforce the obligation of a party to pay the instrument is subject to defenses of the obligor stated in subsection (1)(a) of this section, but is not subject to defenses of the obligor stated in subsection (1)(b) of this section or claims in recoupment stated in subsection (1)(c) of this section against a person other than the holder.

(3) Except as stated in subsection (4) of this section, in an action to enforce the obligation of a party to pay the instrument, the obligor may not assert against the person entitled to enforce the instrument a defense, claim in recoupment, or claim to the instrument (section 28-3-306) of another person, but the other person's claim to the instrument may be asserted by the obligor if the other person is joined in the action and personally asserts the claim against the person entitled to enforce the instrument. An obligor is not obliged to pay the instrument if the person seeking enforcement of the instrument does not have rights of a holder in due course and the obligor proves that the instrument is a lost or stolen instrument.

(4) In an action to enforce the obligation of an accommodation party to pay an instrument, the accommodation party may assert against the person entitled to enforce the instrument any defense or claim in recoupment under subsection (1) of this section that the accommodated party could assert against the person entitled to enforce the instrument, except the defenses of discharge in insolvency proceedings, infancy and lack of legal capacity.

History:

[28-3-305, added 1993, ch. 288, sec. 2, p. 1034.]
Idaho Code § 28-1-107 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-107
28-1-107 SECTION CAPTIONS.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-1-107. Section captions. Section captions are part of the uniform commercial code.

History:

[28-1-107, added 2004, ch. 43, sec. 9, p. 139.]
Idaho Code § 28-9-337 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-337
28-9-337 PRIORITY OF SECURITY INTERESTS IN GOODS COVERED BY CERTIFICATE OF TITLE.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-337. Priority of security interests in goods covered by certificate of title. If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate:

(1) A buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and

(2) The security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under section 28-9-311(b), after issuance of the certificate and without the conflicting secured party's knowledge of the security interest.

History:

[28-9-337, added 2001, ch. 208, sec. 2, p. 754.]
Idaho Code § 28-4-605 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-605
28-4-605 OTHER DEFINITIONS.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-605. Other definitions. (1) In this part:

(a) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account.

(b) "Bank" means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this part.

(c) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.

(d) "Funds-transfer business day" of a receiving bank means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders and cancellations and amendments of payment orders.

(e) "Funds-transfer system" means a wire transfer network, automated clearing house, or other communication system of a clearing house or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed.

(f) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing.

(g) "Prove" with respect to a fact means to meet the burden of establishing the fact (section 28-1-201(b)(8)).

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

"Acceptance"

"Beneficiary"

"Beneficiary's bank"

"Executed"

"Execution date"

"Funds transfer"

"Funds-transfer system rule"

"Intermediary bank"

"Originator"

"Originator's bank"

"Payment by beneficiary's bank to beneficiary"

"Payment by originator to beneficiary"

"Payment by sender to receiving bank"

"Payment date"

"Payment order"

"Receiving bank"

"Security procedure"

"Sender"

(3) The following definitions in article 4 apply to this part:

"Clearing house"

"Item"

"Suspends payments"

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

History:

[28-4-605, added 1991, ch. 135, sec. 1, p. 297; am. 2004, ch. 43, sec. 32, p. 154.]
Idaho Code § 28-4-210 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-210
28-4-210 SECURITY INTEREST OF COLLECTING BANK IN ITEMS, ACCOMPANYING DOCUMENTS AND PROCEEDS.
Status: in_force

PART 2.

COLLECTION OF ITEMS — DEPOSITARY AND COLLECTING BANKS

28-4-210. Security interest of collecting bank in items, accompanying documents and proceeds. (1) A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either:

(a) In case of an item deposited in an account, to the extent to which credit given for the item has been withdrawn or applied;

(b) In case of an item for which it has given credit available for withdrawal as of right, to the extent of the credit given, whether or not the credit is drawn upon or there is a right of charge-back; or

(c) If it makes an advance on or against the item.

(2) If credit given for several items received at one (1) time or pursuant to a single agreement is withdrawn or applied in part, the security interest remains upon all the items, any accompanying documents or the proceeds of either. For the purpose of this section, credits first given are first withdrawn.

(3) Receipt by a collecting bank of a final settlement for an item is a realization on its security interest in the item, accompanying documents and proceeds. So long as the bank does not receive final settlement for the item or give up possession of the item or possession or control of the accompanying documents for purposes other than collection, the security interest continues to that extent and is subject to the provisions of chapter 9, title 28, Idaho Code, but:

(a) No security agreement is necessary to make the security interest enforceable (section 28-9-203(b)(3)(A));

(b) No filing is required to perfect the security interest; and

(c) The security interest has priority over conflicting perfected security interests in the item, accompanying documents or proceeds.

History:

[(28-4-210) 1967, ch. 161, sec. 4-208, p. 351; am. and redesig. 1993, ch. 288, sec. 25, p. 1062; am. 2001, ch. 208, sec. 10, p. 809; am. 2004, ch. 42, sec. 19, p. 114.]
Idaho Code § 28-8-506 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-506
28-8-506 DUTY OF SECURITIES INTERMEDIARY TO EXERCISE RIGHTS AS DIRECTED BY ENTITLEMENT HOLDER.
Status: in_force

PART 5.

SECURITY ENTITLEMENTS

28-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder. A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if:

(1) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or

(2) In the absence of agreement, the securities intermediary either places the entitlement holder in a position to exercise the rights directly or exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.

History:

[28-8-506, added 1995, ch. 272, sec. 2, p. 897.]
Idaho Code § 28-2-205 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-205
28-2-205 FIRM OFFERS.
Status: in_force

PART 2.

FORM, FORMATION AND READJUSTMENT OF CONTRACT

28-2-205. Firm offers. An offer by a merchant to buy or sell goods in a signed writing which by its terms gives assurance that it will be held open is not revocable, for lack of consideration, during the time stated or if no time is stated for a reasonable time, but in no event may such period of irrevocability exceed three months; but any such term of assurance on a form supplies by the offeree must be separately signed by the offeror.

History:

[28-2-205, added 1967, ch. 161, sec. 2-205, p. 351.]
Idaho Code § 28-4-601 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-601
28-4-601 SHORT TITLE.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-601. Short title. This part may be cited as "Uniform Commercial Code–Funds Transfers."

History:

[28-4-601, added 1991, ch. 135, sec. 1, p. 296.]
Idaho Code § 28-49-105 — Idaho Code / Title 28 / Chapter 49 / Section 28-49-105
28-49-105 OVERRIDE OF FEDERAL PREEMPTION.
Status: in_force

28-49-105. Override of federal preemption. The legislature of the state of Idaho hereby declares and states that it does not want any of the provisions of Title V, Part A – Mortgage Usury Laws, Mortgages, Section 501(a)(1) of the Depository Institutions Deregulation and Monetary Control Act of 1980 (Public Law 96-221; 94 Stat. 132), to apply with respect to loans, mortgages, credit sales, and advances made in this state, and that the provisions of Title V, Part A – Mortgage Usury Laws, Mortgages, Section 501(a)(1) of the Depository Institutions Deregulation and Monetary Control Act of 1980 (Public Law 96-221; 94 Stat. 132), shall not apply with respect to loans, mortgages, credit sales, and advances made in this state.

History:

[28-49-105, added 1983, ch. 119, sec. 3, p. 311.]
Idaho Code § 28-9-409 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-409
28-9-409 RESTRICTIONS ON ASSIGNMENT OF LETTER OF CREDIT RIGHTS INEFFECTIVE.
Status: in_force

PART 4.

RIGHTS OF THIRD PARTIES

28-9-409. Restrictions on assignment of letter of credit rights ineffective. (a) A term in a letter of credit or a rule of law, statute, rule, regulation, custom or practice applicable to the letter of credit which prohibits, restricts or requires the consent of an applicant, issuer or nominated person to a beneficiary's assignment of or creation of a security interest in a letter of credit right is ineffective to the extent that the term or rule of law, statute, rule, regulation, custom or practice:

(1) Would impair the creation, attachment or perfection of a security interest in the letter of credit right; or

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

(b) To the extent that a term in a letter of credit is ineffective under subsection (a) of this section but would be effective under law other than this chapter or a custom or practice applicable to the letter of credit, to the transfer of a right to draw or otherwise demand performance under the letter of credit, or to the assignment of a right to proceeds of the letter of credit, the creation, attachment, or perfection of a security interest in the letter of credit right:

(1) Is not enforceable against the applicant, issuer, nominated person or transferee beneficiary;

(2) Imposes no duties or obligations on the applicant, issuer, nominated person or transferee beneficiary; and

(3) Does not require the applicant, issuer, nominated person or transferee beneficiary to recognize the security interest, pay or render performance to the secured party, or accept payment or other performance from the secured party.

History:

[28-9-409, added 2001, ch. 208, sec. 2, p. 761.]
Idaho Code § 28-4-215 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-215
28-4-215 FINAL PAYMENT OF ITEM BY PAYOR BANK — WHEN PROVISIONAL DEBITS AND CREDITS BECOME FINAL — WHEN CERTAIN CREDITS BECOME AVAILABLE FOR WITHDRAWAL.
Status: in_force

PART 2.

COLLECTION OF ITEMS — DEPOSITARY AND COLLECTING BANKS

28-4-215. Final payment of item by payor bank — When provisional debits and credits become final — When certain credits become available for withdrawal. (1) An item is finally paid by a payor bank when the bank has first done any of the following:

(a) paid the item in cash;

(b) settled for the item without having a right to revoke the settlement under statute, clearing-house rule or agreement; or

(c) made a provisional settlement for the item and failed to revoke the settlement in the time and manner permitted by statute, clearing-house rule or agreement.

(2) If provisional settlement for an item does not become final, the item is not finally paid.

(3) If provisional settlement for an item between the presenting and payor banks is made through a clearing house or by debits or credits in an account between them, then to the extent that provisional debits or credits for the item are entered in accounts between the presenting and payor banks or between the presenting and successive prior collecting banks seriatim, they become final upon final payment of the item by the payor bank.

(4) If a collecting bank receives a settlement for an item which is or becomes final, the bank is accountable to its customer for the amount of the item and any provisional credit given for the item in an account with its customer becomes final.

(5) Subject to (i) applicable law stating a time for availability of funds and (ii) any right of the bank to apply the credit to an obligation of the customer, credit given by a bank for an item in a customer's account becomes available for withdrawal as of right:

(a) if the bank has received a provisional settlement for the item, when the settlement becomes final and the bank has had a reasonable time to receive return of the item and the item has not been received within that time;

(b) if the bank is both the depositary bank and the payor bank and the item is finally paid, at the opening of the bank's second banking day following receipt of the item.

(6) Subject to applicable law stating a time for availability of funds and any right of a bank to apply a deposit to an obligation of the depositor, a deposit of money becomes available for withdrawal as of right at the opening of the bank's next banking day after receipt of the deposit.

History:

[(28-4-215) 1967, ch. 161, sec. 4-213, p. 351; am. and redesig. 1993, ch. 288, sec. 31, p. 1065.]
Idaho Code § 28-8-201 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-201
28-8-201 ISSUER.
Status: in_force

PART 2.

ISSUE AND ISSUER

28-8-201. Issuer. (1) With respect to an obligation on or a defense to a security, an "issuer" includes a person that:

(a) Places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent, or the like, to evidence a share, participation or other interest in its property or in an enterprise, or to evidence its duty to perform an obligation represented by the certificate;

(b) Creates a share, participation or other interest in its property or in an enterprise, or undertakes an obligation, that is an uncertificated security;

(c) Directly or indirectly creates a fractional interest in its rights or property, if the fractional interest is represented by a security certificate; or

(d) Becomes responsible for, or in place of, another person described as an issuer in this section.

(2) With respect to an obligation on or defense to a security, a guarantor is an issuer to the extent of its guaranty, whether or not its obligation is noted on a security certificate.

(3) With respect to a registration of a transfer, issuer means a person on whose behalf transfer books are maintained.

History:

[28-8-201, added 1995, ch. 272, sec. 2, p. 885.]
Idaho Code § 28-2-614 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-614
28-2-614 SUBSTITUTED PERFORMANCE.
Status: in_force

PART 6.

BREACH, REPUDIATION AND EXCUSE

28-2-614. Substituted performance. (1) Where without fault of either party the agreed berthing, loading, or unloading facilities fail or an agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable but a commercially reasonable substitute is available, such substitute performance must be tendered and accepted.

(2) If the agreed means or manner of payment fails because of domestic or foreign governmental regulation, the seller may withhold or stop delivery unless the buyer provides a means or manner of payment which is commercially a substantial equivalent. If delivery has already been taken, payment by the means or in the manner provided by the regulation discharges the buyer's obligation unless the regulation is discriminatory, oppressive or predatory.

History:

[28-2-614, added 1967, ch. 161, sec. 2-614, p. 351.]
Idaho Code § 28-50-111 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-111
28-50-111 NOTARIZATION AND ACKNOWLEDGMENT.
Status: in_force

28-50-111. Notarization and acknowledgment. If a law requires a signature or record to be notarized, acknowledged, verified, or made under oath, the requirement is satisfied if the electronic signature of the person authorized to perform those acts, together with all other information required to be included by other applicable law, is attached to or logically associated with the signature or record.

History:

[28-50-111, added 2000, ch. 286, sec. 1, p. 964.]
Idaho Code § 28-2-504 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-504
28-2-504 SHIPMENT BY SELLER.
Status: in_force

PART 5.

PERFORMANCE

28-2-504. Shipment by seller. Where the seller is required or authorized to send the goods to the buyer and the contract does not require him to deliver them at a particular destination, then unless otherwise agreed he must

(a) put the goods in the possession of such a carrier and make such a contract for their transportation as may be reasonable having regard to the nature of the goods and other circumstances of the case; and

(b) obtain and promptly deliver or tender in due form any document necessary to enable the buyer to obtain possession of the goods or otherwise required by the agreement or by usage of trade; and

(c) promptly notify the buyer of the shipment.

Failure to notify the buyer under paragraph (c) or to make a proper contract under paragraph (a) is a ground for rejection only if material delay or loss ensues.

History:

[28-2-504, added 1967, ch. 161, sec. 2-504, p. 351.]
Idaho Code § 28-3-416 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-416
28-3-416 TRANSFER WARRANTIES.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-416. Transfer warranties. (1) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by indorsement, to any subsequent transferee that:

(a) The warrantor is a person entitled to enforce the instrument;

(b) All signatures on the instrument are authentic and authorized;

(c) The instrument has not been altered;

(d) The instrument is not subject to a defense or claim in recoupment of any party which can be asserted against the warrantor;

(e) The warrantor has no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor or, in the case of an unaccepted draft, the drawer; and

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

(2) A person to whom the warranties under subsection (1) of this section are made and who took the instrument in good faith may recover from the warrantor as damages for breach of warranty an amount equal to the loss suffered as a result of the breach, but not more than the amount of the instrument plus expenses and loss of interest incurred as a result of the breach.

(3) The warranties stated in subsection (1) 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) of this section is discharged to the extent of any loss caused by the delay in giving notice of the claim.

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

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

History:

[28-3-416, added 1993, ch. 288, sec. 2, p. 1044; am. 2002, ch. 121, sec. 3, p. 341.]
Idaho Code § 28-5-115 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-115
28-5-115 STATUTE OF LIMITATIONS.
Status: in_force

28-5-115. Statute of limitations. An action to enforce a right or obligation arising under this chapter must be commenced within one (1) year after the expiration date of the relevant letter of credit or one (1) year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.

History:

[28-5-115, added 1996, ch. 7, sec. 2, p. 17.]
Idaho Code § 28-9-615 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-615
28-9-615 APPLICATION OF PROCEEDS OF DISPOSITION — LIABILITY FOR DEFICIENCY AND RIGHT TO SURPLUS.
Status: in_force

PART 6.

DEFAULT

28-9-615. Application of proceeds of disposition — Liability for deficiency and right to surplus. (a) A secured party shall apply or pay over for application the cash proceeds of disposition under section 28-9-610 in the following order to:

(1) The reasonable expenses of retaking, holding, preparing for disposition, processing and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;

(2) The satisfaction of obligations secured by the security interest or agricultural lien under which the disposition is made;

(3) The satisfaction of obligations secured by any subordinate security interest in or other subordinate lien on the collateral if:

(A) the secured party receives from the holder of the subordinate security interest or other lien an authenticated demand for proceeds before distribution of the proceeds is completed; and

(B) in a case in which a consignor has an interest in the collateral, the subordinate security interest or other lien is senior to the interest of the consignor; and

(4) A secured party that is a consignor of the collateral if the secured party receives from the consignor an authenticated demand for proceeds before distribution of the proceeds is completed.

(b) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder does so, the secured party need not comply with the holder's demand under subsection (a)(3) of this section.

(c) A secured party need not apply or pay over for application noncash proceeds of disposition under section 28-9-610 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.

(d) If the security interest under which a disposition is made secures payment or performance of an obligation, after making the payments and applications required by subsection (a) of this section and permitted by subsection (c) of this section:

(1) Unless subsection (a)(4) of this section requires the secured party to apply or pay over cash proceeds to a consignor, the secured party shall account to and pay a debtor for any surplus; and

(2) The obligor is liable for any deficiency.

(e) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles or promissory notes:

(1) The debtor is not entitled to any surplus; and

(2) The obligor is not liable for any deficiency.

(f) The surplus or deficiency following a disposition is calculated based on the amount of proceeds that would have been realized in a disposition complying with this part to a transferee other than the secured party, a person related to the secured party, or a secondary obligor if:

(1) The transferee in the disposition is the secured party, a person related to the secured party or a secondary obligor; and

(2) The amount of proceeds of the disposition is significantly below the range of proceeds that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.

(g) A secured party that receives cash proceeds of a disposition in good faith and without knowledge that the receipt violates the rights of the holder of a security interest or other lien that is not subordinate to the security interest or agricultural lien under which the disposition is made:

(1) Takes the cash proceeds free of the security interest or other lien;

(2) Is not obligated to apply the proceeds of the disposition to the satisfaction of obligations secured by the security interest or other lien; and

(3) Is not obligated to account to or pay the holder of the security interest or other lien for any surplus.

History:

[28-9-615, added 2001, ch. 208, sec. 2, p. 788.]
Idaho Code § 28-12-301 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-301
28-12-301 ENFORCEABILITY OF LEASE CONTRACT.
Status: in_force

PART 3.

EFFECT OF LEASE CONTRACT

28-12-301. Enforceability of lease contract. Except as otherwise provided in this chapter, a lease contract is effective and enforceable according to its terms between the parties, against purchasers of the goods and against creditors of the parties.

History:

[28-12-301, added 1993, ch. 287, sec. 1, p. 990.]
Idaho Code § 28-2-106 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-106
28-2-106 DEFINITIONS — “CONTRACT” — “AGREEMENT” — “CONTRACT FOR SALE” — “SALE” — “PRESENT SALE” — “CONFORMING” TO CONTRACT — “TERMINATION” — “CANCELLATION.”
Status: in_force

PART 1.

SHORT TITLE, GENERAL CONSTRUCTION AND SUBJECT MATTER

28-2-106. Definitions — "Contract" — "Agreement" — "Contract for sale" — "Sale" — "Present sale" — "Conforming" to contract — "Termination" — "CancelLation." (1) In this chapter unless the context otherwise requires "contract" and "agreement" are limited to those relating to the present or future sale of goods. "Contract for sale" includes both a present sale of goods and a contract to sell goods at a future time. A "sale" consists in the passing of title from the seller to the buyer for a price (section 28-2-401). A "present sale" means a sale which is accomplished by the making of the contract.

(2) Goods or conduct including any part of a performance are "conforming" or conform to the contract when they are in accordance with the obligations under the contract.

(3) "Termination" occurs when either party pursuant to a power created by agreement or law puts an end to the contract otherwise than for its breach. On "termination" all obligations which are still executory on both sides are discharged but any right based on prior breach or performance survives.

(4) "Cancellation" occurs when either party puts an end to the contract for breach by the other and its effect is the same as that of "termination" except that the cancelling party also retains any remedy for breach of the whole contract or any unperformed balance.

History:

[28-2-106, added 1967, ch. 161, sec. 2-106, p. 351.]
Idaho Code § 28-8-102 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-102
28-8-102 DEFINITIONS.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-102. Definitions. (1) In this chapter:

(a) "Adverse claim" means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer or deal with the financial asset.

(b) "Bearer form," as applied to a certificated security, means a form in which the security is payable to the bearer of the security certificate according to its terms but not by reason of an indorsement.

(c) "Broker" means a person defined as a broker or dealer under the federal securities laws, but without excluding a bank acting in that capacity.

(d) "Certificated security" means a security that is represented by a certificate.

(e) "Clearing corporation" means:

(i) A person that is registered as a "clearing agency" under the federal securities laws;

(ii) A federal reserve bank; or

(iii) Any other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including promulgation of rules, are subject to regulation by a federal or state governmental authority.

(f) "Communicate" means to:

(i) Send a signed writing; or

(ii) Transmit information by any mechanism agreed upon by the persons transmitting and receiving the information.

(g) "Entitlement holder" means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. If a person acquires a security entitlement by virtue of section 28-8-501(2)(b) or (2)(c), that person is the entitlement holder.

(h) "Entitlement order" means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement.

(i) "Financial asset," except as otherwise provided in section 28-8-103, means:

(i) A security;

(ii) An obligation of a person or a share, participation, or other interest in a person or in property or an enterprise of a person, which is, or is of a type, dealt in or traded on financial markets, or which is recognized in any area in which it is issued or dealt in as a medium for investment; or

(iii) Any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this chapter.

As context requires, the term means either the interest itself or the means by which a person's claim to it is evidenced, including a certificated or uncertificated security, a security certificate or a security entitlement.

(j) "Good faith," for purposes of the obligation of good faith in the performance or enforcement of contracts or duties within this chapter, means honesty in fact and the observance of reasonable commercial standards of fair dealing.

(k) "Indorsement" means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring or redeeming the security or granting a power to assign, transfer, or redeem it.

(l) "Instruction" means a notification communicated to the issuer of an uncertificated security which directs that the transfer of the security be registered or that the security be redeemed.

(m) "Registered form," as applied to a certificated security, means a form in which:

(i) The security certificate specifies a person entitled to the security; and

(ii) A transfer of the security may be registered upon books maintained for that purpose by or on behalf of the issuer, or the security certificate so states.

(n) "Securities intermediary" means:

(i) A clearing corporation; or

(ii) A person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity.

(o) "Security," except as otherwise provided in section 28-8-103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer:

(i) Which is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;

(ii) Which is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and

(iii) Which:

(A) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or

(B) Is a medium for investment and by its terms expressly provides that it is a security governed by this chapter.

(p) "Security certificate" means a certificate representing a security.

(q) "Security entitlement" means the rights and property interest of an entitlement holder with respect to a financial asset specified in part 5 of this chapter.

(r) "Uncertificated security" means a security that is not represented by a certificate.

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

Appropriate person

Control

Delivery

Investment company security

Issuer

Overissue

Protected purchaser

Securities account

(3) In addition, chapter 1, title 28, contains general definitions and principles of construction and interpretation applicable throughout this chapter.

(4) The characterization of a person, business or transaction for purposes of this chapter does not determine the characterization of the person, business or transaction for purposes of any other law, regulation or rule.

History:

[28-8-102, added 1995, ch. 272, sec. 2, p. 875.]
Idaho Code § 28-12-103 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-103
28-12-103 DEFINITIONS AND INDEX OF DEFINITIONS.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-12-103. Definitions and index of definitions. (1) In this chapter unless the context otherwise requires:

(a) "Buyer in ordinary course of business" means a person who in good faith and without knowledge that the sale to him is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods, buys in ordinary course from a person in the business of selling goods of that kind but does not include a pawnbroker. "Buying" may be for cash or by exchange of other property or on secured or unsecured credit and includes acquiring goods or documents of title under a preexisting contract for sale but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt.

(b) "Cancellation" occurs when either party puts an end to the lease contract for default by the other party.

(c) "Commercial unit" means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. A commercial unit may be a single article, as a machine, or a set of articles, as a suite of furniture or a line of machinery, or a quantity, as a gross or carload, or any other unit treated in use or in the relevant market as a single whole.

(d) "Conforming goods or performance under a lease contract" means goods or performance that is in accordance with the obligations under the lease contract.

(e) "Consumer lease" means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed twenty-five thousand dollars ($25,000).

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

(g) "Finance lease" means a lease with respect to which:

(i) The lessor does not select, manufacture, or supply the goods;

(ii) The lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and

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

(A) The lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;

(B) The lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;

(C) The lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or

(D) If the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing:

a. Of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person;

b. That the lessee is entitled under this chapter to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; and

c. That the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies.

(h) "Goods" means all things that are movable at the time of identification to the lease contract, or are fixtures (section 28-12-309, Idaho Code), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. The term also includes the unborn young of animals.

(i) "Installment lease contract" means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent.

(j) "Lease" means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. Unless the context clearly indicates otherwise, the term includes a sublease.

(k) "Lease agreement" means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this chapter. Unless the context clearly indicates otherwise, the term includes a sublease agreement.

(l) "Lease contract" means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. Unless the context clearly indicates otherwise, the term includes a sublease contract.

(m) "Leasehold interest" means the interest of the lessor or the lessee under a lease contract.

(n) "Lessee" means a person who acquires the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessee.

(o) "Lessee in ordinary course of business" means a person who in good faith and without knowledge that the lease to him is in violation of the ownership rights or security interest or leasehold interest of a third party in the goods leases in ordinary course from a person in the business of selling or leasing goods of that kind but does not include a pawnbroker. "Leasing" may be for cash or by exchange of other property or on secured or unsecured credit and includes acquiring goods or documents of title under a preexisting lease contract but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt.

(p) "Lessor" means a person who transfers the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessor.

(q) "Lessor's residual interest" means the lessor's interest in the goods after expiration, termination or cancellation of the lease contract.

(r) "Lien" means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest.

(s) "Lot" means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract.

(t) "Merchant lessee" means a lessee that is a merchant with respect to goods of the kind subject to the lease.

(u) "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. The discount is determined by the interest rate specified by the parties if the rate was not manifestly unreasonable at the time the transaction was entered into; otherwise, the discount is determined by a commercially reasonable rate that takes into account the facts and circumstances of each case at the time the transaction was entered into.

(v) "Purchase" includes taking by sale, lease, mortgage, security interest, pledge, gift or any other voluntary transaction creating an interest in goods.

(w) "Sublease" means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease.

(x) "Supplier" means a person from whom a lessor buys or leases goods to be leased under a finance lease.

(y) "Supply contract" means a contract under which a lessor buys or leases goods to be leased.

(z) "Termination" occurs when either party pursuant to a power created by agreement or law puts an end to the lease contract otherwise than for default.

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

"Accessions." section 28-12-310(1), Idaho Code. "Construction mortgage." section 28-12-309(1)(d), Idaho Code. "Encumbrance." section 28-12-309(1)(e), Idaho Code. "Fixtures." section 28-12-309(1)(a), Idaho Code. "Fixture filing." section 28-12-309(1)(b), Idaho Code. "Purchase money lease." section 28-12-309(1)(c), Idaho Code.

(3) The following definitions in other chapters apply to this chapter:

"Account." section 28-9-102(a)(2), Idaho Code. "Between merchants." section 28-2-104(3), Idaho Code. "Buyer." section 28-2-103(1)(a), Idaho Code. "Chattel paper." section 28-9-102(a)(11), Idaho Code. "Consumer goods." section 28-9-102(a)(23), Idaho Code. "Document." section 28-9-102(a)(30), Idaho Code. "Entrusting." section 28-2-403(3), Idaho Code. "General intangible." section 28-9-102(a)(42), Idaho Code. "Good faith." section 28-1-201(b)(20), Idaho Code. "Instrument." section 28-9-102(a)(47), Idaho Code. "Merchant." section 28-2-104(1), Idaho Code. "Mortgage." section 28-9-102(a)(55), Idaho Code. "Pursuant to commitment." section 28-9-102(a)(69), Idaho Code. "Receipt." section 28-2-103(1)(c), Idaho Code. "Sale." section 28-2-106(1), Idaho Code. "Sale on approval." section 28-2-326, Idaho Code. "Sale or return." section 28-2-326, Idaho Code. "Seller." section 28-2-103(1)(d), Idaho Code.

(4) In addition, chapter 1, title 28, contains general definitions and principles of construction and interpretation applicable throughout this chapter.

History:

[28-12-103, added 1993, ch. 287, sec. 1, p. 978; am. 2001, ch. 208, sec. 20, p. 816; am. 2004, ch. 42, sec. 15, p. 109; am. 2004, ch. 43, sec. 36, p. 157; am. 2012, ch. 145, sec. 21, p. 412.]
Idaho Code § 28-9-305 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-305
28-9-305 LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN INVESTMENT PROPERTY.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-305. Law governing perfection and priority of security interests in investment property. (a) Except as otherwise provided in subsection (c) of this section, the following rules apply:

(1) While a security certificate 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 the certificated security represented thereby.

(2) The local law of the issuer's jurisdiction as specified in section 28-8-110(4) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in an uncertificated security.

(3) The local law of the securities intermediary's jurisdiction as specified in section 28-8-110(5) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a security entitlement or securities account.

(4) The local law of the commodity intermediary's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a commodity contract or commodity account.

(b) The following rules determine a commodity intermediary's jurisdiction for purposes of this part:

(1) If an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that a particular jurisdiction is the commodity intermediary's jurisdiction for purposes of this part, this chapter, or the uniform commercial code, that jurisdiction is the commodity intermediary's jurisdiction.

(2) If paragraph (1) of this subsection does not apply and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.

(3) If neither paragraph (1) nor (2) of this subsection applies and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the commodity account is maintained at an office in a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.

(4) If none of the preceding paragraphs apply, the commodity intermediary's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the commodity customer's account is located.

(5) If none of the preceding paragraphs apply, the commodity intermediary's jurisdiction is the jurisdiction in which the chief executive office of the commodity intermediary is located.

(c) The local law of the jurisdiction in which the debtor is located governs:

(1) Perfection of a security interest in investment property by filing;

(2) Automatic perfection of a security interest in investment property created by a broker or securities intermediary; and

(3) Automatic perfection of a security interest in a commodity contract or commodity account created by a commodity intermediary.

History:

[28-9-305, added 2001, ch. 208, sec. 2, p. 729.]
Idaho Code § 28-9-517 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-517
28-9-517 EFFECT OF INDEXING ERRORS.
Status: in_force

PART 5.

FILING

28-9-517. Effect of indexing errors. The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.

History:

[28-9-517, added 2001, ch. 208, sec. 2, p. 770.]
Idaho Code § 28-5-108 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-108
28-5-108 ISSUER'S RIGHTS AND OBLIGATIONS.
Status: in_force

28-5-108. Issuer's rights and obligations. (1) Except as otherwise provided in section 28-5-109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (5) of this section, appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as otherwise provided in section 28-5-113 and unless otherwise agreed with the applicant, an issuer shall dishonor a presentation that does not appear so to comply.

(2) An issuer has a reasonable time after presentation, but not beyond the end of the seventh business day of the issuer after the day of its receipt of documents:

(a) to honor,

(b) if the letter of credit provides for honor to be completed more than seven (7) business days after presentation, to accept a draft or incur a deferred obligation, or

(c) to give notice to the presenter of discrepancies in the presentation.

(3) Except as otherwise provided in subsection (4) of this section, an issuer is precluded from asserting as a basis for dishonor any discrepancy if timely notice is not given, or any discrepancy not stated in the notice if timely notice is given.

(4) Failure to give the notice specified in subsection (2) of this section or to mention fraud, forgery, or expiration in the notice does not preclude the issuer from asserting as a basis for dishonor fraud or forgery as described in section 28-5-109(1) or expiration of the letter of credit before presentation.

(5) An issuer shall observe standard practice of financial institutions that regularly issue letters of credit. Determination of the issuer's observance of the standard practice is a matter of interpretation for the court. The court shall offer the parties a reasonable opportunity to present evidence of the standard practice.

(6) An issuer is not responsible for:

(a) the performance or nonperformance of the underlying contract, arrangement, or transaction,

(b) an act or omission of others, or

(c) observance or knowledge of the usage of a particular trade other than the standard practice referred to in subsection (5) of this section.

(7) If an undertaking constituting a letter of credit under section 28-5-102(1)(j) contains nondocumentary conditions, an issuer shall disregard the nondocumentary conditions and treat them as if they were not stated.

(8) An issuer that has dishonored a presentation shall return the documents or hold them at the disposal of, and send advice to that effect to, the presenter.

(9) An issuer that has honored a presentation as permitted or required by this chapter:

(a) is entitled to be reimbursed by the applicant in immediately available funds not later than the date of its payment of funds,

(b) takes the documents free of claims of the beneficiary or presenter,

(c) is precluded from asserting a right of recourse on a draft under sections 28-3-414 and 28-3-415,

(d) except as otherwise provided in sections 28-5-110 and 28-5-117, is precluded from restitution of money paid or other value given by mistake to the extent the mistake concerns discrepancies in the documents or tender which are apparent on the face of the presentation, and

(e) is discharged to the extent of its performance under the letter of credit unless the issuer honored a presentation in which a required signature of a beneficiary was forged.

History:

[28-5-108, added 1996, ch. 7, sec. 2, p. 12.]
Idaho Code § 28-2-604 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-604
28-2-604 BUYER'S OPTIONS AS TO SALVAGE OF RIGHTFULLY REJECTED GOODS.
Status: in_force

PART 6.

BREACH, REPUDIATION AND EXCUSE

28-2-604. Buyer's options as to salvage of rightfully rejected goods. Subject to the provisions of the immediately preceding section on perishables if the seller gives no instructions within a reasonable time after notification of rejection the buyer may store the rejected goods for the seller's account or reship them to him or resell them for the seller's account with reimbursement as provided in the preceding section. Such action is not acceptance or conversion.

History:

[28-2-604, added 1967, ch. 161, sec. 2-604, p. 351.]
Idaho Code § 28-4-626 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-626
28-4-626 PAYMENT DATE.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-626. Payment date. "Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary's bank and, unless otherwise determined, is the day the order is received by the beneficiary's bank.

History:

[28-4-626, added 1991, ch. 135, sec. 1, p. 310.]
Idaho Code § 28-1-108 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-108
28-1-108 RELATION TO ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-1-108. Relation to electronic signatures in global and national commerce act. This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. section 7001 et seq., except that nothing in this chapter modifies, limits, or supersedes section 7001(c) of that act or authorizes electronic delivery of any of the notices described in section 7003(b) of that act.

History:

[28-1-108, added 2004, ch. 43, sec. 10, p. 139.]
Idaho Code § 28-43-202 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-202
28-43-202 NOTICE OF ASSIGNMENT.
Status: in_force

PART 2.

DISCLOSURE

28-43-202. Notice of assignment. A debtor may pay the original creditor until he receives notification of assignment of rights to payment pursuant to a regulated consumer credit transaction and that payment is to be made to the assignee. A notification which does not reasonably identify the rights assigned is ineffective. If requested by the debtor, the assignee shall seasonably furnish reasonable proof that the assignment has been made and unless he does so, the debtor may pay the original creditor.

History:

[28-43-202, added 1983, ch. 119, sec. 3, p. 282.]
Idaho Code § 28-46-108 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-108
28-46-108 ADMINISTRATIVE ENFORCEMENT ORDERS.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-108. Administrative enforcement orders. (1) After notice and hearing the administrator may order a creditor or a person acting in his behalf to cease and desist from violating this act. A respondent aggrieved by an order of the administrator may obtain judicial review of the order and the administrator may obtain an order of the court for enforcement of his order in the district court. The proceeding for review or enforcement is initiated by filing a petition in the court. Copies of the petition shall be served upon all parties of record.

(2) Within thirty (30) days after service of the petition for review upon the administrator, or within any further time the court allows, the administrator shall transmit to the court the original or a certified copy of the entire record upon which the order is based, including any transcript of testimony, which need not be printed. By stipulation of all parties to the review proceeding, the record may be shortened. After hearing, the court may:

(a) Reverse or modify the order if the findings of fact of the administrator are clearly erroneous in view of the reliable, probative, and substantial evidence on the whole record;

(b) Grant temporary relief or restraining order it deems just; and

(c) Enter an order enforcing, modifying and enforcing as modified, or setting aside in whole or in part the order of the administrator, or remanding the case to the administrator for further proceedings.

(3) An objection not urged at the hearing shall not be considered by the court unless the failure to urge the objection is excused for good cause shown. A party may move the court to remand the case to the administrator in the interest of justice for the purpose of adducing additional specified and material evidence and seeking findings thereon upon good cause shown for the failure to adduce this evidence before the administrator.

(4) The jurisdiction of the court shall be exclusive and its final judgment or decree is subject to review by the supreme court in the same manner and form and with the same effect as in appeals from a final judgment or decree. The administrator's copy of the testimony shall be available at reasonable times to all parties for examination without cost.

(5) A proceeding for review under this section shall be initiated within thirty (30) days after a copy of the order of the administrator is received. If no proceeding is so initiated, the administrator may obtain an order of the court for enforcement of his order upon showing that his order was issued in compliance with this section, that no proceeding for review was initiated within thirty (30) days after a copy of the order was received, and that the respondent is subject to the jurisdiction of the court.

(6) With respect to unconscionable agreements or fraudulent or unconscionable conduct by a regulated lender, the administrator may not issue an order pursuant to this section but may bring a civil action for an injunction, section 28-46-111, Idaho Code, or any other action which the administrator is authorized to bring under this act.

(7) With respect to unconscionable agreements or fraudulent or unconscionable conduct by an unlicensed person who is required to be licensed under section 28-46-301, Idaho Code, the administrator may issue a cease and desist order without prior notice or hearing, and may bring a civil action for an injunction, or any other action which the administrator is authorized to bring under this act.

History:

[28-46-108, added 1983, ch. 119, sec. 3, p. 302; am. 2002, ch. 301, sec. 4, p. 862; am. 2006, ch. 122, sec. 4, p. 348.]
Idaho Code § 28-4-403 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-403
28-4-403 CUSTOMER'S RIGHT TO STOP PAYMENT — BURDEN OF PROOF OF LOSS.
Status: in_force

PART 4.

RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER

28-4-403. Customer's right to stop payment — Burden of proof of loss. (1) A customer or any person authorized to draw on the account if there is more than one (1) person may stop payment of any item drawn on the customer's account or close the account by an order to the bank describing the item or account with reasonable certainty received at a time and in a manner that affords the bank a reasonable opportunity to act on it before any action by the bank with respect to the item described in section 28-4-303. If the signature of more than one (1) person is required to draw on an account, any of these persons may stop payment or close the account.

(2) A stop-payment order is effective for six (6) months, but it lapses after fourteen (14) calendar days if the original order was oral and was not confirmed in writing within that period. A stop-payment order may be renewed for additional six (6) month periods by a writing given to the bank within a period during which the stop-payment order is effective.

(3) The burden of establishing the fact and amount of loss resulting from the payment of an item contrary to a stop-payment order or order to close an account is on the customer. The loss from payment of an item contrary to a stop-payment order may include damages for dishonor of subsequent items under section 28-4-402.

History:

[28-4-403, added 1967, ch. 161, sec. 4-403, p. 351; am. 1993, ch. 288, sec. 38, p. 1070.]
Idaho Code § 28-3-605 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-605
28-3-605 DISCHARGE OF INDORSERS AND ACCOMMODATION PARTIES.
Status: in_force

PART 6.

DISCHARGE AND PAYMENT

28-3-605. Discharge of indorsers and accommodation parties. (1) In this section, the term "indorser" includes a drawer having the obligation described in section 28-3-414(4).

(2) Discharge, under section 28-3-604 of the obligation of a party to pay an instrument does not discharge the obligation of an indorser or accommodation party having a right of recourse against the discharged party.

(3) If a person entitled to enforce an instrument agrees, with or without consideration, to an extension of the due date of the obligation of a party to pay the instrument, the extension discharges an indorser or accommodation party having a right of recourse against the party whose obligation is extended to the extent the indorser or accommodation party proves that the extension caused loss to the indorser or accommodation party with respect to the right of recourse.

(4) If a person entitled to enforce an instrument agrees, with or without consideration, to a material modification of the obligation of a party other than an extension of the due date, the modification discharges the obligation of an indorser or accommodation party having a right of recourse against the person whose obligation is modified to the extent the modification causes loss to the indorser or accommodation party with respect to the right of recourse. The loss suffered by the indorser or accommodation party as a result of the modification is equal to the amount of the right of recourse unless the person enforcing the instrument proves that no loss was caused by the modification or that the loss caused by the modification was an amount less than the amount of the right of recourse.

(5) If the obligation of a party to pay an instrument is secured by an interest in collateral and a person entitled to enforce the instrument impairs the value of the interest in collateral, the obligation of an indorser or accommodation party having a right of recourse against the obligor is discharged to the extent of the impairment. The value of an interest in collateral is impaired to the extent (i) the value of the interest is reduced to an amount less than the amount of the right of recourse of the party asserting discharge, or (ii) the reduction in value of the interest causes an increase in the amount by which the amount of the right of recourse exceeds the value of the interest. The burden of proving impairment is on the party asserting discharge.

(6) If the obligation of a party is secured by an interest in collateral not provided by an accommodation party and a person entitled to enforce the instrument impairs the value of the interest in collateral, the obligation of any party who is jointly and severally liable with respect to the secured obligation is discharged to the extent the impairment causes the party asserting discharge to pay more than that party would have been obliged to pay, taking into account rights of contribution, if impairment had not occurred. If the party asserting discharge is an accommodation party not entitled to discharge under subsection (5) of this section, the party is deemed to have a right to contribution based on joint and several liability rather than a right to reimbursement. The burden of proving impairment is on the party asserting discharge.

(7) Under subsection (5) or (6) of this section, impairing value of an interest in collateral includes (i) failure to obtain or maintain perfection or recordation of the interest in collateral, (ii) release of collateral without substitution of collateral of equal value, (iii) failure to perform a duty to preserve the value of collateral owed, under chapter 9 or other law, to a debtor or surety or other person secondarily liable, or (iv) failure to comply with applicable law in disposing of collateral.

(8) An accommodation party is not discharged under subsection (3), (4) or (5) of this section unless the person entitled to enforce the instrument knows of the accommodation or has notice under section 28-3-419(3) that the instrument was signed for accommodation.

(9) A party is not discharged under this section if (i) the party asserting discharge consents to the event or conduct that is the basis of the discharge, or (ii) the instrument or a separate agreement of the party provides for waiver of discharge under this section either specifically or by general language indicating that parties waive defenses based on suretyship or impairment of collateral.

History:

[28-3-605, added 1993, ch. 288, sec. 2, p. 1052.]
Idaho Code § 28-3-303 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-303
28-3-303 VALUE AND CONSIDERATION.
Status: in_force

PART 3.

ENFORCEMENT OF INSTRUMENTS

28-3-303. Value and consideration. (1) An instrument is issued or transferred for value if:

(a) The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed;

(b) The transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding;

(c) The instrument is issued or transferred as payment of, or as security for, an antecedent claim against any person, whether or not the claim is due;

(d) The instrument is issued or transferred in exchange for a negotiable instrument; or

(e) The instrument is issued or transferred in exchange for the incurring of an irrevocable obligation to a third party by the person taking the instrument.

(2) "Consideration" means any consideration sufficient to support a simple contract. The drawer or maker of an instrument has a defense if the instrument is issued without consideration. If an instrument is issued for a promise of performance, the issuer has a defense to the extent performance of the promise is due and the promise has not been performed. If an instrument is issued for value as stated in subsection (1) of this section, the instrument is also issued for consideration.

History:

[28-3-303, added 1993, ch. 288, sec. 2, p. 1033.]
Idaho Code § 28-2-323 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-323
28-2-323 FORM OF BILL OF LADING REQUIRED IN OVERSEAS SHIPMENT — “OVERSEAS.”
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-323. Form of bill of lading required in overseas shipment — "Overseas." (1) Where the contract contemplates overseas shipment and contains a term C.I.F. or C. & F. or F.O.B. vessel, the seller unless otherwise agreed must obtain a negotiable bill of lading stating that the goods have been loaded on board or, in the case of a term C.I.F. or C. & F., received for shipment.

(2) Where in a case within subsection (1) of this section a tangible bill of lading has been issued in a set of parts, unless otherwise agreed if the documents are not to be sent from abroad the buyer may demand tender of the full set; otherwise only one (1) part of the bill of lading need be tendered. Even if the agreement expressly requires a full set

(a) due tender of a single part is acceptable within the provisions of this chapter on cure of improper delivery (subsection (1) of section 28-2-508); and

(b) even though the full set is demanded, if the documents are sent from abroad the person tendering an incomplete set may nevertheless require payment upon furnishing an indemnity which the buyer in good faith deems adequate.

(3) A shipment by water or by air or a contract contemplating such shipment is "overseas" insofar as by usage of trade or agreement it is subject to the commercial, financing or shipping practices characteristic of international deep water commerce.

History:

[28-2-323, added 1967, ch. 161, sec. 2-323, p. 351; am. 2004, ch. 42, sec. 7, p. 105.]
Idaho Code § 28-4-216 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-216
28-4-216 INSOLVENCY AND PREFERENCE.
Status: in_force

PART 2.

COLLECTION OF ITEMS — DEPOSITARY AND COLLECTING BANKS

28-4-216. Insolvency and preference. (1) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, the item must be returned by the receiver, trustee or agent in charge of the closed bank to the presenting bank or the closed bank's customer.

(2) If a payor bank finally pays an item and suspends payments without making a settlement for the item with its customer or the presenting bank which settlement is or becomes final, the owner of the item has a preferred claim against the payor bank.

(3) If a payor bank gives or a collecting bank gives or receives a provisional settlement for an item and thereafter suspends payments, the suspension does not prevent or interfere with the settlement's becoming final if the finality occurs automatically upon the lapse of certain time or the happening of certain events.

(4) If a collecting bank receives from subsequent parties settlement for an item, which settlement is or becomes final and the bank suspends payments without making a settlement for the item with its customer which settlement is or becomes final, the owner of the item has a preferred claim against the collecting bank.

History:

[(28-4-216) 1967, ch. 161, sec. 4-214, p. 351; am. and redesig. 1993, ch. 288, sec. 32, p. 1066.]
Idaho Code § 28-4-404C — Idaho Code / Title 28 / Chapter 4 / Section 28-4-404C
28-4-404C WHEN NOTICE NOT REQUIRED.
Status: in_force

PART 4.

RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER

28-4-404C. When notice not required. The notice required by section 28-4-404B, Idaho Code, shall not be required in the event that the customer has elected to have the bank hold checks.

History:

[28-4-404C, added 1984, ch. 145, sec. 3, p. 341.]
Idaho Code § 28-3-401 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-401
28-3-401 SIGNATURE.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-401. Signature. (1) A person is not liable on an instrument unless (i) the person signed the instrument, or (ii) the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person under section 28-3-402.

(2) A signature may be made (i) manually or by means of a device or machine, and (ii) by the use of any name, including a trade or assumed name, or by a word, mark or symbol executed or adopted by a person with present intention to authenticate a writing.

History:

[28-3-401, added 1993, ch. 288, sec. 2, p. 1038.]
Idaho Code § 28-9-506 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-506
28-9-506 EFFECT OF ERRORS OR OMISSIONS.
Status: in_force

PART 5.

FILING

28-9-506. Effect of errors or omissions. (a) A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.

(b) Except as otherwise provided in subsection (c) of this section, a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 28-9-503(a) is seriously misleading.

(c) If a search of the records of the filing office under the debtor's correct name, using the filing office's standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 28-9-503(a), the name provided does not make the financing statement seriously misleading.

(d) For purposes of section 28-9-508(b), the "debtor's correct name" in subsection (c) of this section means the correct name of the new debtor.

History:

[28-9-506, added 2001, ch. 208, sec. 2, p. 764.]
Idaho Code § 28-4-631 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-631
28-4-631 PAYMENT BY ORIGINATOR TO BENEFICIARY — DISCHARGE OF UNDERLYING OBLIGATION.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-631. Payment by originator to beneficiary — Discharge of underlying obligation. (1) Subject to the provisions of sections 28-4-619(5), 28-4-630(4) and (5), the originator of a funds transfer pays the beneficiary of the originator's payment order:

(a) at the time a payment order for the benefit of the beneficiary is accepted by the beneficiary's bank in the funds transfer, and

(b) in an amount equal to the amount of the order accepted by the beneficiary's bank, but not more than the amount of the originator's order.

(2) If payment under subsection (1) of this section is made to satisfy an obligation, the obligation is discharged to the same extent discharge would result from payment to the beneficiary of the same amount in money, unless:

(a) the payment under subsection (1) of this section was made by a means prohibited by the contract of the beneficiary with respect to the obligation,

(b) the beneficiary, within a reasonable time after receiving notice of receipt of the order by the beneficiary's bank, notified the originator of the beneficiary's refusal of the payment,

(c) funds with respect to the order were not withdrawn by the beneficiary or applied to a debt of the beneficiary, and

(d) the beneficiary would suffer a loss that could reasonably have been avoided if payment had been made by a means complying with the contract.

If payment by the originator does not result in discharge under this section, the originator is subrogated to the rights of the beneficiary to receive payment from the beneficiary's bank under section 28-4-629(1).

(3) For the purpose of determining whether discharge of an obligation occurs under subsection (2) of this section, if the beneficiary's bank accepts a payment order in an amount equal to the amount of the originator's payment order less charges of one (1) or more receiving banks in the funds transfer, payment to the beneficiary is deemed to be in the amount of the originator's order unless upon demand by the beneficiary the originator does not pay the beneficiary the amount of the deducted charges.

(4) Rights of the originator or of the beneficiary of a funds transfer under this section may be varied only by agreement of the originator and the beneficiary.

History:

[28-4-631, added 1991, ch. 135, sec. 1, p. 314.]
Idaho Code § 28-2-103 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-103
28-2-103 DEFINITIONS AND INDEX OF DEFINITIONS.
Status: in_force

PART 1.

SHORT TITLE, GENERAL CONSTRUCTION AND SUBJECT MATTER

28-2-103. Definitions and index of definitions. (1) In this chapter unless the context otherwise requires:

(a) "Buyer" means a person who buys or contracts to buy goods.

(b) "Good faith" in the case of a merchant means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.

(c) "Receipt" of goods means taking physical possession of them.

(d) "Seller" means a person who sells or contracts to sell goods.

(2) Other definitions applying to this chapter or to specified parts thereof, and the sections in which they appear are:

"Acceptance." Section 28-2-606.

"Banker's credit." Section 28-2-325.

"Between merchants." Section 28-2-104.

"Cancellation." Section 28-2-106.

"Commercial unit." Section 28-2-105.

"Confirmed credit." Section 28-2-325.

"Conforming to contract." Section 28-2-106.

"Contract for sale." Section 28-2-106.

"Cover." Section 28-2-712.

"Entrusting." Section 28-2-403.

"Financing agency." Section 28-2-104.

"Future goods." Section 28-2-105.

"Goods." Section 28-2-105.

"Identification." Section 28-2-501.

"Installment contract." Section 28-2-612.

"Letter of credit." Section 28-2-325.

"Lot." Section 28-2-105.

"Merchant." Section 28-2-104.

"Overseas." Section 28-2-323.

"Person in position of seller." Section 28-2-707.

"Present sale." Section 28-2-106.

"Sale." Section 28-2-106.

"Sale on approval." Section 28-2-326.

"Sale or return." Section 28-2-326.

"Termination." Section 28-2-106.

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

"Check." Section 28-3-104.

"Consignee." Section 28-7-102.

"Consignor." Section 28-7-102.

"Consumer goods." Section 28-9-102.

"Dishonor." Section 28-3-502.

"Draft." Section 28-3-104.

(4) In addition, chapter 1, title 28, Idaho Code, contains general definitions and principles of construction and interpretation applicable throughout this chapter.

History:

[28-2-103, added 1967, ch. 161, sec. 2-103, p. 351; am. 2001, ch. 208, sec. 5, p. 806; am. 2004, ch. 42, sec. 4, p. 103.]
Idaho Code § 28-2-311 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-311
28-2-311 OPTIONS AND COOPERATION RESPECTING PERFORMANCE.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-311. Options and cooperation respecting performance. (1) An agreement for sale which is otherwise sufficiently definite (subsection (3) of section 28-2-204) to be a contract is not made invalid by the fact that it leaves particulars of performance to be specified by one of the parties. Any such specification must be made in good faith and within limits set by commercial reasonableness.

(2) Unless otherwise agreed specifications relating to assortment of the goods are at the buyer's option and except as otherwise provided in subsections (1)(c) and (3) of section 28-2-319 specifications or arrangements relating to shipment are at the seller's option.

(3) Where such specification would materially affect the other party's performance but is not seasonably made or where one party's cooperation is necessary to the agreed performance of the other but is not seasonably forthcoming, the other party in addition to all other remedies

(a) is excused for any resulting delay in his own performance; and

(b) may also either proceed to perform in any reasonable manner or after the time for a material part of his own performance treat the failure to specify or to cooperate as a breach by failure to deliver or accept the goods.

History:

[28-2-311, added 1967, ch. 161, sec. 2-311, p. 351.]
Idaho Code § 28-46-401 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-401
28-46-401 DEFINITIONS.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-401. Definitions. (1) As used in this act, unless the context otherwise requires, "payday loan" means a transaction pursuant to a written agreement between a creditor and the maker of a check whereby the creditor:

(a) Accepts a check from the maker;

(b) Agrees to hold the check for a period of time prior to negotiation, deposit or presentment; and

(c) Pays to the maker of the check the amount of the check, less the fee permitted by this chapter.

(2) Payday loans are regulated consumer credit transactions, and all provisions of the Idaho credit code relating to regulated loans apply to payday loans and to persons engaged in the business of payday loans except for part 3, chapter 46, title 28, Idaho Code.

(3) As used in this part, "check" refers to a check or the electronic equivalent of a check, including an authorization given by a borrower to a creditor to withdraw an agreed upon amount from any account held by the borrower.

(4) As used in this part, unless the context otherwise requires, "licensee" means a person licensed under this part and all persons required to be licensed under this part.

History:

[28-46-401, added 2003, ch. 182, sec. 1, p. 491; am. 2014, ch. 270, sec. 1, p. 674.]
Idaho Code § 28-3-504 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-504
28-3-504 EXCUSED PRESENTMENT AND NOTICE OF DISHONOR.
Status: in_force

PART 5.

PRESENTMENT, NOTICE OF DISHONOR AND PROTEST

28-3-504. Excused presentment and notice of dishonor. (1) Presentment for payment or acceptance of an instrument is excused if (i) the person entitled to present the instrument cannot with reasonable diligence make presentment, (ii) the maker or acceptor has repudiated an obligation to pay the instrument or is dead or in insolvency proceedings, (iii) by the terms of the instrument presentment is not necessary to enforce the obligation of indorsers or the drawer, (iv) the drawer or indorser whose obligation is being enforced has waived presentment or otherwise has no reason to expect or right to require that the instrument be paid or accepted, or (v) the drawer instructed the drawee not to pay or accept the draft or the drawee was not obligated to the drawer to pay the draft.

(2) Notice of dishonor is excused if (i) by the terms of the instrument notice of dishonor is not necessary to enforce the obligation of a party to pay the instrument, or (ii) the party whose obligation is being enforced waived notice of dishonor. A waiver of presentment is also a waiver of notice of dishonor.

(3) Delay in giving notice of dishonor is excused if the delay was caused by circumstances beyond the control of the person giving the notice and the person giving the notice exercised reasonable diligence after the cause of the delay ceased to operate.

History:

[28-3-504, added 1993, ch. 288, sec. 2, p. 1050.]
Idaho Code § 28-9-309 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-309
28-9-309 SECURITY INTEREST PERFECTED UPON ATTACHMENT.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-309. Security interest perfected upon attachment. The following security interests are perfected when they attach:

(1) A purchase-money security interest in consumer goods, except as otherwise provided in section 28-9-311(b) with respect to consumer goods that are subject to a statute or treaty described in section 28-9-311(a);

(2) An assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles;

(3) A sale of a payment intangible;

(4) A sale of a promissory note;

(5) A security interest created by the assignment of a health care insurance receivable to the provider of the health care goods or services;

(6) A security interest arising under section 28-2-401, 28-2-505, 28-2-711(3) or 28-12-508(5), until the debtor obtains possession of the collateral;

(7) A security interest of a collecting bank arising under section 28-4-210;

(8) A security interest of an issuer or nominated person arising under section 28-5-120;

(9) A security interest arising in the delivery of a financial asset under section 28-9-206(c);

(10) A security interest in investment property created by a broker or securities intermediary;

(11) A security interest in a commodity contract or a commodity account created by a commodity intermediary;

(12) An assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder;

(13) A security interest created by an assignment of a beneficial interest in a decedent's estate; and

(14) A sale by an individual of an account that is a right to payment of winnings in a lottery or other game of chance.

History:

[28-9-309, added 2001, ch. 208, sec. 2, p. 732; am. 2002, ch. 107, sec. 3, p. 301.]
Idaho Code § 28-7-210 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-210
28-7-210 ENFORCEMENT OF WAREHOUSE'S LIEN.
Status: in_force

PART 2.

WAREHOUSE RECEIPTS — SPECIAL PROVISIONS

28-7-210. Enforcement of warehouse's lien. (a) Except as otherwise provided in subsection (b) of this section, a warehouse's lien may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in the goods. The notification must include a statement of the amount due, the nature of the proposed sale, and the time and place of any public sale. The fact that a better price could have been obtained by a sale at a different time or in a method different from that selected by the warehouse is not of itself sufficient to establish that the sale was not made in a commercially reasonable manner. The warehouse sells in a commercially reasonable manner if the warehouse sells the goods in the usual manner in any recognized market therefor, sells at the price current in that market at the time of the sale, or otherwise sells in conformity with commercially reasonable practices among dealers in the type of goods sold. A sale of more goods than apparently necessary to be offered to ensure satisfaction of the obligation is not commercially reasonable, except in cases covered by the preceding sentence.

(b) A warehouse may enforce its lien on goods, other than goods stored by a merchant in the course of its business, only if the following requirements are satisfied:

(1) All persons known to claim an interest in the goods must be notified.

(2) The notification must include an itemized statement of the claim, a description of the goods subject to the lien, a demand for payment within a specified time not less than ten (10) days after receipt of the notification, and a conspicuous statement that unless the claim is paid within that time the goods will be advertised for sale and sold by auction at a specified time and place.

(3) The sale must conform to the terms of the notification.

(4) The sale must be held at the nearest suitable place to where the goods are held or stored.

(5) After the expiration of the time given in the notification, an advertisement of the sale must be published once a week for two (2) weeks consecutively in a newspaper of general circulation where the sale is to be held. The advertisement must include a description of the goods, the name of the person on whose account the goods are being held, and the time and place of the sale. The sale must take place at least fifteen (15) days after the first publication. If there is no newspaper of general circulation where the sale is to be held, the advertisement must be posted at least ten (10) days before the sale in not fewer than six (6) conspicuous places in the neighborhood of the proposed sale.

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

(d) A warehouse may buy at any public sale held pursuant to this section.

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

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

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

(h) If a lien is on goods stored by a merchant in the course of its business, the lien may be enforced in accordance with subsection (a) or (b) of this section.

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

History:

[28-7-210, added 2004, ch. 42, sec. 2, p. 86.]
Idaho Code § 28-46-411 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-411
28-46-411 APPLICATION OF ADMINISTRATIVE PROCEDURE ACT.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-411. Application of administrative procedure act. Except as otherwise provided, the Idaho administrative procedure act, as set forth in chapter 52, title 67, Idaho Code, applies to and governs all administrative action taken by the administrator pursuant to this act.

History:

[28-46-411, added 2003, ch. 182, sec. 1, p. 495.]
Idaho Code § 28-50-105 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-105
28-50-105 USE OF ELECTRONIC RECORDS AND ELECTRONIC SIGNATURES — VARIATION BY AGREEMENT.
Status: in_force

28-50-105. Use of electronic records and electronic signatures — Variation by agreement. (a) This chapter does not require a record or signature to be created, generated, sent, communicated, received, stored, or otherwise processed or used by electronic means or in electronic form.

(b) This chapter applies only to transactions between parties each of which has agreed to conduct transactions by electronic means. Whether the parties agree to conduct a transaction by electronic means is determined from the context and surrounding circumstances, including the parties' conduct.

(c) A party that agrees to conduct a transaction by electronic means may refuse to conduct other transactions by electronic means. The right granted by this subsection may not be waived by agreement.

(d) Except as otherwise provided in this chapter, the effect of any of its provisions may be varied by agreement. The presence in certain provisions of this chapter of the words "unless otherwise agreed," or words of similar import, does not imply that the effect of other provisions may not be varied by agreement.

(e) Whether an electronic record or electronic signature has legal consequences is determined by this chapter and other applicable law.

History:

[28-50-105, added 2000, ch. 286, sec. 1, p. 962.]
Idaho Code § 28-44-110 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-110
28-44-110 CHARGE FOR INSURANCE IN CONNECTION WITH A DEFERRAL, REFINANCING, OR CONSOLIDATION — DUPLICATE CHARGES.
Status: in_force

PART 1.

INSURANCE IN GENERAL

28-44-110. Charge for insurance in connection with a deferral, refinancing, or consolidation — Duplicate charges. (1) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral, section 28-42-302, Idaho Code, a refinancing, section 28-42-303, Idaho Code, or a consolidation, section 28-42-304, Idaho Code, unless:

(a) The debtor agrees at or before the time of the deferral, refinancing, or consolidation that the charge may be made;

(b) The debtor is or is to be provided with insurance for an amount or a term, or insurance of a kind, in addition to that to which he would have been entitled had there been no deferral, refinancing, or consolidation;

(c) The debtor receives a refund or credit on account of any unexpired term of existing insurance in the amount that would be required if the insurance were terminated, section 28-44-108, Idaho Code; and

(d) The charge does not exceed the amount permitted by this chapter, section 28-44-107, Idaho Code.

(2) A creditor may not contract for or receive a separate charge for insurance which duplicates insurance with respect to which the creditor has previously contracted for or received a separate charge.

History:

[28-44-110, added 1983, ch. 119, sec. 3, p. 290.]
Idaho Code § 28-44-301 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-301
28-44-301 PROPERTY INSURANCE.
Status: in_force

PART 3.

PROPERTY AND LIABILITY INSURANCE

28-44-301. Property insurance. (1) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless the creditor qualifies under chapter 9, title 41, Idaho Code, or rule or regulation prescribed by the director of the department of insurance and:

(a) The insurance covers a substantial risk of loss of or damage to property related to the credit transaction;

(b) The amount, terms, and conditions of the insurance are reasonable in relation to the character and value of the property insured or to be insured; and

(c) The term of the insurance is reasonable in relation to the terms of credit.

(2) The term of the insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity.

(3) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless the amount financed or principal exclusive of charges for the insurance is five hundred dollars ($500) or more, and the value of the property is five hundred dollars ($500) or more.

History:

[28-44-301, added 1983, ch. 119, sec. 3, p. 292.]
Idaho Code § 28-43-205 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-205
28-43-205 FORM OF INSURANCE PREMIUM LOAN AGREEMENT.
Status: in_force

PART 2.

DISCLOSURE

28-43-205. Form of insurance premium loan agreement. An agreement pursuant to which an insurance premium loan is made shall contain the names of the insurance agent or broker negotiating each policy or contract and of the insurer issuing each policy or contract, the number and inception date of, and premium for, each policy or contract, the date on which the term of the loan begins, and a clear and conspicuous notice that each policy or contract may be cancelled if payment is not made in accordance with the agreement. If a policy or contract has not been issued by the time the agreement is signed, the agreement may provide that the insurance agent or broker may insert the appropriate information in the agreement and, if he does so, shall furnish the information promptly in writing to the insured.

History:

[28-43-205, added 1983, ch. 119, sec. 3, p. 283.]
Idaho Code § 28-12-221 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-221
28-12-221 CASUALTY TO IDENTIFIED GOODS.
Status: in_force

PART 2.

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

28-12-221. Casualty to identified goods. If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or section 28-12-219, then:

(1) If the loss is total, the lease contract is avoided; and

(2) If the loss is partial or the goods have so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless demand inspection and at his option either treat the lease contract as avoided or, except in a finance lease that is not a consumer lease, accept the goods with due allowance from the rent payable for the balance of the lease term for the deterioration or the deficiency in quantity but without further right against the lessor.

History:

[28-12-221, added 1993, ch. 287, sec. 1, p. 990.]
Idaho Code § 28-9-803 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-803
28-9-803 SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE.
Status: in_force

PART 8.

TRANSITION PROVISIONS FOR 2011 AMENDMENTS

28-9-803. security interest perfected before effective date. (a) A security interest that is a perfected security interest immediately before this act takes effect is a perfected security interest under this chapter as amended by this act if, when this act takes effect, the applicable requirements for attachment and perfection under this chapter as amended by this act are satisfied without further action.

(b) Except as otherwise provided in section 28-9-805, Idaho Code, if, immediately before this act takes effect, a security interest is a perfected security interest, but the applicable requirements for perfection under this chapter as amended by this act are not satisfied when this act takes effect, the security interest remains perfected thereafter only if the applicable requirements for perfection under this chapter as amended by this act are satisfied within one (1) year after this act takes effect.

History:

[28-9-803, added 2012, ch. 145, sec. 20, p. 410.]
Idaho Code § 28-8-111 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-111
28-8-111 CLEARING CORPORATION RULES.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-111. Clearing corporation rules. A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this act and affects another party who does not consent to the rule.

History:

[28-8-111, added 1995, ch. 272, sec. 2, p. 883.]
Idaho Code § 28-5-110 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-110
28-5-110 WARRANTIES.
Status: in_force

28-5-110. Warranties. (1) If its presentation is honored, the beneficiary warrants:

(a) to the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in section 28-5-109(1); and

(b) to the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.

(2) The warranties in subsection (1) of this section are in addition to warranties arising under chapters 3, 4, 7 and 8, title 28, Idaho Code, because of the presentation or transfer of documents covered by any of those chapters.

History:

[28-5-110, added 1996, ch. 7, sec. 2, p. 14.]
Idaho Code § 28-43-401 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-401
28-43-401 HOME SOLICITATION SALE DEFINED.
Status: in_force

PART 4.

HOME SOLICITATION SALES

28-43-401. Home solicitation sale defined. "Home solicitation sale" means a regulated consumer credit sale of goods or services, in which the seller or a person acting for him personally solicits the sale, and the buyer's agreement or offer to purchase is given to the seller or a person acting for him, at his residence. It does not include a sale made pursuant to a preexisting open-end credit account with the seller or pursuant to prior negotiations between the parties at a business establishment at a fixed location where goods or services are offered or exhibited for sale, a transaction conducted and consummated entirely by mail or telephone, or a sale which is subject to the provisions of the Federal Consumer Credit Protection Act on the consumer's right to rescind certain transactions.

History:

[28-43-401, added 1983, ch. 119, sec. 3, p. 286.]
Idaho Code § 28-8-307 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-307
28-8-307 PURCHASER'S RIGHT TO REQUISITES FOR REGISTRATION OF TRANSFER.
Status: in_force

PART 3.

TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES

28-8-307. Purchaser's right to requisites for registration of transfer. Unless otherwise agreed, the transferor of a security on due demand shall supply the purchaser with proof of authority to transfer or with any other requisite necessary to obtain registration of the transfer of the security, but if the transfer is not for value, a transferor need not comply unless the purchaser pays the necessary expenses. If the transferor fails within a reasonable time to comply with the demand, the purchaser may reject or rescind the transfer.

History:

[28-8-307, added 1995, ch. 272, sec. 2, p. 891.]
Idaho Code § 28-12-521 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-521
28-12-521 LESSEE'S RIGHT TO SPECIFIC PERFORMANCE OR REPLEVIN.
Status: in_force

PART 5.

DEFAULT

28-12-521. Lessee's right to specific performance or replevin. (1) Specific performance may be decreed if the goods are unique or in other proper circumstances.

(2) A decree for specific performance may include any terms and conditions as to payment of the rent, damages, or other relief that the court deems just.

(3) A lessee has a right of replevin, detinue, sequestration, claim and delivery, or the like for goods identified to the lease contract if after reasonable effort the lessee is unable to effect cover for those goods or the circumstances reasonably indicate that the effort will be unavailing.

History:

[28-12-521, added 1993, ch. 287, sec. 1, p. 1008.]
Idaho Code § 28-46-116 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-116
28-46-116 VENUE.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-116. Venue. The administrator may bring actions or proceedings in a court in a county in which an act on which the action or proceeding is based occurred or in a county in which the respondent resides or transacts business.

History:

[28-46-116, added 1983, ch. 119, sec. 3, p. 306.]
Idaho Code § 28-43-302 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-302
28-43-302 CROSS-COLLATERAL.
Status: in_force

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-302. Cross-collateral. (1) In addition to contracting for a security interest pursuant to the provisions on security in sales, section 28-43-301, Idaho Code, a seller in a regulated consumer credit sale may secure the debt arising from the sale by contracting for a security interest in other property if, as a result of a prior sale, the seller has an existing security interest in the other property. The seller may also contract for a security interest in the property sold in the subsequent sale as security for the previous debt.

(2) If the seller contracts for a security interest in other property pursuant to this section, the finance charge thereafter on the aggregate unpaid balances so secured may not exceed that permitted if the balances so secured were consolidated pursuant to the provisions on finance charge on consolidation, subsection (2) of section 28-42-304, Idaho Code. The seller has a reasonable time after so contracting in which to make any adjustments required by this section.

History:

[28-43-302, added 1983, ch. 119, sec. 3, p. 283.]
Idaho Code § 28-1-101 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-101
28-1-101 SHORT TITLES.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-1-101. Short titles. (a) This title shall be known and may be cited as the Uniform Commercial Code.

(b) This chapter may be cited as "Uniform Commercial Code — General Provisions."

History:

[28-1-101, added 1967, ch. 161, sec. 1-101, p. 351; am. 2004, ch. 43, sec. 2, p. 137.]
Idaho Code § 28-23-101 — Idaho Code / Title 28 / Chapter 23 / Section 28-23-101
28-23-101 REPURCHASE OF FARM MACHINERY, EQUIPMENT, CONSTRUCTION EQUIPMENT, IMPLEMENTS, ATTACHMENTS, ACCESSORIES AND PARTS UPON TERMINATION OF CONTRACT AND OBLIGATION TO REPURCHASE.
Status: in_force

28-23-101. Repurchase of farm machinery, equipment, construction equipment, implements, attachments, accessories and parts upon termination of contract and obligation to repurchase. 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, complete or whole machines, attachments, or demonstration and rental equipment 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 (a) one hundred percent (100%) of the net cost of all unused, unsold and undamaged complete farm implements or equipment, machinery or attachments in new condition that have been purchased by the retailer from the wholesaler, manufacturer or distributor within the thirty-six (36) months immediately preceding notification by either party of intent to cancel or discontinue the contract plus (b) one hundred percent (100%)of the net cost of all demonstration or rental equipment that has not been retailed to an end user less a reasonable downward adjustment to reflect depreciation relating to such demonstration or rental activity. All such payments shall also include transportation charges paid to deliver such farm implements or equipment, machinery or attachments from the wholesaler, manufacturer or distributor to the retailer. In addition, the wholesaler, manufacturer or distributor shall pay to the retailer a reasonable reimbursement for services performed in connection with the assembly and predelivery inspections of the farm implements or equipment and machinery and attachments subject to repurchase herein. The supplier assumes ownership of farm implements or equipment, machinery or attachments FOB the dealer location.

If a wholesaler, manufacturer or distributor is required to purchase farm implements or equipment and machinery and attachments in accordance with this section, such wholesaler, manufacturer or distributor must repurchase any specific data processing hardware, software, telecommunications equipment and computer communications hardware specifically required by the wholesaler, manufacturer or distributor to meet its minimum requirements and purchased by the retailer in the prior five (5) years and held by the retailer on the date of termination. The purchase price to be paid by the wholesaler, manufacturer or distributor to the retailer for such items is the original net cost to the retailer, less twenty percent (20%) per year.

History:

[28-23-101, added 1975, ch. 97, sec. 1, p. 197; am. 1986, ch. 248, sec. 1, p. 668; am. 2005, ch. 238, sec. 1, p. 730; am. 2011, ch. 270, sec. 2, p. 730; am. 2016, ch. 213, sec. 1, p. 597.]
Idaho Code § 28-9-510 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-510
28-9-510 EFFECTIVENESS OF FILED RECORD.
Status: in_force

PART 5.

FILING

28-9-510. Effectiveness of filed record. (a) A filed record is effective only to the extent that it was filed by a person that may file it under section 28-9-509.

(b) A record authorized by one (1) secured party of record does not affect the financing statement with respect to another secured party of record.

(c) A continuation statement that is not filed within the six (6) month period prescribed by section 28-9-515(d) is ineffective.

History:

[28-9-510, added 2001, ch. 208, sec. 2, p. 766.]
Idaho Code § 28-9-503 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-503
28-9-503 NAME OF DEBTOR AND SECURED PARTY.
Status: in_force

PART 5.

FILING

28-9-503. Name of debtor and secured party. (a) A financing statement sufficiently provides the name of the debtor:

(1) Except as otherwise provided in paragraph (3) of this subsection, if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the registered organization's name on the public organic record most recently filed with or issued or enacted by the registered organization's jurisdiction of organization which purports to state, amend or restate the registered organization's name;

(2) Subject to subsection (f) of this section, if the collateral is being administered by the personal representative of a decedent, only if the financing statement provides, as the name of the debtor, the name of the decedent and, in a separate part of the financing statement, indicates that the collateral is being administered by a personal representative;

(3) If the collateral is held in a trust that is not a registered organization, only if the financing statement:

(A) provides, as the name of the debtor:

(i) if the organic record of the trust specifies a name for the trust, the name so specified; or

(ii) if the organic record of the trust does not specify a name for the trust, the name of the settlor or testator; and

(B) in a separate part of the financing statement:

(i) if the name is provided in accordance with subparagraph (A)(i) of this paragraph, indicates that the collateral is held in a trust; or

(ii) if the name is provided in accordance with subparagraph (A)(ii) of this paragraph, provides additional information sufficient to distinguish the trust from other trusts having one (1) or more of the same settlors or the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates;

(4) Subject to subsection (g) of this section, if the debtor is an individual to whom this state has issued a driver's license or an Idaho identification card that has not expired, only if it provides the name of the individual which is indicated on the driver's license or the Idaho identification card;

(5) If the debtor is an individual to whom paragraph (4) of this subsection does not apply, only if it provides the individual name of the debtor or the surname and first personal name of the debtor; and

(6) In other cases:

(A) if the debtor has a name, only if it provides the organizational name of the debtor; and

(B) if the debtor does not have a name, only if it provides the names of the partners, members, associates or other persons comprising the debtor, in a manner that each name provided would be sufficient if the person named were the debtor.

(b) A financing statement that provides the name of the debtor in accordance with subsection (a) of this section is not rendered ineffective by the absence of:

(1) A trade name or other name of the debtor; or

(2) Unless required under subsection (a)(6)(B) of this section, names of partners, members, associates or other persons comprising the debtor.

(c) A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor.

(d) Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement.

(e) A financing statement may provide the name of more than one (1) debtor and the name of more than one (1) secured party.

(f) The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the "name of the decedent" under subsection (a)(2) of this section.

(g) If this state has issued to an individual more than one (1) driver's license or Idaho identification card of a kind described in subsection (a)(4) of this section, the one that was issued most recently is the one to which subsection (a)(4) of this section refers.

(h) The "name of the settlor or testator" means:

(1) If the settlor is a registered organization, the name of the registered organization indicated on the public organic record filed with or issued or enacted by the registered organization's jurisdiction of organization; or

(2) In other cases, the name of the settlor or testator indicated in the trust's organic record.

History:

[28-9-503, added 2001, ch. 208, sec. 2, p. 763; am. 2012, ch. 145, sec. 11, p. 399.]
Idaho Code § 28-4-615 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-615
28-4-615 MISDESCRIPTION OF BENEFICIARY.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-615. Misdescription of beneficiary. (1) Subject to subsection (2) of this section, if, in a payment order received by the beneficiary's bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the order and acceptance of the order cannot occur.

(2) If a payment order received by the beneficiary's bank identifies the beneficiary both by name and by an identifying or bank account number and the name and number identify different persons, the following rules apply:

(a) Except as otherwise provided in subsection (3) of this section, if the beneficiary's bank does not know that the name and number refer to different persons, it may rely on the number as the proper identification of the beneficiary of the order. The beneficiary's bank need not determine whether the name and number refer to the same person.

(b) If the beneficiary's bank pays the person identified by name or knows that the name and number identify different persons, no person has rights as beneficiary except the person paid by the beneficiary's bank if that person was entitled to receive payment from the originator of the funds transfer. If no person has rights as beneficiary, acceptance of the order cannot occur.

(3) If (i) a payment order described in subsection (2) of this section is accepted, (ii) the originator's payment order described the beneficiary inconsistently by name and number, and (iii) the beneficiary's bank pays the person identified by number as permitted in subsection (2)(a) of this section, the following rules apply:

(a) If the originator is a bank, the originator is obliged to pay its order.

(b) If the originator is not a bank and proves that the person identified by number was not entitled to receive payment from the originator, the originator is not obliged to pay its order unless the originator's bank proves that the originator, before acceptance of the originator's order, had notice that payment of a payment order issued by the originator might be made by the beneficiary's bank on the basis of an identifying or bank account number even if it identifies a person different from the named beneficiary. Proof of notice may be made by any admissible evidence. The originator's bank satisfies the burden of proof if it proves that the originator, before the payment order was accepted, signed a writing stating the information to which the notice relates.

(4) In a case governed by the provisions of subsection (2)(a) of this section, if the beneficiary's bank rightfully pays the person identified by number and that person was not entitled to receive payment from the originator, the amount paid may be recovered from that person to the extent allowed by the law governing mistake and restitution as follows:

(a) If the originator is obliged to pay its payment order as stated in subsection (3) of this section, the originator has the right to recover.

(b) If the originator is not a bank and is not obliged to pay its payment order, the originator's bank has the right to recover.

History:

[28-4-615, added 1991, ch. 135, sec. 1, p. 302.]
Idaho Code § 28-41-302 — Idaho Code / Title 28 / Chapter 41 / Section 28-41-302
28-41-302 FEDERAL CONSUMER CREDIT PROTECTION ACT — DEFINED.
Status: in_force

PART 3.

DEFINITIONS

28-41-302. Federal consumer credit protection act — Defined. In this act "Federal Consumer Credit Protection Act" means the consumer credit protection act, Public Law 90-321; 82 Stat. 146, as amended, to and including January 1, 2005, or a subsequent date if so defined by administrative rule, and includes regulations issued pursuant to that act, as amended to and including January 1, 2005, or a subsequent date if so defined by administrative rule.

History:

[28-41-302, added 1983, ch. 119, sec. 3, p. 275; am. 2002, ch. 301, sec. 2, p. 860; am. 2003, ch. 74, sec. 1, p. 246; am. 2004, ch. 98, sec. 1, p. 355; am. 2005, ch. 263, sec. 1, p. 808.]
Idaho Code § 28-24-104 — Idaho Code / Title 28 / Chapter 24 / Section 28-24-104
28-24-104 TERMINATION OF DEALER AGREEMENT OR CHANGE OF EQUIPMENT DEALER'S COMPETITIVE CIRCUMSTANCES — NOTICE — GOOD CAUSE.
Status: in_force

PART 1.

AGREEMENTS BETWEEN SUPPLIERS AND DEALERS OF FARM EQUIPMENT

28-24-104. Termination of dealer agreement or change of equipment dealer's competitive circumstances — Notice — Good cause. (1) A supplier shall provide written notice to the equipment dealer of any proposed termination or nonrenewal of a dealer agreement or substantial change in the dealer's competitive circumstances. The notice shall state the reason(s) constituting good cause for the action proposed to be taken. Except where good cause is alleged under the provisions of paragraphs (a) through (e) of subsection (2) of this section, such notice shall be provided to the equipment dealer not less than ninety (90) days before the proposed action is to become effective. Except where good cause is alleged under paragraphs (a) through (d) of subsection (2) of this section, the equipment dealer shall be given ninety (90) days within which to cure any claimed deficiency, and the notice shall advise the dealer of his right to cure. If the claimed deficiency is rectified within ninety (90) days, the notice shall be void and the proposed action shall not become effective. Notwithstanding the equipment dealer's failure to cure the deficiency or deficiencies claimed, where a ninety (90) day notice is required to be given by the supplier, the contractual term of the dealer agreement shall not expire, nor shall the dealer agreement be otherwise terminated or canceled, nor shall the equipment dealer's competitive circumstances be substantially changed prior to the expiration of at least ninety (90) days following such notice without the written consent of the equipment dealer.

(2) As used in this chapter, "good cause" shall exist but not be limited to the following circumstances when the equipment dealer has:

(a) Transferred a controlling ownership interest in the equipment dealership without the supplier's consent;

(b) Made a material misrepresentation to the supplier;

(c) Filed a voluntary petition in bankruptcy or has had an involuntary petition in bankruptcy filed against the equipment dealer which has not been discharged within ninety (90) days after the filing; is in default under the provisions of a security agreement in effect with the supplier; or is insolvent or in receivership;

(d) Been convicted of a crime, punishable for a term of imprisonment for one (1) year or more;

(e) Failed to operate in the normal course of business for ten (10) consecutive business days or has terminated said business;

(f) Relocated the equipment dealer's place of business without the supplier's consent;

(g) Inadequately represented the supplier over a one (1) year period of time or length of time or a time mutually agreed upon between the supplier and dealer to reflect the ongoing market conditions;

(h) Consistently failed to meet building and housekeeping requirements, or has failed to provide adequate sales, service or parts personnel commensurate with the dealer agreement;

(i) Failed to comply with the applicable licensing laws pertaining to the products and services being represented for and on the supplier's behalf;

(j) Materially failed to comply with the terms of the dealer agreement.

(3) Notwithstanding the provisions of subsection (2) of this section, before the termination or nonrenewal of a dealer agreement or substantially changing the dealer's competitive circumstances in each case, based upon a supplier's claim that the dealer has failed to achieve market penetration at levels consistent with similarly situated dealerships in the state, the supplier shall provide written notice of its intention at least one (1) year in advance.

(a) After issuance of such a notice, the supplier shall provide fair and reasonable efforts to work with the dealer to assist the dealer in gaining the required market penetration including, but not limited to, making available to the dealer an adequate inventory of new equipment and parts, and not withhold programs available to all dealers.

(b) Upon the end of the one (1) year period established in this subsection, the supplier may terminate or elect not to renew the dealer agreement or substantially change the dealer's competitive circumstances only upon written notice specifying the reasons for determining that the dealer failed to meet reasonable market penetration. The notice must specify that termination or nonrenewal of the dealer agreement or the substantial change in the dealer's competitive circumstances is effective one hundred eighty (180) days from the date of the notice and that either party may petition the court.

(c) A supplier bears the burden of proving that a retailer's area of responsibility or trade area does not afford sufficient sales potential to reasonably support the retailer. The supplier's proof must be in writing.

(4) "Change in competitive circumstances" for purposes of this chapter means an event, act or omission that has a material detrimental effect on a retailer's ability to compete with another retailer that sells the same brand of farm implements.

History:

[28-24-104, added 1990, ch. 267, sec. 1, p. 753; am. 2005, ch. 238, sec. 8, p. 737; am. 2018, ch. 224, sec. 2, p. 506.]
Idaho Code § 28-9-623 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-623
28-9-623 RIGHT TO REDEEM COLLATERAL.
Status: in_force

PART 6.

DEFAULT

28-9-623. Right to redeem collateral. (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

(b) To redeem collateral, a person shall tender:

(1) Fulfillment of all obligations secured by the collateral; and

(2) The reasonable expenses and attorney's fees described in section 28-9-615(a)(1).

(c) A redemption may occur at any time before a secured party:

(1) Has collected collateral under section 28-9-607;

(2) Has disposed of collateral or entered into a contract for its disposition under section 28-9-610; or

(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under section 28-9-622.

History:

[28-9-623, added 2001, ch. 208, sec. 2, p. 794.]
Idaho Code § 28-7-203 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-203
28-7-203 LIABILITY FOR NONRECEIPT OR MISDESCRIPTION.
Status: in_force

PART 2.

WAREHOUSE RECEIPTS — SPECIAL PROVISIONS

28-7-203. Liability for nonreceipt or misdescription. A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that:

(1) The document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, such as 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, condition, and quality unknown," "said to contain," or words of similar import, if the indication is true; or

(2) The party or purchaser otherwise has notice of the nonreceipt or misdescription.

History:

[28-7-203, added 2004, ch. 42, sec. 2, p. 83.]
Idaho Code § 28-24-102 — Idaho Code / Title 28 / Chapter 24 / Section 28-24-102
28-24-102 DEFINITIONS.
Status: in_force

PART 1.

AGREEMENTS BETWEEN SUPPLIERS AND DEALERS OF FARM EQUIPMENT

28-24-102. Definitions. As used in this chapter:

(1) "Assigned area of responsibility" means the geographic region for which a particular dealer is responsible for the marketing, selling, leasing or servicing of equipment pursuant to a dealer agreement as assigned by the supplier.

(2) "Continuing commercial relationship" means any relationship in which the equipment dealer has been granted the right to sell or service equipment manufactured by supplier.

(3) "Dealer agreement" means a contract or agreement, either expressed or implied, whether oral or written, between a supplier and an equipment dealer, by which the equipment dealer is granted the right to sell, distribute or service the supplier's equipment, where there is a continuing commercial relationship between the supplier and the equipment dealer.

(4) "Demonstration and/or rental equipment" is equipment that has been used but has not been sold to an end user.

(5) "Equipment" means machines designed for or adapted and used for agriculture, horticulture, livestock and grazing and related industries but not exclusive to agricultural use. Equipment also includes:

(a) "All-terrain vehicles" or "ATVs," including three-wheeled and four-wheeled motorized vehicles, generally characterized by large, low-pressure tires, a seat designed to be straddled by the operator, and handlebars for steering. All-terrain vehicles are intended for off-road use.

(b) "Outdoor power equipment" means equipment powered by a two-cycle or four-cycle gas or diesel engine, or electric motor, which is used to maintain commercial, public or residential lawns and gardens or used in landscape, turf, golf course or plant nursery maintenance.

(c) "Industrial and construction equipment" means equipment used in building and maintaining structures and roads including, but not limited to, loaders, loader backhoes, wheel loaders, crawlers, graders and excavators.

(6) "Equipment dealer," "dealer" or "equipment dealership" means any person, partnership, corporation, association or other form of business enterprise, primarily engaged in the retail sale and/or service of equipment in this state, pursuant to any oral or written agreement for a definite or indefinite period of time in which there is a continuing commercial relationship in the marketing of the equipment or related services. "Equipment dealer," "dealer" or "equipment dealership" does not include an individual, partnership or corporation that:

(a) Is primarily engaged in the retail sale and service of industrial and construction equipment;

(b) Has purchased seventy-five percent (75%) or more of the dealer's total new product inventory from a single supplier under all agreements with that supplier; and

(c) Has a total annual average sales volume in excess of twenty million dollars ($20,000,000) for the preceding three (3) years with that single supplier for the territory for which the dealer is responsible.

(7) "Good cause" means failure by an equipment dealer to substantially comply with essential and reasonable requirements imposed upon the equipment dealer by the dealer agreement, provided, such requirements are not different from those requirements imposed on other similarly situated equipment dealers in the state either by their terms or in the manner of their enforcement.

(8) "Supplier" means the manufacturer, wholesaler or distributor of the equipment to be sold by the equipment dealer, or any successor in interest to or assignee of the supplier. A successor in interest includes any purchaser of assets or stock, any surviving corporation resulting from merger or liquidation, any receiver or any trustee of the original supplier.

(9) "Used equipment" means equipment that has been sold or retailed to an end user and money has been exchanged between the end user and the equipment dealer.

(10) "Warranty claim" means a claim for payment submitted by an equipment dealer to a supplier for service, parts or complete components, or any or all of the three (3), provided to a customer under a:

(a) Warranty issued by the supplier; or

(b) Recall or modification order issued by the supplier.

History:

[28-24-102, added 1990, ch. 267, sec. 1, p. 751; am. 2005, ch. 238, sec. 6, p. 734; am. 2011, ch. 270, sec. 14, p. 735.]
Idaho Code § 28-12-219 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-219
28-12-219 RISK OF LOSS.
Status: in_force

PART 2.

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

28-12-219. Risk of loss. (1) Except in the case of a finance lease, risk of loss is retained by the lessor and does not pass to the lessee. In the case of a finance lease, risk of loss passes to the lessee.

(2) Subject to the provisions of this chapter on the effect of default on risk of loss (section 28-12-220), if risk of loss is to pass to the lessee and the time of passage is not stated, the following rules apply:

(a) If the lease contract requires or authorizes the goods to be shipped by carrier:

(i) And it does not require delivery at a particular destination, the risk of loss passes to the lessee when the goods are duly delivered to the carrier; but

(ii) If it does require delivery at a particular destination and the goods are there duly tendered while in the possession of the carrier, the risk of loss passes to the lessee when the goods are there duly so tendered as to enable the lessee to take delivery.

(b) If the goods are held by a bailee to be delivered without being moved, the risk of loss passes to the lessee on acknowledgment by the bailee of the lessee's right to possession of the goods.

(c) In any case not within the provisions of subparagraph (a) or (b) of this subsection, the risk of loss passes to the lessee on the lessee's receipt of the goods if the lessor, or, in the case of a finance lease, the supplier, is a merchant; otherwise the risk passes to the lessee on tender of delivery.

History:

[28-12-219, added 1993, ch. 287, sec. 1, p. 989.]
Idaho Code § 28-2-704 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-704
28-2-704 SELLER'S RIGHT TO IDENTIFY GOODS TO THE CONTRACT NOTWITHSTANDING BREACH OR TO SALVAGE UNFINISHED GOODS.
Status: in_force

PART 7.

REMEDIES

28-2-704. Seller's right to identify goods to the contract notwithstanding breach or to salvage unfinished goods. (1) An aggrieved seller under the preceding section may

(a) identify to the contract conforming goods not already identified if at the time he learned of the breach they are in his possession or control;

(b) treat as the subject of resale goods which have demonstrably been intended for the particular contract even though those goods are unfinished.

(2) Where the goods are unfinished an aggrieved seller may in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization either complete the manufacture and wholly identify the goods to the contract or cease manufacture and resell for scrap or salvage value or proceed in any other reasonable manner.

History:

[28-2-704, added 1967, ch. 161, sec. 2-704, p. 351.]
Idaho Code § 28-2-509 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-509
28-2-509 RISK OF LOSS IN THE ABSENCE OF BREACH.
Status: in_force

PART 5.

PERFORMANCE

28-2-509. Risk of loss in the absence of breach. (1) Where the contract requires or authorizes the seller to ship the goods by carrier

(a) if it does not require him to deliver them at a particular destination, the risk of loss passes to the buyer when the goods are duly delivered to the carrier even though the shipment is under reservation (section 28-2-505); but

(b) if it does require him to deliver them at a particular destination and the goods are there duly tendered while in the possession of the carrier, the risk of loss passes to the buyer when the goods are there duly so tendered as to enable the buyer to take delivery.

(2) Where the goods are held by a bailee to be delivered without being moved, the risk of loss passes to the buyer

(a) on his receipt of possession or control of a negotiable document of title covering the goods; or

(b) on acknowledgment by the bailee of the buyer's right to possession of the goods; or

(c) after his receipt of possession or control of a nonnegotiable document of title or other direction to deliver in a record, as provided in subsection (4)(b) of section 28-2-503.

(3) In any case not within subsection (1) or (2), the risk of loss passes to the buyer on his receipt of the goods if the seller is a merchant; otherwise the risk passes to the buyer on tender of delivery.

(4) The provisions of this section are subject to contrary agreement of the parties and to the provisions of this chapter on sale on approval (section 28-2-327) and on effect of breach on risk of loss (section 28-2-510).

History:

[28-2-509, added 1967, ch. 161, sec. 2-509, p. 351; am. 2004, ch. 42, sec. 12, p. 107.]
Idaho Code § 28-42-403 — Idaho Code / Title 28 / Chapter 42 / Section 28-42-403
28-42-403 COMPUTATION OF JUDGMENTS.
Status: in_force

PART 4.

MONEY OF ACCOUNT AND INTEREST

28-42-403. Computation of judgments. In all judgments rendered by any court for any debt, damages or costs, and in all executions issued thereon, the amount must be computed, as near as may be, in dollars and cents, rejecting small fractions; and no judgment or other proceeding is erroneous for such omission.

History:

[28-42-403, added 1983, ch. 119, sec. 3, p. 281.]
Idaho Code § 28-12-213 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-213
28-12-213 IMPLIED WARRANTY OF FITNESS FOR PARTICULAR PURPOSE.
Status: in_force

PART 2.

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

28-12-213. Implied warranty of fitness for particular purpose. Except in a finance lease, if the lessor at the time the lease contract is made has reason to know of any particular purpose for which the goods are required and that the lessee is relying on the lessor's skill or judgment to select or furnish suitable goods, there is in the lease contract an implied warranty that the goods will be fit for that purpose.

History:

[28-12-213, added 1993, ch. 287, sec. 1, p. 987.]
Idaho Code § 28-4-110 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-110
28-4-110 ELECTRONIC PRESENTMENT.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-4-110. Electronic presentment. (1) "Agreement for electronic presentment" means an agreement, clearing-house rule, or federal reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item ("presentment notice") rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor and other matters concerning items subject to the agreement.

(2) Presentment of an item pursuant to an agreement for presentment is made when the presentment notice is received.

(3) If presentment is made by presentment notice, a reference to "item" or "check" in this chapter means the presentment notice unless the context otherwise indicates.

History:

[28-4-110, added 1993, ch. 288, sec. 13, p. 1057.]
Idaho Code § 28-8-112 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-112
28-8-112 CREDITOR'S LEGAL PROCESS.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-112. Creditor's legal process. (1) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in subsection (4) of this section. However, a certificated security for which the certificate has been surrendered to the issuer may be reached by a creditor by legal process upon the issuer.

(2) The interest of a debtor in an uncertificated security may be reached by a creditor only by legal process upon the issuer at its chief executive office in the United States, except as otherwise provided in subsection (4) of this section.

(3) The interest of a debtor in a security entitlement may be reached by a creditor only by legal process upon the securities intermediary with whom the debtor's securities account is maintained, except as otherwise provided in subsection (4) of this section.

(4) The interest of a debtor in a certificated security for which the certificate is in the possession of a secured party, or in an uncertificated security registered in the name of a secured party, or a security entitlement maintained in the name of a secured party, may be reached by a creditor by legal process upon the secured party.

(5) A creditor whose debtor is the owner of a certificated security, uncertificated security or security entitlement is entitled to aid from a court of competent jurisdiction, by injunction or otherwise, in reaching the certificated security, uncertificated security, or security entitlement or in satisfying the claim by means allowed at law or in equity in regard to property that cannot readily be reached by other legal process.

History:

[28-8-112, added 1995, ch. 272, sec. 2, p. 884.]
Idaho Code § 28-7-601 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-601
28-7-601 LOST, STOLEN, OR DESTROYED DOCUMENTS OF TITLE.
Status: in_force

PART 6.

WAREHOUSE RECEIPTS AND BILLS OF LADING — MISCELLANEOUS PROVISIONS

28-7-601. Lost, stolen, or destroyed documents of title. (a) If a document of title is lost, stolen, or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to any person comply with the order. If the document was negotiable, a court may not order delivery of the goods or issuance of a substitute document without the claimant's posting security unless it finds that any person that may suffer loss as a result of nonsurrender of possession or control of the document is adequately protected against the loss. If the document was nonnegotiable, the court may require security. The court may also order payment of the bailee's reasonable costs and attorney's fees in any action under this subsection.

(b) A bailee that, without a court order, delivers goods to a person claiming under a missing negotiable document of title is liable to any person injured thereby. If the delivery is not in good faith, the bailee is liable for conversion. Delivery in good faith is not conversion if the claimant posts security with the bailee in an amount at least double the value of the goods at the time of posting to indemnify any person injured by the delivery which files a notice of claim within one (1) year after the delivery.

History:

[28-7-601, added 2004, ch. 42, sec. 2, p. 96.]
Idaho Code § 28-12-216 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-216
28-12-216 THIRD-PARTY BENEFICIARIES OF EXPRESS AND IMPLIED WARRANTIES.
Status: in_force

PART 2.

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

28-12-216. Third-party beneficiaries of express and implied warranties. A warranty to or for the benefit of a lessee under this chapter, whether express or implied, extends to any natural person who is in the family or household of the lessee or who is a guest in the lessee's home if it is reasonable to expect that such person may use, consume, or be affected by the goods and who is injured in person by breach of the warranty. This section does not displace principles of law and equity that extend a warranty to or for the benefit of a lessee to other persons. The operation of this section may not be excluded, modified or limited, but an exclusion, modification, or limitation of the warranty, including any with respect to rights and remedies, effective against the lessee is also effective against any beneficiary designated under this section.

History:

[28-12-216, added 1993, ch. 287, sec. 1, p. 988.]
Idaho Code § 28-9-109 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-109
28-9-109 SCOPE.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-9-109. Scope. (a) Except as otherwise provided in subsections (c) and (d), this chapter applies to:

(1) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;

(2) An agricultural lien;

(3) A sale of accounts, chattel paper, payment intangibles or promissory notes;

(4) A consignment;

(5) A security interest arising under section 28-2-401, 28-2-505, 28-2-711(3) or 28-12-508(5), as provided in section 28-9-110; and

(6) A security interest arising under section 28-4-210 or 28-5-120.

(b) The application of this chapter to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this chapter does not apply.

(c) This chapter does not apply to the extent that:

(1) A statute, regulation, or treaty of the United States preempts this chapter;

(2) Another statute of this state expressly governs the creation, perfection, priority or enforcement of a security interest created by this state or a governmental unit of this state;

(3) A statute of another state, a foreign country, or a governmental unit of another state or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority or enforcement of a security interest created by the state, country or governmental unit; or

(4) The rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under section 28-5-114.

(d) This chapter does not apply to:

(1) A landlord's lien, other than an agricultural lien;

(2) A lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but section 28-9-333 applies with respect to priority of the lien;

(3) An assignment of a claim for wages, salary or other compensation of an employee;

(4) A sale of accounts, chattel paper, payment intangibles or promissory notes as part of a sale of the business out of which they arose;

(5) An assignment of accounts, chattel paper, payment intangibles or promissory notes which is for the purpose of collection only;

(6) An assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract;

(7) An assignment of a single account, payment intangible or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness;

(8) A transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health care provider of a health care insurance receivable and any subsequent assignment of the right to payment, but sections 28-9-315 and 28-9-322 apply with respect to proceeds and priorities in proceeds;

(9) An assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral;

(10) A right of recoupment or set-off, but:

(A) section 28-9-340 applies with respect to the effectiveness of rights of recoupment or set-off against deposit accounts; and

(B) section 28-9-404 applies with respect to defenses or claims of an account debtor;

(11) The creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that provision is made for:

(A) liens on real property in sections 28-9-203 and 28-9-308;

(B) fixtures in section 28-9-334;

(C) fixture filings in sections 28-9-501, 28-9-502, 28-9-512, 28-9-516 and 28-9-519; and

(D) security agreements covering personal and real property in section 28-9-604;

(12) An assignment of a claim arising in tort, other than a commercial tort claim, but sections 28-9-315 and 28-9-322 apply with respect to proceeds and priorities in proceeds;

(13) (A) A claim or right to receive compensation for injuries or sickness as described in (i) 26 U.S.C. section 104(a)(1) and (ii) on and after the effective date of this chapter, in 26 U.S.C. section 104(a)(2), as those sections may be amended from time to time. Notwithstanding the foregoing, this chapter (other than sections 28-9-406(d) and 28-9-408(a) and (c), Idaho Code, in the case of transfers made on and after the effective date of this chapter) shall apply to such compensation as described in 26 U.S.C. section 104(a)(2) if the sale, pledge, assignment or other transfer of rights to receive such compensation under a structured settlement is approved by the final order of a court pursuant to, and otherwise complies with, the requirements of paragraph (B) of this subsection.

(B) (i) Definitions. For purposes of this subsection:

1. "annuity issuer" means an insurer that has issued a contract to fund periodic payments under a structured settlement;

2. "dependents" include a payee's spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony;

3. "discounted present value" means the present value of future payments determined by discounting such payments to the present using the most recently published applicable federal rate for determining the present value of an annuity, as issued by the United States internal revenue service;

4. "gross advance amount" means the sum payable to the payee or for the payee's account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions to be made from such consideration;

5. "independent professional advice" means advice of an attorney, certified public accountant, actuary or other licensed professional adviser;

6. "interested parties" means, with respect to any structured settlement, the payee, any beneficiary irrevocably designated under the annuity contract to receive payments following the payee's death, the annuity issuer, the structured settlement obligor, and any other party that has continuing rights or obligations under such structured settlement;

7. "net advance amount" means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under paragraph (B)(ii)5. of this subsection;

8. "payee" means an individual who is receiving tax free payments under a structured settlement and proposes to make a transfer of payment rights thereunder;

9. "periodic payments" includes both recurring payments and scheduled future lump sum payments;

10. "qualified assignment agreement" means an agreement providing for a qualified assignment within the meaning of 26 U.S.C. section 130, as amended from time to time;

11. "settled claim" means the original tort claim resolved by a structured settlement;

12. "structured settlement" means an arrangement for periodic payment of damages for personal injuries or sickness established by settlement or judgment in resolution of a tort claim;

13. "structured settlement agreement" means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement;

14. "structured settlement obligor" means, with respect to any structured settlement, the party that has the continuing obligation to make periodic payments to the payee under a structured settlement agreement or a qualified assignment agreement;

15. "structured settlement payment rights" means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, where:

A. the payee is domiciled in, or the domicile or principal place of business of the structured settlement obligor or the annuity issuer is located in, this state; or

B. the structured settlement agreement was approved by a court in this state; or

C. the structured settlement agreement is expressly governed by the laws of this state;

16. "terms of the structured settlement" include, with respect to any structured settlement, the terms of the structured settlement agreement, the annuity contract, any qualified assignment agreement and any order or other approval of any court or other government authority that authorized or approved such structured settlement;

17. "transfer" means any sale, assignment, pledge, hypothecation or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration; provided that the term "transfer" does not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution, in the absence of any action to redirect the structured settlement payments to such insured depository institution, or an agent or successor in interest thereof, or otherwise to enforce such blanket security interest against the structured settlement payment rights;

18. "transfer agreement" means the agreement providing for a transfer of structured settlement payment rights;

19. "transfer expenses" means all expenses of a transfer that are required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including, without limitation, court filing fees, attorney's fees, escrow fees, lien recordation fees, judgment and lien search fees, finder's fees, commissions, and other payments to a broker or other intermediary; "transfer expenses" do not include preexisting obligations of the payee payable for the payee's account from the proceeds of a transfer;

20. "transferee" means a party acquiring or proposing to acquire structured settlement payment rights through a transfer.

(ii) Required disclosures to payee. Not less than three (3) days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than fourteen (14) points, setting forth:

1. the amounts and due dates of the structured settlement payments to be transferred;

2. the aggregate amount of such payments;

3. the discounted present value of the payments to be transferred, which shall be identified as the "calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities," and the amount of the applicable federal rate used in calculating such discounted present value;

4. the gross advance amount;

5. an itemized listing of all applicable transfer expenses, other than attorney's fees and related disbursements payable in connection with the transferee's application for approval of the transfer, and the transferee's best estimate of the amount of any such fees and disbursements;

6. the net advance amount;

7. the amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and

8. a statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee.

(iii) Approval of transfers of structured settlement payment rights.

1. No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order based on express findings by such court that:

A. the transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents;

B. the payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received such advice or knowingly waived such advice in writing; and

C. the transfer does not contravene any applicable statute or the order of any court or other government authority.

(iv) Effects of transfer of structured settlement payment rights. Following a transfer of structured settlement payment rights under this subsection:

1. The structured settlement obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from any and all liability for the transferred payments;

2. The transferee shall be liable to the structured settlement obligor and the annuity issuer:

A. if the transfer contravenes the terms of the structured settlement, for any taxes incurred by such parties as a consequence of the transfer; and

B. for any other liabilities or costs, including reasonable costs and attorney's fees, arising from compliance by such parties with the order of the court or arising as a consequence of the transferee's failure to comply with this subsection;

3. Neither the annuity issuer nor the structured settlement obligor may be required to divide any periodic payment between the payee and any transferee or assignee or between two (2) or more transferees or assignees; and

4. Any further transfer of structured settlement payment rights by the payee may be made only after compliance with all of the requirements of this subsection.

(v) Procedure for approval of transfers.

1. An application under this subsection for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought in the county in which the payee resides, in the county in which the structured settlement obligor or the annuity issuer maintains its principal place of business, or in any court which approved the structured settlement agreement.

2. Not less than twenty (20) days prior to the scheduled hearing on any application for approval of a transfer of structured settlement payment rights under paragraph (B)(iii) of this subsection, the transferee shall file with the court and serve on all interested parties a notice of the proposed transfer and the application for its authorization, including with such notice:

A. a copy of the transferee's application;

B. a copy of the transfer agreement;

C. a copy of the disclosure statement required under paragraph (B)(ii) of this subsection;

D. a listing of each of the payee's dependents, together with each dependent's age;

E. notification that any interested party is entitled to support, oppose or otherwise respond to the transferee's application, either in person or by counsel, by submitting written comments to the court or by participating in the hearing; and

F. notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the application must be filed (which shall be not less than fifteen (15) days after service of the transferee's notice) in order to be considered by the court.

(vi) General provisions — construction.

1. The provisions of this subsection may not be waived by any payee.

2. Any transfer agreement entered into on or after the effective date of this subsection by a payee who resides in this state shall provide that disputes under such transfer agreement, including any claim that the payee has breached the agreement, shall be determined in and under the laws of this state. No such transfer agreement shall authorize the transferee or any other party to confess judgment or consent to entry of judgment against the payee.

3. No transfer of structured settlement payment rights shall extend to any payments that are life-contingent unless, prior to the date on which the payee signs the transfer agreement, the transferee has established and has agreed to maintain procedures reasonably satisfactory to the annuity issuer and the structured settlement obligor for (i) periodically confirming the payee's survival, and (ii) giving the annuity issuer and the structured settlement obligor prompt written notice in the event of the payee's death.

4. No payee who proposes to make a transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to the proposed transferee or any assignee based on any failure of such transfer to satisfy the conditions of this subsection.

5. Nothing contained in this subsection shall be construed to authorize any transfer of structured settlement payment rights in contravention of any law or to imply that any transfer under a transfer agreement entered into prior to the effective date of this subsection is valid or invalid.

6. Compliance with the requirements set forth in paragraph (B)(ii) of this subsection and fulfillment of the conditions set forth in paragraph (B)(iii) of this subsection shall be solely the responsibility of the transferee in any transfer of structured settlement payment rights, and neither the structured settlement obligor nor the annuity issuer shall bear any responsibility for, or any liability arising from, noncompliance with such requirements or failure to fulfill such conditions.

(vii) Effective date. This subsection shall apply to any transfer of structured settlement payment rights under a transfer agreement entered into on or after the thirtieth day after the date of enactment of this subsection; provided however, that nothing contained herein shall imply that any transfer under a transfer agreement reached prior to such date is either effective or ineffective; or

(14) A claim or right to receive benefits under a special needs trust as described in 42 U.S.C. section 1396p(d)(4), as amended from time to time.

History:

[28-9-109, added 2001, ch. 208, sec. 2, p. 720; am. 2001, ch. 299, sec. 1, p. 1078.]
Idaho Code § 28-42-304 — Idaho Code / Title 28 / Chapter 42 / Section 28-42-304
28-42-304 FINANCE CHARGE ON CONSOLIDATION.
Status: in_force

PART 3.

OTHER CHANGES AND MODIFICATIONS

28-42-304. Finance charge on consolidation. If a debtor owes an unpaid balance to a creditor with respect to a regulated consumer loan or regulated consumer credit sale, or a refinancing or consolidation thereof, and becomes obligated on another regulated consumer loan or regulated consumer credit sale, or a refinancing or consolidation thereof, with the same lender or seller, the parties may agree to a consolidation resulting in a single schedule of payments pursuant to either of the following subsections:

(1) The parties may agree to refinance the unpaid balance with respect to the previous loan or sale pursuant to the provisions on refinancing, section 28-42-303, Idaho Code, and to consolidate the amount financed resulting from the refinancing by adding it to the amount financed with respect to the subsequent loan or sale. The lender or seller may contract for and receive a finance charge based on the aggregate amount financed resulting from the consolidation.

(2) The parties may agree to consolidate the unpaid balance of a regulated consumer loan or regulated consumer credit sale with the unpaid balance of another regulated consumer loan or regulated consumer credit sale. The parties may agree in writing to refinance the previous unpaid balance pursuant to the provisions on refinancing, section 28-42-303, Idaho Code, and to consolidate the amount financed resulting from the refinancing or the principal resulting from the refinancing by adding to it the amount financed or the principal with respect to the subsequent loan or sale; the aggregate amount resulting from the consolidation shall be deemed principal and the creditor may contract for and receive a finance charge based upon the principal.

History:

[28-42-304, added 1983, ch. 119, sec. 3, p. 277.]
Idaho Code § 28-2-605 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-605
28-2-605 WAIVER OF BUYER'S OBJECTIONS BY FAILURE TO PARTICULARIZE.
Status: in_force

PART 6.

BREACH, REPUDIATION AND EXCUSE

28-2-605. Waiver of buyer's objections by failure to particularize. (1) The buyer's failure to state in connection with rejection a particular defect which is ascertainable by reasonable inspection precludes him from relying on the unstated defect to justify rejection or to establish breach

(a) where the seller could have cured it if stated seasonably; or

(b) between merchants when the seller has after rejection made a request in writing for a full and final written statement of all defects on which the buyer proposes to rely.

(2) Payment against documents made without reservation of rights precludes recovery of the payment for defects apparent in the documents.

History:

[28-2-605, added 1967, ch. 161, sec. 2-605, p. 351; am. 2004, ch. 42, sec. 13, p. 108.]
Idaho Code § 28-2-711 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-711
28-2-711 BUYER'S REMEDIES IN GENERAL — BUYER'S SECURITY INTEREST IN REJECTED GOODS.
Status: in_force

PART 7.

REMEDIES

28-2-711. Buyer's remedies in general — Buyer's security interest in rejected goods. (1) Where the seller fails to make delivery or repudiates or the buyer rightfully rejects or justifiably revokes acceptance then with respect to any goods involved, and with respect to the whole if the breach goes to the whole contract (section 28-2-612), the buyer may cancel and whether or not he has done so may in addition to recovering so much of the price as has been paid

(a) "cover" and have damages under the next section as to all the goods affected whether or not they have been identified to the contract; or

(b) recover damages for nondelivery as provided in this chapter (section 28-2-713).

(2) Where the seller fails to deliver or repudiates the buyer may also

(a) if the goods have been identified recover them as provided in this chapter (section 28-2-502); or

(b) in a proper case obtain specific performance or replevy the goods as provided in this chapter (section 28-2-716).

(3) On rightful rejection or justifiable revocation of acceptance a buyer has a security interest in goods in his possession or control for any payments made on their price and any expenses reasonably incurred in their inspection, receipt, transportation, care and custody and may hold such goods and resell them in like manner as an aggrieved seller (section 28-2-706).

History:

[28-2-711, added 1967, ch. 161, sec. 2-711, p. 351.]
Idaho Code § 28-3-308 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-308
28-3-308 ENFORCEMENT OF LOST, DESTROYED, OR STOLEN INSTRUMENT.
Status: in_force

PART 3.

ENFORCEMENT OF INSTRUMENTS

28-3-308. Enforcement of lost, destroyed, or stolen instrument. (1) A person not in possession of an instrument is entitled to enforce the instrument if (i) the person was in possession of the instrument and entitled to enforce it when loss of possession occurred, (ii) the loss of possession was not the result of a transfer by the person or a lawful seizure, and (iii) the person cannot reasonably obtain possession of the instrument because the instrument 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.

(2) A person seeking enforcement of an instrument under subsection (1) of this section must prove the terms of the instrument and the person's right to enforce the instrument. If that proof is made, the provisions of this section apply to the case as if the person seeking enforcement had produced the instrument. The court may not enter judgment in favor of the person seeking enforcement unless it finds that the person required to pay the instrument is adequately protected against loss that might occur by reason of a claim by another person to enforce the instrument. Adequate protection may be provided by any reasonable means.

History:

[28-3-308, added 1993, ch. 288, sec. 2, p. 1035.]
Idaho Code § 28-46-404 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-404
28-46-404 APPLICATION FOR PAYDAY LOAN LICENSE.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-404. Application for payday loan license. (1) Each application for a license shall be in writing and under oath to the administrator, in a form prescribed by the administrator, and shall include at least the following:

(a) The legal name, residence and business address of the applicant and, if the applicant is an entity, of every member, partner, director, senior officer or twenty-five percent (25%) or more equity owner of the applicant;

(b) The location at which the principal place of business of the applicant is located; and

(c) Other data and information the administrator may require with respect to the applicant, and if the applicant is an entity, such data and information of its members, partners, directors, senior officers, or twenty-five percent (25%) or more equity owners of the applicant.

(2) Each application for a license shall be accompanied by an application fee in the amount of three hundred fifty dollars ($350). Such fee shall not be subject to refund.

(3) The fee set forth in subsection (2) of this section shall be required for each location for which an application is submitted.

(4) Within sixty (60) days of the filing of an application in a form prescribed by the administrator, accompanied by the fee required in subsection (2) of this section, the administrator shall investigate to ascertain whether the qualifications prescribed by subsection (1) of section 28-46-403, Idaho Code, have been satisfied. If the administrator finds that the qualifications have been satisfied and approves the documents, the administrator shall issue to the applicant a license to engage in the payday loan business.

(5) Notwithstanding the provisions of section 67-5254, Idaho Code, a license issued pursuant to this part automatically expires if not timely renewed according to the requirements of subsection (7) of this section, or the license is relinquished, suspended or revoked pursuant to this act. 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.

(6) 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.

(7) On or before May 31 of each year, every licensee under this part 4 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.

(8) 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:

[28-46-404, added 2003, ch. 182, sec. 1, p. 492; am. 2006, ch. 122, sec. 14, p. 355; am. 2013, ch. 54, sec. 5, p. 116.]
Idaho Code § 28-8-108 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-108
28-8-108 WARRANTIES IN DIRECT HOLDING.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-108. Warranties in direct holding. (1) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is by indorsement, warrants to any subsequent purchaser, that:

(a) The certificate is genuine and has not been materially altered;

(b) The transferor or indorser does not know of any fact that might impair the validity of the security;

(c) There is no adverse claim to the security;

(d) The transfer does not violate any restriction on transfer;

(e) If the transfer is by indorsement, the indorsement is made by an appropriate person, or if the indorsement is by an agent, the agent has actual authority to act on behalf of the appropriate person; and

(f) The transfer is otherwise effective and rightful.

(2) A person who originates an instruction for registration of transfer of an uncertificated security to a purchaser for value warrants to the purchaser that:

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

(b) The security is valid;

(c) There is no adverse claim to the security; and

(d) At the time the instruction is presented to the issuer:

(i) The purchaser will be entitled to the registration of transfer;

(ii) The transfer will be registered by the issuer free from all liens, security interests, restrictions and claims other than those specified in the instruction;

(iii) The transfer will not violate any restriction on transfer; and

(iv) The requested transfer will otherwise be effective and rightful.

(3) A person who transfers an uncertificated security to a purchaser for value and does not originate an instruction in connection with the transfer warrants that:

(a) The uncertificated security is valid;

(b) There is no adverse claim to the security;

(c) The transfer does not violate any restriction on transfer; and

(d) The transfer is otherwise effective and rightful.

(4) A person who indorses a security certificate warrants to the issuer that:

(a) There is no adverse claim to the security; and

(b) The indorsement is effective.

(5) A person who originates an instruction for registration of transfer of an uncertificated security warrants to the issuer that:

(a) The instruction is effective; and

(b) At the time the instruction is presented to the issuer the purchaser will be entitled to the registration of transfer.

(6) A person who presents a certificated security for registration of transfer or for payment or exchange warrants to the issuer that the person is entitled to the registration, payment or exchange, but a purchaser for value and without notice of adverse claims to whom transfer is registered warrants only that the person has no knowledge of any unauthorized signature in a necessary indorsement.

(7) If a person acts as agent of another in delivering a certificated security to a purchaser, the identity of the principal was known to the person to whom the certificate was delivered, and the certificate delivered by the agent was received by the agent from the principal or received by the agent from another person at the direction of the principal, the person delivering the security certificate warrants only that the delivering person has authority to act for the principal and does not know of any adverse claim to the certificated security.

(8) A secured party who redelivers a security certificate received, or after payment and on order of the debtor delivers the security certificate to another person, makes only the warranties of an agent under subsection (7) of this section.

(9) Except as otherwise provided in subsection (7) of this section, a broker acting for a customer makes to the issuer and a purchaser the warranties provided in subsections (1) through (6) of this section. A broker that delivers a security certificate to its customer, or causes its customer to be registered as the owner of an uncertificated security, makes to the customer the warranties provided in subsection (1) or (2) of this section, and has the rights and privileges of a purchaser under this section. The warranties of and in favor of the broker acting as an agent are in addition to applicable warranties given by and in favor of the customer.

History:

[28-8-108, added 1995, ch. 272, sec. 2, p. 880.]