Idaho Code § 68-404 — Idaho Code / Title 68 / Chapter 4 / Section 68-404
68-404 FEDERAL HOME LOAN BANK SECURITIES MADE LEGAL INVESTMENTS.
Status: in_force

68-404. Federal Home Loan Bank securities made legal investments. Executors, administrators, guardians, trustees and other fiduciaries of every kind and nature, land and building corporations, building and loan associations, savings and loan associations and other savings or investment institutions, trust companies, banks and insurance companies, incorporated under the laws of this state, are authorized, in addition to investments now authorized by laws of this state, to invest in bonds and other obligations of, or guaranteed as to interest and principal by, the United States, either directly or through securities of or other interests in any unincorporated investment company or investment trust registered under the federal investment company act of 1940, as from time to time amended, provided that the portfolio of such investment company or investment trust is limited to obligations of the United States government and its agencies and instrumentalities, the payment of which is fully guaranteed as to principal and interest by the United States government, and to repurchase agreements fully collateralized by any such obligations, provided that such investment company or investment trust takes delivery of such collateral either directly or through an authorized custodian; bonds or debentures issued by any federal home loan bank in accordance with the provisions of the Federal Home Loan Bank Act, and amendments thereto; consolidated federal home loan bank bonds or debentures issued by the federal home loan bank board in accordance with the provisions of the Federal Home Loan Bank Act, and amendments thereto; bonds or debentures issued by the Federal Savings and Loan Insurance Corporation in accordance with the provisions of title IV of the National Housing Act, and amendments thereto; shares or accounts of land and building corporations, savings and loan associations, building and loan associations, and other savings or investment institutions, incorporated under the laws of this state, which have been insured by the Federal Savings and Loan Insurance Corporation; and shares or accounts of federal savings and loan associations incorporated under the provisions of Home Owners' Loan Act of 1933, and amendments thereto, doing business in this state, which have been insured by the Federal Savings and Loan Insurance Corporation.

History:

[68-404, added 1937, ch. 62, sec. 1, p. 83; am. 1992, ch. 239, sec. 1, p. 711.]
Idaho Code § 68-1309 — Idaho Code / Title 68 / Chapter 13 / Section 68-1309
68-1309 USE OF CUSTODIAL TRUST PROPERTY.
Status: in_force

68-1309. Use of custodial trust property. (1) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time.

(2) If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of the beneficiary and individuals who were supported by the beneficiary when the beneficiary became incapacitated, or who are legally entitled to support by the beneficiary. Expenditures may be made in the manner, when, and to the extent that the custodial trustee determines suitable and proper, without court order and without regard to other support, income, or property of the beneficiary.

(3) A custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which either the custodial trustee or the beneficiary may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.

History:

[68-1309, added 1989, ch. 230, sec. 1, p. 552.]
Idaho Code § 68-103 — Idaho Code / Title 68 / Chapter 1 / Section 68-103
68-103 COMPENSATION OF TRUSTEES.
Status: in_force

68-103. Compensation of trustees. When a declaration of trust is silent upon the subject of compensation, the trustee is entitled to the same compensation as an executor. If it specifies the amount of his compensation, he is entitled to the amount thus specified and no more.

History:

[(68-103) 1919, ch. 19, sec. 3, p. 82; C.S., sec. 6419; I.C.A., sec. 66-103.]
Idaho Code § 68-801 — Idaho Code / Title 68 / Chapter 8 / Section 68-801
68-801 DEFINITIONS.
Status: in_force

68-801. Definitions. As used in this chapter:

(1) "Adult" means an individual who has attained the age of twenty-one (21) years.

(2) "Benefit plan" means an employer's plan for the benefit of an employee or partner.

(3) "Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others.

(4) "Conservator" means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions.

(5) "Court" means the district courts of the state of Idaho.

(6) "Custodial property" means (i) any interest in property transferred to a custodian under this chapter and (ii) the income from and proceeds of that interest in property.

(7) "Custodian" means a person so designated under section 68-809, Idaho Code, or a successor or substitute custodian designated under section 68-818, Idaho Code.

(8) "Financial institution" means a bank, trust company, savings and loan association, or credit union, chartered and supervised under state or federal law.

(9) "Legal representative" means an individual's personal representative or conservator.

(10) "Member of the minor's family" means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.

(11) "Minor" means an individual who has not attained the age of twenty-one (21) years.

(12) "Person" means an individual, corporation, organization, or other legal entity.

(13) "Personal representative" means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions.

(14) "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.

(15) "Transfer" means a transaction that creates custodial property under section 68-809, Idaho Code.

(16) "Transferor" means a person who makes a transfer under this chapter.

(17) "Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.

History:

[68-801, added 1984, ch. 152, sec. 2, p. 357.]
Idaho Code § 68-105 — Idaho Code / Title 68 / Chapter 1 / Section 68-105
68-105 POWERS OF TRUSTEE CONFERRED BY TRUST OR BY LAW.
Status: in_force

68-105. Powers of trustee conferred by trust or by law. (a) The trustee has all powers conferred upon him by the provisions of this act unless limited in the trust instrument.

(b) An instrument which is not a trust under section 68-104 (1) may incorporate any part of this act by reference.

History:

[68-105, added 1965, ch. 95, sec. 2, p. 173.]
Idaho Code § 68-115 — Idaho Code / Title 68 / Chapter 1 / Section 68-115
68-115 CONTENTS OF CERTIFICATION OF TRUST.
Status: in_force

68-115. Contents of certification of trust. (1) A certification of trust may confirm the following facts or contain the following information:

(a) The existence of the trust and date of execution of any trust instrument;

(b) The identity of the settlor and each currently acting trustee;

(c) The powers of the trustee and any restrictions imposed upon him in dealing with assets of the trust;

(d) The revocability or irrevocability of the trust and the identity of any person holding a power to revoke it;

(e) If there is more than one (1) trustee, whether all of the currently acting trustees must, or less than all may, act to exercise identified powers of the trustee;

(f) The identifying number of the trust and whether it is a social security number or an employer identification number;

(g) The state or other jurisdiction under the laws of which the trust was established; and

(h) The form in which title to assets of the trust is to be taken.

(2) The certification must contain a statement that the trust has not been revoked or amended to make any representations contained in the certification incorrect, and that the signatures are those of all the currently acting trustees.

History:

[68-115, added 1998, ch. 302, sec. 2, p. 996.]
Idaho Code § 68-911 — Idaho Code / Title 68 / Chapter 9 / Section 68-911
68-911 SHORT TITLE.
Status: in_force

68-911. Short title. This act may be cited as the Uniform Act for the Simplification of Fiduciary Security Transfers.

History:

[68-911, added 1959, ch. 136, sec. 11, p. 294.]
Idaho Code § 68-803 — Idaho Code / Title 68 / Chapter 8 / Section 68-803
68-803 NOMINATION OF CUSTODIAN.
Status: in_force

68-803. Nomination of custodian. (1) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian, followed in substance by the words: "as custodian for (name of minor) under the Idaho Uniform Transfers to Minors Act." The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.

(2) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under section 68-809(1), Idaho Code.

(3) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under section 68-809, Idaho Code. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event, the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to section 68-809, Idaho Code.

History:

[68-803, added 1984, ch. 152, sec. 2, p. 358.]
Idaho Code § 68-909 — Idaho Code / Title 68 / Chapter 9 / Section 68-909
68-909 TAX OBLIGATIONS.
Status: in_force

68-909. Tax obligations. This act does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of this state.

History:

[68-909, added 1959, ch. 136, sec. 9, p. 294.]
Idaho Code § 68-805 — Idaho Code / Title 68 / Chapter 8 / Section 68-805
68-805 TRANSFER AUTHORIZED BY WILL OR TRUST.
Status: in_force

68-805. Transfer authorized by will or trust. (1) A personal representative or trustee may make an irrevocable transfer pursuant to section 68-809, Idaho Code, to a custodian for the benefit of a minor as authorized in the governing will or trust.

(2) If the testator or settlor has nominated a custodian under section 68-803, Idaho Code, to receive the custodial property, the transfer must be made to that person.

(3) If the testator or settlor has not nominated a custodian under section 68-803, Idaho Code, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under section 68-809(1), Idaho Code.

History:

[68-805, added 1984, ch. 152, sec. 2, p. 359.]
Idaho Code § 68-10-103 — Idaho Code / Title 68 / Chapter 10 / Section 68-10-103
68-10-103 FIDUCIARY DUTIES — GENERAL PRINCIPLES.
Status: in_force

PART 1.

DEFINITIONS AND FIDUCIARY DUTIES

68-10-103. Fiduciary duties — General principles. (a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of parts 2 and 3 of this chapter, a fiduciary:

(1) Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this chapter;

(2) May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this chapter, and no inference that the fiduciary has improperly exercised the discretion arises from the fact that the fiduciary has made an allocation contrary to a provision of this chapter;

(3) Shall administer a trust or estate in accordance with this chapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and

(4) Shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.

(b) In exercising the power to adjust under section 68-10-104(a), Idaho Code, or a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one (1) or more of the beneficiaries. A determination in accordance with this chapter is presumed to be fair and reasonable to all of the beneficiaries.

History:

[68-10-103, added 2001, ch. 261, sec. 2, p. 945.]
Idaho Code § 68-10-301 — Idaho Code / Title 68 / Chapter 10 / Section 68-10-301
68-10-301 WHEN RIGHT TO INCOME BEGINS AND ENDS.
Status: in_force

PART 3.

APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST

68-10-301. When right to income begins and ends. (a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.

(b) An asset becomes subject to a trust:

(1) On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;

(2) On the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or

(3) On the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death.

(c) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (d) of this section, even if there is an intervening period of administration to wind up the preceding income interest.

(d) An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.

History:

[68-10-301, added 2001, ch. 261, sec. 2, p. 950.]
Idaho Code § 68-822 — Idaho Code / Title 68 / Chapter 8 / Section 68-822
68-822 EFFECT ON EXISTING CUSTODIANSHIPS.
Status: in_force

68-822. Effect on existing custodianships. (1) Any transfer of custodial property as now defined in this chapter made before July 1, 1984, is validated, notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of Idaho, for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.

(2) The provisions of this chapter apply to all transfers made before the effective date of this chapter, in a manner and form prescribed in the Uniform Gifts to Minors Act of Idaho, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on the effective date of this chapter.

(3) Sections 68-801 and 68-820, Idaho Code, with respect to the age of a minor for whom custodial property is held under this chapter, do not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of eighteen (18) years after July 1, 1972 and before July 1, 1984.

History:

[68-822, added 1984, ch. 152, sec. 2, p. 366.]
Idaho Code § 68-906 — Idaho Code / Title 68 / Chapter 9 / Section 68-906
68-906 NONLIABILITY OF CORPORATION AND TRANSFER AGENT.
Status: in_force

68-906. Nonliability of corporation and transfer agent. A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this act.

History:

[68-906, added 1959, ch. 136, sec. 6, p. 294.]