Idaho Code § 28-22-104 — Idaho Code / Title 28 / Chapter 22 / Section 28-22-104
28-22-104 LEGAL RATE OF INTEREST.
Status: in_force

28-22-104. Legal rate of interest. (1) When there is no express contract in writing fixing a different rate of interest, interest is allowed at the rate of twelve cents (12¢) on the hundred by the year on:

1. Money due by express contract.

2. Money after the same becomes due.

3. Money lent.

4. Money received to the use of another and retained beyond a reasonable time without the owner's consent, express or implied.

5. Money due on the settlement of mutual accounts from the date the balance is ascertained.

6. Money due upon open accounts after three (3) months from the date of the last item.

(2) The legal rate of interest on money due on the judgment of any competent court or tribunal shall be the rate of five percent (5%) plus the base rate in effect at the time of entry of the judgment. The base rate shall be determined on July 1 of each year by the Idaho state treasurer and shall be the weekly average yield on United States treasury securities as adjusted to a constant maturity of one (1) year and rounded up to the nearest one-eighth percent (1/8%). The base rate shall be determined by the Idaho state treasurer utilizing the published interest rates during the second week in June of the year in which such interest is being calculated. The legal rate of interest as announced by the treasurer on July 1 of each year shall operate as the rate applying for the succeeding twelve (12) months to all judgments declared during such succeeding twelve (12) month period. The payment of interest and principal on each judgment shall be calculated according to a three hundred sixty-five (365) day year.

History:

[(28-22-104) 1879, p. 7, sec. 4; R.S., sec. 1263; am. 1897, p. 95, sec. 1; reen. 1899, p. 315, sec. 1; reen. R.C. & C.L., sec. 1537; C.S., sec. 2551; I.C.A., sec. 26-1904; am. 1933, ch. 197, sec. 1, p. 390; am. 1974, ch. 229, sec. 1, p. 1586; am. 1981, ch. 157, sec. 1, p. 269; am. 1987, ch. 278, sec. 7, p. 579; am. 1995, ch. 304, sec. 1, p. 1053; am. 1996, ch. 94, sec. 1, p. 280.]
Idaho Code § 28-3-604 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-604
28-3-604 DISCHARGE BY CANCELLATION OR RENUNCIATION.
Status: in_force

PART 6.

DISCHARGE AND PAYMENT

28-3-604. Discharge by cancellation or renunciation. (1) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument (i) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation or cancellation of the instrument, cancellation or striking out of the party's signature, or the addition of words to the instrument indicating discharge, or (ii) by agreeing not to sue or otherwise renouncing rights against the party by a signed writing.

(2) Cancellation or striking out of an indorsement pursuant to subsection (1) of this section does not affect the status and rights of a party derived from the indorsement.

History:

[28-3-604, added 1993, ch. 288, sec. 2, p. 1051.]
Idaho Code § 28-3-204 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-204
28-3-204 INDORSEMENT.
Status: in_force

PART 2.

NEGOTIATION, TRANSFER, AND INDORSEMENT

28-3-204. Indorsement. (1) "Indorsement" means a signature, other than that of a signer as maker, drawer or acceptor, that alone or accompanied by other words is made on an instrument for the purpose of (i) negotiating the instrument, (ii) restricting payment of the instrument, or (iii) incurring indorser's liability on the instrument, but regardless of the intent of the signer, a signature and its accompanying words is an indorsement unless the accompanying words, terms of the instrument, place of the signature, or other circumstances unambiguously indicate that the signature was made for a purpose other than indorsement. For the purpose of determining whether a signature is made on an instrument, a paper affixed to the instrument is a part of the instrument.

(2) "Indorser" means a person who makes an indorsement.

(3) For the purpose of determining whether the transferee of an instrument is a holder, an indorsement that transfers a security interest in the instrument is effective as an unqualified indorsement of the instrument.

(4) If an instrument is payable to a holder under a name that is not the name of the holder, indorsement may be made by the holder in the name stated in the instrument or in the holder's name or both, but signature in both names may be required by a person paying or taking the instrument for value or collection.

History:

[28-3-204, added 1993, ch. 288, sec. 2, p. 1030.]
Idaho Code § 28-5302 — Idaho Code / Title 28 / Chapter 53 / Section 28-5302
28-5302 SCOPE.
Status: in_force

28-5302. scope. This chapter defines the legal status of digital assets. Digital assets are subject to applicable laws or rules that apply to their business or activity.

History:

[28-5302, added 2022, ch. 284, sec. 1, p. 901.]
Idaho Code § 28-9-516A — Idaho Code / Title 28 / Chapter 9 / Section 28-9-516A
28-9-516A FILING OFFICER DUTIES.
Status: in_force

PART 5.

FILING

28-9-516A. Filing officer duties. (1) The filing officer shall not file an initial financing statement or financing statement amendment:

(a) Which contains an assumed business name for either an individual or a business entity other than a general partnership if the assumed business name is designated as an assumed business name and the true name of the person using the assumed business name is not included.

(b) When an individual debtor and an individual secured party would, as a result of the filing, appear to be the same individual on the financing statement.

(2) The filing officer may require, prior to filing, reasonable proof from the secured party that an individual debtor is in fact a "transmitting utility" as defined in section 28-9-102, Idaho Code, if a filing indicates that the debtor is a transmitting utility.

(3) The filing officer may, prior to filing, cause to be unreadable any signatures, social security account numbers, taxpayer identification numbers, and employer identification numbers that appear on financing statements or financing statement amendments.

(4) The secretary of state may petition the district court in Ada county for an order to show cause why filings not in compliance with subsections (1) and (2) of this section should not be deleted from the files and records of the secretary of state.

History:

[28-9-516A, added 2003, ch. 206, sec. 1, p. 549; am. 2012, ch. 145, sec. 15, p. 403.]
Idaho Code § 28-44-103 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-103
28-44-103 CREDIT INSURANCE — CREDIT INSURANCE ACT — DEFINED.
Status: in_force

PART 1.

INSURANCE IN GENERAL

28-44-103. Credit insurance — Credit Insurance Act — Defined. (1) In this act, "credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include:

(a) Insurance provided in relation to a credit transaction in which a payment is scheduled more than fifteen (15) years after the extension of credit;

(b) Insurance issued as an isolated transaction on the part of the insurer not related to an agreement or plan for insuring debtors of the creditor; or

(c) Insurance indemnifying the creditor against loss due to the debtor's default.

(2) "Credit Insurance Act" means chapter 23, title 41, Idaho Code.

History:

[28-44-103, added 1983, ch. 119, sec. 3, p. 288.]
Idaho Code § 28-2-329 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-329
28-2-329 VOLUNTARY AND UNSOLICITED SENDING OF GOODS.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-329. Voluntary and unsolicited sending of goods. No person, firm, partnership, association or corporation, or agent or employee thereof, shall, in any manner, or by any means, offer for sale goods, wares, or merchandise, where the offer includes the voluntary and unsolicited sending of goods, wares, or merchandise not actually ordered or requested by the recipient, either orally or in writing. The receipt of any such unsolicited goods, wares, or merchandise shall for all purposes be deemed an unconditional gift to the recipient who may use or dispose of the same in any manner he sees fit without any obligation on his part to the sender.

History:

[28-2-329, added 1969, ch. 46, sec. 1, p. 124.]
Idaho Code § 28-52-109 — Idaho Code / Title 28 / Chapter 52 / Section 28-52-109
28-52-109 ENFORCEMENT.
Status: in_force

28-52-109. Enforcement. (1) Except as otherwise specified in this section, any credit reporting agency that willfully fails to comply with any requirement imposed under this chapter with respect to any consumer is liable to that consumer in an amount equal to the sum of:

(a) Any actual damages sustained by the consumer as a result of the failure or damages of not less than one hundred dollars ($100) and not more than one thousand dollars ($1,000); or

(b) Such amount of punitive damages as the court may allow; and

(c) In the case of any successful action to enforce any liability under this section, the costs of the action together with reasonable attorney's fees as determined by the court.

(2) Any person who obtains a consumer report, requests a security freeze, requests the temporary lifting of a freeze or requests the removal of a security freeze from a consumer reporting agency under false pretenses or in an attempt to violate federal or state law shall be liable to the consumer reporting agency for actual damages sustained by the consumer reporting agency or one thousand dollars ($1,000), whichever is greater.

(3) Any credit reporting agency who is negligent in failing to comply with any requirement imposed under this chapter with respect to any consumer is liable to that consumer in an amount equal to the sum of:

(a) Any actual damages sustained by the consumer as a result of the failure; and

(b) In the case of any successful action to enforce any liability under this section, the costs of the action together with reasonable attorney's fees as determined by the court.

(4) Upon a finding by the court that an unsuccessful pleading, motion or other paper filed in connection with an action under this chapter was filed in bad faith or for purposes of harassment, the court shall award to the prevailing party attorney's fees reasonable in relation to the work expended in responding to the pleading, motion, or other paper.

(5) The attorney general may enforce this chapter's provisions and, notwithstanding any other provision of law, the attorney general has exclusive authority to bring an action against a credit reporting agency for violation of section 28-52-104(3)(b), Idaho Code, concerning the requirement that a credit reporting agency temporarily lift a freeze within fifteen (15) minutes. In an action by the attorney general, a credit reporting agency that violates this chapter's provisions is subject to a civil penalty not less than one hundred dollars ($100) or greater than one thousand dollars ($1,000) for a violation or series of violations concerning a specific consumer and no greater than one hundred thousand dollars ($100,000) in the aggregate for related violations concerning more than one (1) consumer. In addition to the penalties provided in this section, the attorney general may seek injunctive relief to prevent future violations of this chapter in the district court in Ada county or in the district court for the district in which a consumer resides who is the subject of a credit report on which a violation occurs.

History:

[28-52-109, added 2008, ch. 177, sec. 2, p. 528.]
Idaho Code § 28-50-117 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-117
28-50-117 CREATION AND RETENTION OF ELECTRONIC RECORDS AND CONVERSION OF WRITTEN RECORDS BY GOVERNMENTAL AGENCIES.
Status: in_force

28-50-117. Creation and retention of electronic records and conversion of written records by governmental agencies. Each governmental agency of this state shall determine whether, and the extent to which, it will create and retain electronic records and convert written records to electronic records.

History:

[28-50-117, added 2000, ch. 286, sec. 1, p. 967.]
Idaho Code § 28-2-327 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-327
28-2-327 SPECIAL INCIDENTS OF SALE ON APPROVAL AND SALE OR RETURN.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-327. Special incidents of sale on approval and sale or return. (1) Under a sale on approval unless otherwise agreed

(a) although the goods are identified to the contract the risk of loss and the title do not pass to the buyer until acceptance; and

(b) use of the goods consistent with the purpose of trial is not acceptance but failure seasonably to notify the seller of election to return the goods is acceptance, and if the goods conform to the contract acceptance of any part is acceptance of the whole; and

(c) after due notification of election to return, the return is at the seller's risk and expense but a merchant buyer must follow any reasonable instructions.

(2) Under a sale or return unless otherwise agreed

(a) the option to return extends to the whole or any commercial unit of the goods while in substantially their original condition, but must be exercised seasonably; and

(b) the return is at the buyer's risk and expense.

History:

[28-2-327, added 1967, ch. 161, sec. 2-327, p. 351.]
Idaho Code § 28-12-402 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-402
28-12-402 ANTICIPATORY REPUDIATION.
Status: in_force

PART 4.

PERFORMANCE OF LEASE CONTRACT — REPUDIATED, SUBSTITUTED AND EXCUSED

28-12-402. Anticipatory repudiation. If either party repudiates a lease contract with respect to a performance not yet due under the lease contract, the loss of which performance will substantially impair the value of the lease contract to the other, the aggrieved party may:

(1) For a commercially reasonable time, await retraction of repudiation and performance by the repudiating party;

(2) Make demand pursuant to section 28-12-401 and await assurance of future performance adequate under the circumstances of the particular case; or

(3) Resort to any right or remedy upon default under the lease contract or this chapter, even though the aggrieved party has notified the repudiating party that the aggrieved party would await the repudiating party's performance and assurance and has urged retraction. In addition, whether or not the aggrieved party is pursuing one of the foregoing remedies, the aggrieved party may suspend performance or, if the aggrieved party is the lessor, proceed in accordance with the provisions of this chapter on the lessor's right to identify goods to the lease contract notwithstanding default or to salvage unfinished goods (section 28-12-524).

History:

[28-12-402, added 1993, ch. 287, sec. 1, p. 997.]
Idaho Code § 28-2-707 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-707
28-2-707 “PERSON IN THE POSITION OF A SELLER.”
Status: in_force

PART 7.

REMEDIES

28-2-707. "Person in the position of a seller." (1) A "person in the position of a seller" includes as against a principal an agent who has paid or become responsible for the price of goods on behalf of his principal or anyone who otherwise holds a security interest or other right in goods similar to that of a seller.

(2) A person in the position of a seller may as provided in this chapter withhold or stop delivery (section 28-2-705) and resell (section 28-2-706) and recover incidental damages (section 28-2-710).

History:

[28-2-707, added 1967, ch. 161, sec. 2-707, p. 351.]
Idaho Code § 28-23-109 — Idaho Code / Title 28 / Chapter 23 / Section 28-23-109
28-23-109 GUARANTY AND SECURITY AGREEMENT PERSONAL ASSET LIMIT.
Status: in_force

28-23-109. Guaranty and security agreement personal asset limit. No party or person signing a security agreement or guaranty agreement with a manufacturer, distributor or wholesaler, shall be required to pledge or encumber its or his personal assets in a value in excess of the amount of the indebtedness secured.

History:

[28-23-109, added 1975, ch. 97, sec. 9, p. 197.]
Idaho Code § 28-4-106 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-106
28-4-106 PAYABLE THROUGH OR PAYABLE AT BANK — COLLECTING BANK.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-4-106. Payable through or payable at bank — Collecting bank. (1) If an item states that it is "payable through" a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.

(2) If an item states that it is "payable at" a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.

(3) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a codrawee or a collecting bank, the bank is a collecting bank.

History:

[28-4-106, added 1993, ch. 288, sec. 8, p. 1056.]
Idaho Code § 28-12-311 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-311
28-12-311 PRIORITY SUBJECT TO SUBORDINATION.
Status: in_force

PART 3.

EFFECT OF LEASE CONTRACT

28-12-311. Priority subject to subordination. Nothing in this chapter prevents subordination by agreement by any person entitled to priority.

History:

[28-12-311, added 1993, ch. 287, sec. 1, p. 997.]
Idaho Code § 28-4-608 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-608
28-4-608 RELATIONSHIP TO ELECTRONIC FUND TRANSFER ACT.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-608. Relationship to electronic fund transfer act. (1) Except as provided in subsection (2) of this section, this part does not apply to a funds transfer any part of which is governed by the electronic fund transfer act of 1978 (title XX, public law 95-630, 92 stat. 3728, 15 U.S.C. section 1693 et seq.) as amended from time to time.

(2) This part applies to a funds transfer that is a remittance transfer as defined in the electronic fund transfer act (15 U.S.C. section 1693o-1) as amended from time to time, unless the remittance transfer is an electronic fund transfer as defined in the electronic fund transfer act (15 U.S.C. section 1693a) as amended from time to time.

(3) In a funds transfer to which this part applies, in the event of an inconsistency between an applicable provision of this part and an applicable provision of the electronic fund transfer act, the provision of the electronic fund transfer act governs to the extent of the inconsistency.

History:

[28-4-608, added 1991, ch. 135, sec. 1, p. 299; am. 2013, ch. 73, sec. 1, p. 188.]
Idaho Code § 28-46-504 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-504
28-46-504 TITLE LOAN AGREEMENTS.
Status: in_force

PART 5

TITLE LOAN ACT

28-46-504. Title loan agreements. (1) Every title lender shall keep a numbered record of each and every title loan agreement executed by the title lender and debtor. Such record, as well as the title loan agreement, shall include the following information:

(a) The make, model and year of the titled personal property;

(b) The vehicle identification number, or other comparable identification number, along with the license plate number, if applicable, of the titled personal property;

(c) The name, residential address and date of birth of the debtor;

(d) The date the title loan agreement is executed by the title lender and the debtor; and

(e) The maturity date of the title loan agreement.

(2) The following information shall also be printed on the title loan agreement:

(a) The name and physical address of the title loan office;

(b) In not less than twelve (12) point bold type, the name and address of the administrator as well as a telephone number to which consumers may address complaints;

(c) The following statement in not less than twelve (12) point bold type and in all capitalized letters:

"(1) This loan is not intended to meet long-term financial needs.

(2) You should use this loan only to meet short-term cash needs.

(3) You will be required to pay additional interest and fees if you renew this loan rather than pay the debt in full when due.

(4) This loan may be a higher interest loan. You should consider what other lower cost loans may be available to you.

(5) You are placing at risk your continued ownership of the titled personal property you are using as security for this loan.

(6) If you default under this loan the title lender may take possession of the titled personal property used as security for this loan and sell the property in the manner provided by law.

(7) If you enter into a title loan agreement, you have a legal right of rescission. This means you may cancel your contract at no cost to you by returning the money you borrowed by the next business day after the date of your loan.

(8) If you believe that the title lender has violated the provisions of the Idaho Title Loan Act, you have the right to file a written complaint with the Idaho Department of Finance and the Department will investigate your complaint."

(d) The statement that "The debtor represents and warrants, to the best of the debtor's knowledge, that the titled personal property is not stolen and has no liens or encumbrances against it, the debtor has the right to enter into this transaction and will not apply for a duplicate certificate of title while the title loan agreement is in effect."

(3) The debtor shall sign the title loan agreement and shall be provided with a copy of such agreement. The title loan agreement shall also be signed by the title lender or the title lender's employee or agent. If the debtor has been issued a social security number, the title lender shall keep on file the social security number of the debtor.

History:

[28-46-504, added 2006, ch. 323, sec. 1, p. 1024.]
Idaho Code § 28-9-502 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-502
28-9-502 CONTENTS OF FINANCING STATEMENT — RECORD OF MORTGAGE AS FINANCING STATEMENT — TIME OF FILING FINANCING STATEMENT — FARM PRODUCTS.
Status: in_force

PART 5.

FILING

28-9-502. Contents of financing statement — Record of mortgage as financing statement — Time of filing financing statement — Farm products. (a) Subject to subsection (b) of this section, a financing statement is sufficient only if it:

(1) Provides the name of the debtor;

(2) Provides the name of the secured party or a representative of the secured party; and

(3) Indicates the collateral covered by the financing statement.

(b) Except as otherwise provided in section 28-9-501(b), Idaho Code, to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (a) of this section and also:

(1) Indicate that it covers this type of collateral;

(2) Indicate that it is to be filed in the real property records;

(3) Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and

(4) If the debtor does not have an interest of record in the real property, provide the name of a record owner.

(c) A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:

(1) The record indicates the goods or accounts that it covers;

(2) The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;

(3) The record satisfies the requirements for a financing statement in this section, but:

(A) the record need not indicate that it is to be filed in the real property records; and

(B) the record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom section 28-9-503(a)(4), Idaho Code, applies; and

(4) The record is recorded.

(d) A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.

(e) A financing statement covering farm products is sufficient if it:

(1) Contains the names and addresses of both the debtor and the secured party;

(2) Is signed, authorized or otherwise authenticated by the debtor;

(3) Contains the debtor's social security number or other unique number, combination of numbers and letters, or other identifier selected by the secretary of state using a selection system or method approved by the secretary of agriculture, or in the case of a debtor doing business other than as an individual, the debtor's internal revenue service taxpayer identification number or other approved unique identifier;

(4) Contains a description by category of the farm products subject to the security interest and the amount of such products, where applicable;

(5) Indicates the county or counties in which the farm products are produced or located.

(f) A financing statement covering farm products must be amended in writing and similarly signed, authorized or authenticated, and filed, to reflect any material changes. In the event such form is not incorporated within the financing statement, the effectiveness and continuation of that form is to be treated as if it were a part of the financing statement with which it is filed.

(g) If the financing statement covering farm products, or an amendment to such statement, is filed electronically, neither the debtor's nor the secured party's signature shall be required.

(h) In order to terminate a financing statement covering farm products, the amendment must be terminated in writing and signed or authenticated by the secured party.

History:

[28-9-502, added 2001, ch. 208, sec. 2, p. 762; am. 2007, ch. 317, sec. 1, p. 945; am. 2012, ch. 145, sec. 10, p. 398.]
Idaho Code § 28-46-410 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-410
28-46-410 EXAMINATIONS AND INVESTIGATIONS.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-410. Examinations and investigations. (1) The administrator shall examine periodically, at intervals he deems appropriate, the loans and business records of every payday lender. In addition, for the purpose of discovering violations of this act or securing information lawfully required, the administrator may at any time investigate the loans, business and records of any payday lender. For these purposes, the administrator shall have free and reasonable access to the offices, places of business, and records of the lender. The administrator, for purposes of examination of licensees herein, shall be paid the cost of examination by the licensee within thirty (30) days of demand for payment. The administrator shall, on July 1 of each year, fix such per diem examination cost.

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

(3) For the purposes of this section, the administrator may administer oaths or affirmations and, upon his own motion or upon request of any party, may subpoena witnesses, compel the attendance of witnesses, adduce evidence and require the production of any matter which is relevant to the investigation, including the existence, description, nature, custody, condition and location of any books, documents or other tangible items and the identity and location of persons having knowledge of relevant facts, or any other matter reasonably calculated to lead to the discovery of admissible evidence.

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

History:

[28-46-410, added 2003, ch. 182, sec. 1, p. 494.]
Idaho Code § 28-36-106 — Idaho Code / Title 28 / Chapter 36 / Section 28-36-106
28-36-106 PROHIBITED PRACTICES.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATORS

28-36-106. Prohibited practices. A lease-purchase agreement may not contain:

(1) A confession of judgment;

(2) A negotiable instrument;

(3) A claim of a property interest in any goods except those goods delivered by the lessor pursuant to the lease-purchase agreement;

(4) A wage assignment;

(5) A waiver by the consumer of claims or defenses; or

(6) A provision authorizing the lessor or a person acting on the lessor's behalf to enter upon the consumer's premises without consent, or to commit any breach of the peace in the repossession of goods.

History:

[28-36-106, added 1993, ch. 232, sec. 1, p. 809.]
Idaho Code § 28-3-302 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-302
28-3-302 HOLDER IN DUE COURSE.
Status: in_force

PART 3.

ENFORCEMENT OF INSTRUMENTS

28-3-302. Holder in due course. (1) Subject to subsection (3) of this section and section 28-3-106(4), "holder in due course" means the holder of an instrument if:

(a) The instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is not otherwise so irregular or incomplete as to call into question its authenticity; and

(b) The holder took the instrument (i) for value, (ii) in good faith, (iii) without notice that the instrument is overdue or has been dishonored or that there is an uncured default with respect to payment of another instrument issued as part of the same series, (iv) without notice that the instrument contains an unauthorized signature or has been altered, (v) without notice of any claim to the instrument described in section 28-3-306, and (vi) without notice that any party has a defense or claim in recoupment described in section 28-3-305(1).

(2) Notice of discharge of a party, other than discharge in an insolvency proceeding, is not notice of a defense under subsection (1) of this section, but discharge is effective against a person who became a holder in due course with notice of the discharge. Public filing or recording of a document does not of itself constitute notice of a defense, claim in recoupment, or claim to the instrument.

(3) Except to the extent a transferor or predecessor in interest has rights as a holder in due course, a person does not acquire rights of a holder in due course of an instrument taken (i) by legal process or by purchase in an execution, bankruptcy, or creditor's sale or similar proceeding, (ii) by purchase as part of a bulk transaction not in ordinary course of business of the transferor, or (iii) as the successor in interest to an estate or other organization.

(4) If, under section 28-3-303(1)(a), the promise of performance that is the consideration for an instrument has been partially performed, the holder may assert rights as a holder in due course of the instrument only to the fraction of the amount payable under the instrument equal to the value of the partial performance divided by the value of the promised performance.

(5) If (i) the person entitled to enforce an instrument has only a security interest in the instrument, and (ii) the person obliged to pay the instrument has a defense, claim in recoupment, or claim to the instrument that may be asserted against the person who granted the security interest, the person entitled to enforce the instrument may assert rights as a holder in due course only to an amount payable under the instrument which, at the time of enforcement of the instrument, does not exceed the amount of the unpaid obligation secured.

(6) To be effective, notice must be received at a time and in a manner that gives a reasonable opportunity to act on it.

(7) This section is subject to any law limiting status as a holder in due course in particular classes of transactions.

History:

[28-3-302, added 1993, ch. 288, sec. 2, p. 1032.]
Idaho Code § 28-4-635 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-635
28-4-635 ORDER IN WHICH ITEMS AND PAYMENT ORDERS MAY BE CHARGED TO ACCOUNT — ORDER OF WITHDRAWALS FROM ACCOUNT.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-635. Order in which items and payment orders may be charged to account — Order of withdrawals from account. (1) If a receiving bank has received more than one (1) payment order of the sender or one (1) or more payment orders and other items that are payable from the sender's account, the bank may charge the sender's account with respect to the various orders and items in any sequence.

(2) In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.

History:

[28-4-635, added 1991, ch. 135, sec. 1, p. 316.]
Idaho Code § 28-12-518 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-518
28-12-518 COVER — SUBSTITUTE GOODS.
Status: in_force

PART 5.

DEFAULT

28-12-518. Cover — Substitute goods. (1) After a default by a lessor under the lease contract of the type described in section 28-12-508(1), or, if agreed, after other default by the lessor, the lessee may cover by making any purchase or lease of or contract to purchase or lease goods in substitution for those due from the lessor.

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

(3) If a lessee's cover is by lease agreement that for any reason does not qualify for treatment under the provisions of subsection (2) of this section, or is by purchase or otherwise, the lessee may recover from the lessor as if the lessee had elected not to cover and section 28-12-519 governs.

History:

[28-12-518, added 1993, ch. 287, sec. 1, p. 1006; am. 2004, ch. 43, sec. 39, p. 161.]
Idaho Code § 28-2-709 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-709
28-2-709 ACTION FOR THE PRICE.
Status: in_force

PART 7.

REMEDIES

28-2-709. Action for the price. (1) When the buyer fails to pay the price as it becomes due the seller may recover, together with any incidental damages under the next section, the price

(a) of goods accepted or of conforming goods lost or damaged within a commercially reasonable time after risk of their loss has passed to the buyer; and

(b) of goods identified to the contract if the seller is unable after reasonable effort to resell them at a reasonable price or the circumstances reasonably indicate that such effort will be unavailing.

(2) Where the seller sues for the price he must hold for the buyer any goods which have been identified to the contract and are still in his control except that if resale becomes possible he may resell them at any time prior to the collection of the judgment. The net proceeds of any such resale must be credited to the buyer and payment of the judgment entitles him to any goods not resold.

(3) After the buyer has wrongfully rejected or revoked acceptance of the goods or has failed to make a payment due or has repudiated (section 28-2-610), a seller who is held not entitled to the price under this section shall nevertheless be awarded damages for nonacceptance under the preceding section.

History:

[28-2-709, added 1967, ch. 161, sec. 2-709, p. 351.]
Idaho Code § 28-41-201 — Idaho Code / Title 28 / Chapter 41 / Section 28-41-201
28-41-201 TERRITORIAL APPLICATION.
Status: in_force

PART 2.

SCOPE AND JURISDICTION

28-41-201. Territorial application. (1) Except as otherwise provided in this section, this act applies to sales and loans made in this state and to modifications, including refinancings, consolidations, and deferrals made in this state, of sales and loans, wherever made. For purposes of this act, a sale, loan or modification of a sale or loan is made in this state if:

(a) A written agreement evidencing the obligation or offer of the consumer is received by the creditor in this state; or

(b) A consumer who is a resident of this state enters into the transaction with a creditor who has solicited or advertised in this state by any means including, but not limited to, mail, brochure, telephone, print, radio, television, internet or any other electronic means.

(2) Notwithstanding subsection (1)(b) of this section, unless made subject to this act by agreement of the parties, a sale, loan or modification of a sale or loan is not made in this state if a resident of this state enters into the transaction while physically present in another state.

(3) The part on limitations on creditors' remedies, part 1 of the chapter on remedies and penalties, chapter 45, title 28, Idaho Code, applies to actions or other proceedings brought in this state to enforce rights arising from regulated credit sales or regulated loans, or extortionate extensions of credit, wherever made.

(4) If a regulated credit sale or regulated loan or modification thereof, is made in another state to a person who is a resident of this state when the sale, loan or modification is made, the following provisions apply as though the transaction occurred in this state:

(a) A seller, lender or assignee of his rights may not collect charges through actions or other proceedings in excess of those permitted by chapter 42, title 28, Idaho Code, on finance charges and related provisions; and

(b) A seller, lender or assignee of his rights may not enforce rights against the buyer or debtor, with respect to the provisions of agreements which violate the provisions on limitations on agreements and practices, part 3, chapter 43, title 28, Idaho Code.

(5) Except as provided in subsection (3) of this section, a sale, loan or modification thereof made in another state to a person who was not a resident of this state when the sale, loan or modification was made is valid and enforceable according to its terms to the extent that it is valid and enforceable under the laws of the state applicable to the transaction.

(6) For the purposes of this act, the residence of a buyer or debtor is the address given by him as his residence in any writing signed by him in connection with a credit transaction. Until he notifies the creditor of a new or different address, the given address is presumed to be unchanged.

(7) Notwithstanding other provisions of this section:

(a) Except as provided in subsection (3) of this section, this act does not apply if the buyer or debtor is not a resident of this state at the time of a credit transaction and the parties then agree that the law of his residence applies; and

(b) This act applies if the buyer or debtor is a resident of this state at the time of a credit transaction and the parties then agree that the law of this state applies.

(8) Except as provided in subsection (7) of this section, the following agreements by a buyer or debtor are invalid with respect to regulated credit sales, regulated loans or modifications thereof to which this act applies:

(a) That the law of another state shall apply;

(b) That the buyer or debtor consents to the jurisdiction of another state; and

(c) That fixes venue.

(9) Notwithstanding any other provision in this section, any person who, in this state, advertises, offers or solicits to make a loan for a consumer purpose, or arranges a payday loan for a third party lender, is engaging in business in this state for which a license is required under the Idaho credit code, unless exempt pursuant to section 28-46-301, Idaho Code.

History:

[28-41-201, added 1983, ch. 119, sec. 3, p. 267; am. 2002, ch. 301, sec. 1, p. 858; am. 2006, ch. 122, sec. 1, p. 340; am. 2013, ch. 54, sec. 1, p. 108; am. 2014, ch. 97, sec. 10, p. 273.]
Idaho Code § 28-2-708 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-708
28-2-708 SELLER'S DAMAGES FOR NONACCEPTANCE OR REPUDIATION.
Status: in_force

PART 7.

REMEDIES

28-2-708. Seller's damages for nonacceptance or repudiation. (1) Subject to subsection (2) and to the provisions of this chapter with respect to proof of market price (section 28-2-723), the measure of damages for nonacceptance or repudiation by the buyer is the difference between the market price at the time and place for tender and the unpaid contract price together with any incidental damages provided in this chapter (section 28-2-710), but less expenses saved in consequence of the buyer's breach.

(2) If the measure of damages provided in subsection (1) is inadequate to put the seller in as good a position as performance would have done then the measure of damages is the profit (including reasonable overhead) which the seller would have made from full performance by the buyer, together with any incidental damages provided in this chapter (section 28-2-710), due allowance for costs reasonably incurred and due credit for payments or proceeds of resale.

History:

[28-2-708, added 1967, ch. 161, sec. 2-708, p. 351.]
Idaho Code § 28-11-103 — Idaho Code / Title 28 / Chapter 11 / Section 28-11-103
28-11-103 AGENCY RELATIONSHIP — TRUST PROPERTY.
Status: in_force

PART 1.

ARTIST AND ART DEALER

28-11-103. Agency relationship — Trust property. A consignment of a work of fine art results in the following:

(1) The art dealer, after delivery of the work of fine art, is an agent of the artist for the purpose of sale or exhibition of the consigned work of fine art within the state of Idaho. This relationship shall be defined in writing and renewed at least every three (3) years by the art dealer and the artist. It is the responsibility of the artist to identify clearly the work of art by securely attaching identifying marking to or clearly signing the work of art.

(2) The work of fine art constitutes property held in trust by the consignee for the benefit of the consignor and is not subject to claim by a creditor of the consignee.

(3) The consignee is responsible for the loss of or damage to the work of fine art while in the possession of or on the premises of the consignee.

(4) The proceeds from the sale of the work of fine art constitute funds held in trust by the consignee for the benefit of the consignor. The proceeds shall first be applied to pay any balance due to the consignor, unless the consignor expressly agrees otherwise in writing.

History:

[28-11-103, added 1987, ch. 127, sec. 1, p. 258.]
Idaho Code § 28-3-101 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-101
28-3-101 SHORT TITLE.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-101. Short title. This chapter may be cited as "Uniform Commercial Code — Negotiable Instruments."

History:

[28-3-101, added 1993, ch. 288, sec. 2, p. 1021.]
Idaho Code § 28-43-201 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-201
28-43-201 COMPLIANCE WITH FEDERAL CONSUMER CREDIT PROTECTION ACT.
Status: in_force

PART 2.

DISCLOSURE

28-43-201. Compliance with federal Consumer Credit Protection Act. A person upon whom the Federal Consumer Credit Protection Act, including regulations promulgated pursuant thereto, imposes duties or obligations, shall make or give to the debtor the disclosures, information, and notices required of him by that act and in all respects comply with that act. This section imposes the duty on a creditor to comply with the terms of the Federal Consumer Credit Protection Act only with respect to those credit transactions to which the Federal Consumer Credit Protection Act by its terms applies.

History:

[28-43-201, added 1983, ch. 119, sec. 3, p. 282.]
Idaho Code § 28-9-809 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-809
28-9-809 PRIORITY.
Status: in_force

PART 8.

TRANSITION PROVISIONS FOR 2011 AMENDMENTS

28-9-809. priority. This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, this chapter as it existed before amendment determines priority.

History:

[28-9-809, added 2012, ch. 145, sec. 20, p. 412.]
Idaho Code § 28-3-207 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-207
28-3-207 REACQUISITION.
Status: in_force

PART 2.

NEGOTIATION, TRANSFER, AND INDORSEMENT

28-3-207. Reacquisition. Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged, and the discharge is effective against any subsequent holder.

History:

[28-3-207, added 1993, ch. 288, sec. 2, p. 1032.]
Idaho Code § 28-9-806 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-806
28-9-806 WHEN INITIAL FINANCING STATEMENT SUFFICES TO CONTINUE EFFECTIVENESS OF FINANCING STATEMENT.
Status: in_force

PART 8.

TRANSITION PROVISIONS FOR 2011 AMENDMENTS

28-9-806. when initial financing statement suffices to continue effectiveness of financing statement. (a) The filing of an initial financing statement in the office specified in section 28-9-501, Idaho Code, continues the effectiveness of a financing statement filed before this act takes effect if:

(1) The filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter as amended by this act;

(2) The pre-effective-date financing statement was filed in an office in another state; and

(3) The initial financing statement satisfies subsection (c) of this section.

(b) The filing of an initial financing statement under subsection (a) of this section continues the effectiveness of the pre-effective-date financing statement:

(1) If the initial financing statement is filed before this act takes effect, for the period provided in unamended section 28-9-515, Idaho Code, with respect to an initial financing statement; and

(2) If the initial financing statement is filed after this act takes effect, for the period provided in section 28-9-515, Idaho Code, as amended by this act with respect to an initial financing statement.

(c) To be effective for purposes of subsection (a) of this section, an initial financing statement must:

(1) Satisfy the requirements of part 5 of this chapter as amended by this act for an initial financing statement;

(2) Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and

(3) Indicate that the pre-effective-date financing statement remains effective.

History:

[28-9-806, added 2012, ch. 145, sec. 20, p. 411.]
Idaho Code § 28-51-107 — Idaho Code / Title 28 / Chapter 51 / Section 28-51-107
28-51-107 VIOLATIONS.
Status: in_force

28-51-107. Violations. In any case in which an agency's, commercial entity's or individual's primary regulator has reason to believe that an agency, individual or commercial entity subject to that primary regulator's jurisdiction under section 28-51-104(6), Idaho Code, has violated section 28-51-105, Idaho Code, by failing to give notice in accordance with that section, the primary regulator may bring a civil action to enforce compliance with that section and enjoin that agency, individual or commercial entity from further violations. Any agency, individual or commercial entity that intentionally fails to give notice in accordance with section 28-51-105, Idaho Code, shall be subject to a fine of not more than twenty-five thousand dollars ($25,000) per breach of the security of the system.

History:

[28-51-107, added 2006, ch. 258, sec. 1, p. 798.]
Idaho Code § 28-36-104 — Idaho Code / Title 28 / Chapter 36 / Section 28-36-104
28-36-104 GENERAL REQUIREMENTS OF DISCLOSURE.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATORS

28-36-104. General requirements of disclosure. (1) The lessor shall disclose, or cause to be disclosed, to the consumer the information required in this chapter. In a transaction involving more than one (1) lessor, only one (1) lessor need make the disclosures, but all lessors shall be bound by such disclosures.

(2) The disclosures shall be made at or before consummation of the lease-purchase agreement.

(3) The disclosures shall be made clearly and conspicuously in writing and a copy of the lease-purchase agreement provided to the consumer. The disclosures required under section 28-36-105(1), Idaho Code, shall be made on the face of the contract above the line for the consumer's signature.

(4) If a disclosure becomes inaccurate as the result of any act, occurrence or agreement by the consumer after delivery of the required disclosures, the resulting inaccuracy is not a violation of the provisions of this chapter.

History:

[28-36-104, added 1993, ch. 232, sec. 1, p. 808.]
Idaho Code § 28-4-617 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-617
28-4-617 ACCEPTANCE OF PAYMENT ORDER.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-617. Acceptance of payment order. (1) Subject to subsection (4) of this section, a receiving bank other than the beneficiary's bank accepts a payment order when it executes the order.

(2) Subject to subsections (3) and (4) of this section, a beneficiary's bank accepts a payment order at the earliest of the following times:

(a) when the bank (i) pays the beneficiary as stated in section 28-4-630(1) or 28-4-630(2), or (ii) notifies the beneficiary of receipt of the order or that the account of the beneficiary has been credited with respect to the order unless the notice indicates that the bank is rejecting the order or that funds with respect to the order may not be withdrawn or used until receipt of payment from the sender of the order;

(b) when the bank receives payment of the entire amount of the sender's order pursuant to section 28-4-628(1)(a) or 28-4-628(1)(b); or

(c) the opening of the next funds-transfer business day of the bank following the payment date of the order if, at that time, the amount of the sender's order is fully covered by a withdrawable credit balance in an authorized account of the sender or the bank has otherwise received full payment from the sender, unless the order was rejected before that time or is rejected within (i) one (1) hour after that time, or (ii) one (1) hour after the opening of the next business day of the sender following the payment date if that time is later. If notice of rejection is received by the sender after the payment date and the authorized account of the sender does not bear interest, the bank is obliged to pay interest to the sender on the amount of the order for the number of days elapsing after the payment date to the day the sender receives notice or learns that the order was not accepted, counting that day as an elapsed day. If the withdrawable credit balance during that period falls below the amount of the order, the amount of interest payable is reduced accordingly.

(3) Acceptance of a payment order cannot occur before the order is received by the receiving bank. Acceptance does not occur under subsection (2)(b) or (2)(c) of this section if the beneficiary of the payment order does not have an account with the receiving bank, the account has been closed, or the receiving bank is not permitted by law to receive credits for the beneficiary's account.

(4) A payment order issued to the originator's bank cannot be accepted until the payment date if the bank is the beneficiary's bank, or the execution date if the bank is not the beneficiary's bank. If the originator's bank executes the originator's payment order before the execution date or pays the beneficiary of the originator's payment order before the payment date and the payment order is subsequently cancelled pursuant to section 28-4-619(2), the bank may recover from the beneficiary any payment received to the extent allowed by the law governing mistake and restitution.

History:

[28-4-617, added 1991, ch. 135, sec. 1, p. 304.]
Idaho Code § 28-2-403 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-403
28-2-403 POWER TO TRANSFER — GOOD FAITH PURCHASE OF GOODS — “ENTRUSTING.”
Status: in_force

PART 4.

TITLE, CREDITORS AND GOOD FAITH PURCHASERS

28-2-403. Power to transfer — Good faith purchase of goods — "Entrusting." (1) A purchaser of goods acquires all title which his transferor had or had power to transfer except that a purchaser of a limited interest acquires rights only to the extent of the interest purchased. A person with voidable title has power to transfer a good title to a good faith purchaser for value. When goods have been delivered under a transaction of purchase, the purchaser has such power even though:

(a) The transferor was deceived as to the identity of the purchaser; or

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

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

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

(2) Any entrusting of possession of goods to a merchant who deals in goods of that kind gives him power to transfer all rights of the entruster to a buyer in ordinary course of business.

(3) "Entrusting" includes any delivery and any acquiescence in retention of possession regardless of any condition expressed between the parties to the delivery or acquiescence and regardless of whether the procurement of the entrusting or the possessor's disposition of the goods has been such as to be larcenous under the criminal law.

(4) The rights of other purchasers of goods and of lien creditors are governed by the chapters on secured transactions (chapter 9) and documents of title (chapter 7).

History:

[28-2-403, added 1967, ch. 161, sec. 2-403, p. 351; am. 1993, ch. 288, sec. 50, p. 1079; am. 2001, ch. 21, sec. 1, p. 27.]
Idaho Code § 28-3-115 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-115
28-3-115 INCOMPLETE INSTRUMENT.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-115. Incomplete instrument. (1) "Incomplete instrument" means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be completed by the addition of words or numbers.

(2) Subject to subsection (3) of this section, if an incomplete instrument is an instrument under section 28-3-104 it may be enforced according to its terms if it is not completed, or according to its terms as augmented by completion. If an incomplete instrument is not an instrument under section 28-3-104 but, after completion, the requirements of section 28-3-104 are met, the instrument may be enforced according to its terms as augmented by completion.

(3) If words or numbers are added to an incomplete instrument without authority of the signer, there is an alteration of the incomplete instrument under section 28-3-407.

(4) The burden of establishing that words or numbers were added to an incomplete instrument without authority of the signer is on the person asserting the lack of authority.

History:

[28-3-115, added 1993, ch. 288, sec. 2, p. 1027.]
Idaho Code § 28-3-603 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-603
28-3-603 TENDER OF PAYMENT.
Status: in_force

PART 6.

DISCHARGE AND PAYMENT

28-3-603. Tender of payment. (1) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract.

(2) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an indorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates.

(3) If tender of payment of an amount due on an instrument is made to a person entitled to enforce the instrument, the obligation of the obligor to pay interest after the due date on the amount tendered is discharged. If presentment is required with respect to an instrument and the obligor is able and ready to pay on the due date at every place of payment stated in the instrument, the obligor is deemed to have made tender of payment on the due date to the person entitled to enforce the instrument.

History:

[28-3-603, added 1993, ch. 288, sec. 2, p. 1051.]
Idaho Code § 28-3-420 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-420
28-3-420 CONVERSION OF INSTRUMENT.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-420. Conversion of instrument. (1) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce the instrument or receive payment. An action for conversion of an instrument may not be brought by (i) the issuer or acceptor of the instrument or (ii) a payee or indorsee who did not receive delivery of the instrument either directly or through delivery to an agent or a copayee.

(2) In an action under subsection (1) of this section, the measure of liability is presumed to be the amount payable on the instrument, but recovery may not exceed the amount of the plaintiff's interest in the instrument.

(3) A representative, other than a depositary bank, who has in good faith dealt with an instrument or its proceeds on behalf of one who was not the person entitled to enforce the instrument is not liable in conversion to that person beyond the amount of any proceeds that it has not paid out.

History:

[28-3-420, added 1993, ch. 288, sec. 2, p. 1047.]
Idaho Code § 28-45-110 — Idaho Code / Title 28 / Chapter 45 / Section 28-45-110
28-45-110 RESTRICTION ON ACTIONS ARISING FROM A REGULATED CREDIT TRANSACTION PRIMARILY SECURED BY A MORTGAGE OR DEED OF TRUST ON RESIDENTIAL REAL PROPERTY.
Status: in_force

PART 1.

LIMITATIONS ON CREDITORS' REMEDIES

28-45-110. RESTRICTION ON ACTIONS ARISING FROM A REGULATED CREDIT TRANSACTION PRIMARILY SECURED BY A MORTGAGE OR DEED OF TRUST ON residential REAL PROPERTY. (1) The provisions of this section shall apply to a regulated credit transaction made on or after July 1, 2022, that is secured by a subordinate lien on real property that is improved with a residence consisting of one (1) to four (4) family dwelling units, one (1) of which the owner occupies as the owner's principal place of residency.

(2) If a senior mortgage or other senior secured interest on the real property is foreclosed and a consumer is in default under the terms of an existing obligation as described in subsection (1) of this section:

(a) Within ninety (90) days after the date of a foreclosure sale, a creditor or assignee of a lien described in subsection (1) of this section must send to the consumer's last known address written notice to the consumer of the consumer's liability under the outstanding regulated credit transaction. A notice required under this paragraph must include the following statement:

"Your liability under this account is subject to a statute of limitations, which may bar recovery after a date certain. This notification is not intended to provide legal advice, and you should seek your own legal counsel to determine your rights and obligations."; and

(b) Upon sale or assignment of an account subject to the notice requirement in paragraph (a) of this subsection, a creditor or assignee must send written notice to the consumer, at the consumer's last known address, notifying the consumer of his obligation under the outstanding regulated credit transaction. A notice delivered under this paragraph must contain the statement required in paragraph (a) of this subsection.

(3) The failure to provide the notification required by subsection (2) of this section shall not invalidate or otherwise alter or impair a creditor's right to attempt to collect the obligation owed by the consumer.

History:

[28-45-110, added 2022, ch. 168, sec. 1, p. 561.]
Idaho Code § 28-2-601 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-601
28-2-601 BUYER'S RIGHTS ON IMPROPER DELIVERY.
Status: in_force

PART 6.

BREACH, REPUDIATION AND EXCUSE

28-2-601. Buyer's rights on improper delivery. Subject to the provisions of this chapter on breach in installment contracts (section 28-2-612) and unless otherwise agreed under the sections on contractual limitations of remedy (sections 28-2-718 and 28-2-719), if the goods or the tender of delivery fail in any respect to conform to the contract, the buyer may

(a) reject the whole; or

(b) accept the whole; or

(c) accept any commercial unit or units and reject the rest.

History:

[28-2-601, added 1967, ch. 161, sec. 2-601, p. 351.]
Idaho Code § 28-44-302 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-302
28-44-302 INSURANCE ON CREDITOR'S INTEREST ONLY.
Status: in_force

PART 3.

PROPERTY AND LIABILITY INSURANCE

28-44-302. Insurance on creditor's interest only. If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the debtor is on the debtor only to the extent of any deficiency in the effective coverage of the insurance, even though the insurance covers only the interest of the creditor.

History:

[28-44-302, added 1983, ch. 119, sec. 3, p. 293.]
Idaho Code § 28-9-322 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-322
28-9-322 PRIORITIES AMONG CONFLICTING SECURITY INTERESTS IN AND AGRICULTURAL LIENS ON SAME COLLATERAL.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-322. Priorities among conflicting security interests in and agricultural liens on same collateral. (a) Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determined according to the following rules:

(1) Conflicting perfected security interests and agricultural liens rank according to priority in time of filing or perfection. Priority dates from the earlier of the time a filing covering the collateral is first made or the security interest or agricultural lien is first perfected, if there is no period thereafter when there is neither filing nor perfection.

(2) A perfected security interest or agricultural lien has priority over a conflicting unperfected security interest or agricultural lien.

(3) The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected.

(b) For the purposes of subsection (a)(1) of this section:

(1) The time of filing or perfection as to a security interest in collateral is also the time of filing or perfection as to a security interest in proceeds; and

(2) The time of filing or perfection as to a security interest in collateral supported by a supporting obligation is also the time of filing or perfection as to a security interest in the supporting obligation.

(c) Except as otherwise provided in subsection (f) of this section, a security interest in collateral which qualifies for priority over a conflicting security interest under section 28-9-327, 28-9-328, 28-9-329, 28-9-330 or 28-9-331 also has priority over a conflicting security interest in:

(1) Any supporting obligation for the collateral; and

(2) Proceeds of the collateral if:

(A) the security interest in proceeds is perfected;

(B) the proceeds are cash proceeds or of the same type as the collateral; and

(C) in the case of proceeds that are proceeds of proceeds, all intervening proceeds are cash proceeds, proceeds of the same type as the collateral, or an account relating to the collateral.

(d) Subject to subsection (e) of this section and except as otherwise provided in subsection (f) of this section, if a security interest in chattel paper, deposit accounts, negotiable documents, instruments, investment property, or letter of credit rights is perfected by a method other than filing, conflicting perfected security interests in proceeds of the collateral rank according to priority in time of filing.

(e) Subsection (d) of this section applies only if the proceeds of the collateral are not cash proceeds, chattel paper, negotiable documents, instruments, investment property or letter of credit rights.

(f) Subsections (a) through (e) of this section are subject to:

(1) Subsection (g) of this section and the other provisions of this part;

(2) Section 28-4-210 with respect to a security interest of a collecting bank;

(3) Section 28-5-120 with respect to a security interest of an issuer or nominated person; and

(4) Section 28-9-110 with respect to a security interest arising under chapter 2 or 12.

(g) A perfected agricultural lien on collateral has priority over a conflicting security interest in or agricultural lien on the same collateral if the statute creating the agricultural lien so provides.

History:

[28-9-322, added 2001, ch. 208, sec. 2, p. 741.]
Idaho Code § 28-4-638 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-638
28-4-638 CHOICE OF LAW.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-638. Choice of law. (1) The following rules apply unless the affected parties otherwise agree or the provisions of subsection (3) of this section apply:

(a) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is located.

(b) The rights and obligations between the beneficiary's bank and the beneficiary are governed by the law of the jurisdiction in which the beneficiary's bank is located.

(c) The issue of when payment is made pursuant to a funds transfer by the originator to the beneficiary is governed by the law of the jurisdiction in which the beneficiary's bank is located.

(2) If the parties described in paragraphs (a), (b) and (c) of subsection (1) of this section have made an agreement selecting the law of a particular jurisdiction to govern rights and obligations between each other, the law of that jurisdiction governs those rights and obligations, whether or not the payment order or the funds transfer bears a reasonable relation to that jurisdiction.

(3) A funds-transfer system rule may select the law of a particular jurisdiction to govern:

(a) rights and obligations between participating banks with respect to payment orders transmitted or processed through the system, or

(b) the rights and obligations of some or all parties to a funds transfer any part of which is carried out by means of the system.

A choice of law made pursuant to paragraph (a) of this subsection is binding on participating banks. A choice of law made pursuant to paragraph (b) of this subsection is binding on the originator, other sender, or a receiving bank having notice that the funds-transfer system might be used in the funds transfer and of the choice of law by the system when the originator, other sender, or receiving bank issued or accepted a payment order. The beneficiary of a funds transfer is bound by the choice of law if, when the funds transfer is initiated, the beneficiary has notice that the funds-transfer system might be used in the funds transfer and of the choice of law by the system. The law of a jurisdiction selected pursuant to this subsection may govern, whether or not that law bears a reasonable relation to the matter in issue.

(4) In the event of inconsistency between an agreement under subsection (2) of this section and a choice-of-law rule under subsection (3) of this section, the agreement under subsection (2) of this section prevails.

(5) If a funds transfer is made by use of more than one (1) funds-transfer system and there is inconsistency between choice-of-law rules of the systems, the matter in issue is governed by the law of the selected jurisdiction that has the most significant relationship to the matter in issue.

History:

[28-4-638, added 1991, ch. 135, sec. 1, p. 317.]
Idaho Code § 28-2-510 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-510
28-2-510 EFFECT OF BREACH ON RISK OF LOSS.
Status: in_force

PART 5.

PERFORMANCE

28-2-510. Effect of breach on risk of loss. (1) Where a tender or delivery of goods so fails to conform to the contract as to give a right of rejection the risk of their loss remains on the seller until cure or acceptance.

(2) Where the buyer rightfully revokes acceptance he may to the extent of any deficiency in his effective insurance coverage treat the risk of loss as having rested on the seller from the beginning.

(3) Where the buyer as to conforming goods already identified to the contract for sale repudiates or is otherwise in breach before risk of their loss has passed to him, the seller may to the extent of any deficiency in his effective insurance coverage treat the risk of loss as resting on the buyer for a commercially reasonable time.

History:

[28-2-510, added 1967, ch. 161, sec. 2-510, p. 351.]
Idaho Code § 28-9-207 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-207
28-9-207 RIGHTS AND DUTIES OF SECURED PARTY HAVING POSSESSION OR CONTROL OF COLLATERAL.
Status: in_force

PART 2.

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

28-9-207. Rights and duties of secured party having possession or control of collateral. (a) Except as otherwise provided in subsection (d) of this section, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.

(b) Except as otherwise provided in subsection (d) of this section, if a secured party has possession of collateral:

(1) Reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use or operation of the collateral are chargeable to the debtor and are secured by the collateral;

(2) The risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage;

(3) The secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and

(4) The secured party may use or operate the collateral:

(A) for the purpose of preserving the collateral or its value;

(B) as permitted by an order of a court having competent jurisdiction; or

(C) except in the case of consumer goods, in the manner and to the extent agreed by the debtor.

(c) Except as otherwise provided in subsection (d) of this section, a secured party having possession of collateral or control of collateral under section 28-7-106, 28-9-104, 28-9-105, 28-9-106 or 28-9-107:

(1) May hold as additional security any proceeds, except money or funds, received from the collateral;

(2) Shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and

(3) May create a security interest in the collateral.

(d) If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor:

(1) Subsection (a) of this section does not apply unless the secured party is entitled under an agreement:

(A) to charge back uncollected collateral; or

(B) otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and

(2) Subsections (b) and (c) of this section do not apply.

History:

[28-9-207, added 2001, ch. 208, sec. 2, p. 725; am. 2004, ch. 42, sec. 23, p. 126.]
Idaho Code § 28-52-104 — Idaho Code / Title 28 / Chapter 52 / Section 28-52-104
28-52-104 REMOVAL OF SECURITY FREEZE — REQUIREMENTS AND TIMING.
Status: in_force

28-52-104. Removal of security freeze — Requirements and timing. (1) A consumer reporting agency may remove a security freeze from a consumer's credit report only if the consumer reporting agency receives the consumer's request through a contact method established and required in accordance with subsection (6) of section 28-52-103, Idaho Code, and the consumer reporting agency receives the consumer's proper identification and other information sufficient to identify the consumer, including the consumer's personal identification number or password; or the consumer makes a material misrepresentation of fact in connection with the placement of the security freeze and the consumer reporting agency notifies the consumer in writing before removing the security freeze.

(2) A consumer reporting agency shall temporarily lift a security freeze upon receipt of the consumer's request through the contact method established by the consumer reporting agency in accordance with subsection (6) of section 28-52-103, Idaho Code, along with:

(a) The consumer's proper identification and other information sufficient to identify the consumer;

(b) The consumer's personal identification number or password;

(c) The proper information regarding the third party who is to receive the credit report or the time period for which the credit report is to be available to users of the credit report; and

(d) A fee, if applicable.

(3) A consumer reporting agency shall remove or temporarily lift a security freeze from a consumer's credit report as follows:

(a) Except as provided in paragraph (b) of this subsection regarding temporary lifts, within three (3) business days after the business day on which the consumer's written request to remove or temporarily lift the security freeze is received by the consumer reporting agency using a contact method chosen by the consumer reporting agency in accordance with subsection (6) of section 28-52-103, Idaho Code; and

(b) On and after September 1, 2008, within fifteen (15) minutes after the consumer's request to temporarily lift the security freeze is received by the consumer reporting agency through the electronic contact method chosen by the consumer reporting agency in accordance with subsection (6) of section 28-52-103, Idaho Code, if such request is received between 6:00 a.m. and 9:30 p.m. mountain time.

(4) A consumer reporting agency need not remove or temporarily lift a security freeze within the time specified in subsection (3) of this section if the consumer fails to meet the requirements of subsection (1) or (2) of this section, as applicable, or the consumer reporting agency's ability to remove the security freeze within such time is prevented by:

(a) An act of God, including fire, earthquake, hurricane, storm or similar natural disaster or phenomenon;

(b) Unauthorized or illegal acts by a third party, including terrorism, sabotage, riot, vandalism, labor strikes or disputes disrupting operations, or similar occurrence;

(c) Operation interruption, including electrical failure, unanticipated delay in equipment or replacement part delivery, computer hardware or software failures inhibiting response time, or similar disruption;

(d) Governmental action, including emergency order or regulation, judicial or law enforcement action or similar directive;

(e) Regularly scheduled maintenance, during other than normal business hours, of, or updates to, the consumer reporting agency's systems;

(f) Commercially reasonable maintenance of, or repair to, the consumer reporting agency's systems that is unexpected or unscheduled; or

(g) Receipt of a removal request outside of normal business hours.

History:

[28-52-104, added 2008, ch. 177, sec. 2, p. 524.]
Idaho Code § 28-50-115 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-115
28-50-115 TIME AND PLACE OF SENDING AND RECEIPT.
Status: in_force

28-50-115. Time and place of sending and receipt. (a) Unless otherwise agreed between the sender and the recipient, an electronic record is sent when it:

(1) Is addressed properly or otherwise directed properly to an information processing system that the recipient has designated or uses for the purpose of receiving electronic records or information of the type sent and from which the recipient is able to retrieve the electronic record;

(2) Is in a form capable of being processed by that system; and

(3) Enters an information processing system outside the control of the sender or of a person that sent the electronic record on behalf of the sender or enters a region of the information processing system designated or used by the recipient which is under the control of the recipient.

(b) Unless otherwise agreed between a sender and the recipient, an electronic record is received when:

(1) It enters an information processing system that the recipient has designated or uses for the purpose of receiving electronic records or information of the type sent and from which the recipient is able to retrieve the electronic record; and

(2) It is in a form capable of being processed by that system.

(c) Subsection (b) of this section applies even if the place the information processing system is located is different from the place the electronic record is deemed to be received under subsection (d) of this section.

(d) Unless otherwise expressly provided in the electronic record or agreed between the sender and the recipient, an electronic record is deemed to be sent from the sender's place of business and to be received at the recipient's place of business. For purposes of this subsection, the following rules apply:

(1) If the sender or recipient has more than one (1) place of business, the place of business of that person is the place having the closest relationship to the underlying transaction.

(2) If the sender or the recipient does not have a place of business, the place of business is the sender's or recipient's residence, as the case may be.

(e) An electronic record is received under subsection (b) of this section even if no individual is aware of its receipt.

(f) Receipt of an electronic acknowledgment from an information processing system described in subsection (b) of this section establishes that a record was received but, by itself, does not establish that the content sent corresponds to the content received.

(g) If a person is aware that an electronic record purportedly sent under subsection (a) of this section, or purportedly received under subsection (b) of this section, was not actually sent or received, the legal effect of the sending or receipt is determined by other applicable law. Except to the extent permitted by the other law, the requirements of this subsection may not be varied by agreement.

History:

[28-50-115, added 2000, ch. 286, sec. 1, p. 965.]
Idaho Code § 28-2-703 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-703
28-2-703 SELLER'S REMEDIES IN GENERAL.
Status: in_force

PART 7.

REMEDIES

28-2-703. Seller's remedies in general. Where the buyer wrongfully rejects or revokes acceptance of goods or fails to make a payment due on or before delivery or repudiates with respect to a part or the whole, then with respect to any goods directly affected and, if the breach is of the whole contract (section 28-2-612), then also with respect to the whole undelivered balance, the aggrieved seller may

(a) withhold delivery of such goods;

(b) stop delivery by any bailee as hereafter provided (section 28-2-705);

(c) proceed under the next section respecting goods still unidentified to the contract;

(d) resell and recover damages as hereafter provided (section 28-2-706);

(e) recover damages for nonacceptance (section 28-2-708) or in a proper case the price (section 28-2-709);

(f) cancel.

History:

[28-2-703, added 1967, ch. 161, sec. 2-703, p. 351.]
Idaho Code § 28-50-112 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-112
28-50-112 RETENTION OF ELECTRONIC RECORDS — ORIGINALS.
Status: in_force

28-50-112. Retention of electronic records — Originals. (a) If a law requires that a record be retained, the requirement is satisfied by retaining an electronic record of the information in the record which:

(1) Accurately reflects the information set forth in the record after it was first generated in its final form as an electronic record or otherwise; and

(2) Remains accessible for later reference.

(b) A requirement to retain a record in accordance with subsection (a) of this section does not apply to any information, the sole purpose of which is to enable the record to be sent, communicated, or received.

(c) A person may satisfy subsection (a) of this section by using the services of another person if the requirements of that subsection are satisfied.

(d) If a law requires a record to be presented or retained in its original form, or provides consequences if the record is not presented or retained in its original form, that law is satisfied by an electronic record retained in accordance with subsection (a) of this section.

(e) If a law requires retention of a check, that requirement is satisfied by retention of an electronic record of the information on the front and back of the check in accordance with subsection (a) of this section.

(f) A record retained as an electronic record in accordance with subsection (a) of this section satisfies a law requiring a person to retain a record for evidentiary, audit, or like purposes, unless a law enacted after the initial effective date of this chapter specifically prohibits the use of an electronic record for the specified purpose.

(g) This section does not preclude a governmental agency of this state from specifying additional requirements for the retention of a record subject to the agency's jurisdiction.

History:

[28-50-112, added 2000, ch. 286, sec. 1, p. 964.]
Idaho Code § 28-3-108 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-108
28-3-108 PAYABLE ON DEMAND OR AT DEFINITE TIME.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-108. Payable on demand or at definite time. (1) A promise or order is "payable on demand" if it (i) states that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder, or (ii) does not state any time of payment.

(2) A promise or order is "payable at a definite time" if it is payable on elapse of a definite period of time after sight or acceptance or at a fixed date or dates or at a time or times readily ascertainable at the time the promise or order is issued, subject to rights of (i) prepayment, (ii) acceleration, (iii) extension at the option of the holder, or (iv) extension to a further definite time at the option of the maker or acceptor or automatically upon or after a specified act or event.

(3) If an instrument, payable at a fixed date, is also payable upon demand made before the fixed date, the instrument is payable on demand until the fixed date and, if demand for payment is not made before that date, becomes payable at a definite time on the fixed date.

History:

[28-3-108, added 1993, ch. 288, sec. 2, p. 1024.]
Idaho Code § 28-45-107 — Idaho Code / Title 28 / Chapter 45 / Section 28-45-107
28-45-107 DEFAULT.
Status: in_force

PART 1.

LIMITATIONS ON CREDITORS' REMEDIES

28-45-107. Default. An agreement of the parties to a regulated consumer credit transaction with respect to default on the part of the debtor is enforceable only to the extent that:

(1) The debtor fails to make a payment as required by agreement; or

(2) The prospect of payment, performance, or realization of collateral is significantly impaired; the burden of establishing the prospect of significant impairment is on the creditor.

History:

[28-45-107, added 1983, ch. 119, sec. 3, p. 296.]
Idaho Code § 28-4-625 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-625
28-4-625 LIABILITY FOR LATE OR IMPROPER EXECUTION OR FAILURE TO EXECUTE PAYMENT ORDER.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-625. Liability for late or improper execution or failure to execute payment order. (1) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of the provisions of section 28-4-622 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by the improper execution. Except as provided in subsection (3) of this section, additional damages are not recoverable.

(2) If execution of a payment order by a receiving bank in breach of section 28-4-622 results in:

(a) noncompletion of the funds transfer,

(b) failure to use an intermediary bank designated by the originator, or

(c) issuance of a payment order that does not comply with the terms of the payment order of the originator, the bank is liable to the originator for its expenses in the funds transfer and for incidental expenses and interest losses, to the extent not covered in subsection (1) of this section, resulting from the improper execution.

Except as provided in subsection (3) of this section, additional damages are not recoverable.

(3) In addition to the amounts payable under subsections (1) and (2) of this section, damages, including consequential damages, are recoverable to the extent provided in an express written agreement of the receiving bank.

(4) If a receiving bank fails to execute a payment order it was obliged by express agreement to execute, the receiving bank is liable to the sender for its expenses in the transaction and for incidental expenses and interest losses resulting from the failure to execute. Additional damages, including consequential damages, are recoverable to the extent provided in an express written agreement of the receiving bank, but are not otherwise recoverable.

(5) Reasonable attorney's fees are recoverable if demand for compensation under subsection (1) or (2) of this section is made and refused before an action is brought on the claim. If a claim is made for breach of an agreement under subsection (4) of this section, and the agreement does not provide for damages, reasonable attorney's fees are recoverable if demand for compensation under subsection (4) of this section, is made and refused before an action is brought on the claim.

(6) Except as stated in this section, the liability of a receiving bank under subsections (1) and (2) of this section, may not be varied by agreement.

History:

[28-4-625, added 1991, ch. 135, sec. 1, p. 309.]
Idaho Code § 28-4-637 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-637
28-4-637 RATE OF INTEREST.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-637. Rate of interest. (1) If, under this part, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined:

(a) by agreement of the sender and receiving bank, or

(b) by a funds-transfer system rule if the payment order is transmitted through a funds-transfer system.

(2) If the amount of interest is not determined by an agreement or rule as stated in subsection (1) of this section, the amount is calculated by multiplying the applicable federal funds rate by the amount on which interest is payable, and then multiplying the product by the number of days for which interest is payable. The applicable federal funds rate is the average of the federal funds rates published by the Federal Reserve bank of New York for each of the days for which interest is payable divided by three hundred and sixty (360). The federal funds rate for any day on which a published rate is not available is the same as the published rate for the next preceding day for which there is a published rate. If a receiving bank that accepted a payment order is required to refund payment to the sender of the order because the funds transfer was not completed, but the failure to complete was not due to any fault by the bank, the interest payable is reduced by a percentage equal to the reserve requirement on deposits of the receiving bank.

History:

[28-4-637, added 1991, ch. 135, sec. 1, p. 316.]
Idaho Code § 28-46-414 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-414
28-46-414 EXTENDED PAYMENT PLANS.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-414. extended payment plans. A payday lender shall allow the borrower, upon request, to enter into an extended payment plan that meets the requirements of this section once during any consecutive twelve (12) month period, subject to the following provisions:

(1) A payday lender is not required to enter into an extended payment plan with a borrower more than one (1) time during any consecutive twelve (12) month period.

(2) An extended payment plan shall be in writing and must be executed not later than the day the payday loan is due. The plan shall provide a payment schedule that allows at least four (4) equal payments over a time period of not less than sixty (60) days and shall include the disclosures required under section 28-46-415, Idaho Code.

(3) A borrower's obligations under an extended payment plan shall be not greater than the amount owed under the terms of the original payday loan.

(4) A payday lender shall not charge interest or additional fees as part of an extended payment plan, except as permitted in section 28-46-413(6), Idaho Code. If a borrower defaults under the extended payment plan, the payday lender may terminate the extended payment plan and accelerate the requirement to pay the amount owed.

(5) A payday lender shall not initiate collection activities against a borrower for a payday loan that is subject to an extended payment plan so long as the borrower is in compliance with the terms of the extended payment plan.

History:

[28-46-414, added 2014, ch. 270, sec. 4, p. 676.]
Idaho Code § 28-9-628 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-628
28-9-628 NONLIABILITY AND LIMITATION ON LIABILITY OF SECURED PARTY — LIABILITY OF SECONDARY OBLIGOR.
Status: in_force

PART 6.

DEFAULT

28-9-628. Nonliability and limitation on liability of secured party — Liability of secondary obligor. (a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:

(1) The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and

(2) The secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.

(b) A secured party is not liable because of its status as secured party:

(1) To a person that is a debtor or obligor, unless the secured party knows:

(A) that the person is a debtor or obligor;

(B) the identity of the person; and

(C) how to communicate with the person; or

(2) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:

(A) that the person is a debtor; and

(B) the identity of the person.

(c) A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:

(1) A debtor's representation concerning the purpose for which collateral was to be used, acquired or held; or

(2) An obligor's representation concerning the purpose for which a secured obligation was incurred.

(d) A secured party is not liable to any person under section 28-9-625(c)(2) for its failure to comply with section 28-9-616.

(e) A secured party is not liable under section 28-9-625(c)(2) more than once with respect to any one (1) secured obligation.

History:

[28-9-628, added 2001, ch. 208, sec. 2, p. 796.]
Idaho Code § 28-2-306 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-306
28-2-306 OUTPUT, REQUIREMENTS AND EXCLUSIVE DEALINGS.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-306. Output, requirements and exclusive dealings. (1) A term which measures the quantity by the output of the seller or the requirements of the buyer means such actual output or requirements as may occur in good faith, except that no quantity unreasonably disproportionate to any stated estimate or in the absence of a stated estimate to any normal or otherwise comparable prior output or requirements may be tendered or demanded.

(2) A lawful agreement by either the seller or the buyer for exclusive dealing in the kind of goods concerned imposes unless otherwise agreed an obligation by the seller to use best efforts to supply the goods and by the buyer to use best efforts to promote their sale.

History:

[28-2-306, added 1967, ch. 161, sec. 2-306, p. 351.]
Idaho Code § 28-8-406 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-406
28-8-406 OBLIGATION TO NOTIFY ISSUER OF LOST, DESTROYED OR WRONGFULLY TAKEN SECURITY CERTIFICATE.
Status: in_force

PART 4.

REGISTRATION

28-8-406. Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate. If a security certificate has been lost, apparently destroyed or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before receiving notification, the owner may not assert against the issuer a claim for registering the transfer under section 28-8-404 or a claim to a new security certificate under section 28-8-405.

History:

[28-8-406, added 1995, ch. 272, sec. 2, p. 894.]
Idaho Code § 28-2-305 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-305
28-2-305 OPEN PRICE TERM.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-305. Open price term. (1) The parties if they so intend can conclude a contract for sale even though the price is not settled. In such a case the price is a reasonable price at the time for delivery if

(a) nothing is said as to price; or

(b) the price is left to be agreed by the parties and they fail to agree; or

(c) the price is to be fixed in terms of some agreed market or other standard as set or recorded by a third person or agency and it is not so set or recorded.

(2) A price to be fixed by the seller or by the buyer means a price for him to fix in good faith.

(3) When a price left to be fixed otherwise than by agreement of the parties fails to be fixed through fault of one party the other may at his option treat the contract as cancelled or himself fix a reasonable price.

(4) Where, however, the parties intend not to be bound unless the price be fixed or agreed and it is not fixed or agreed there is no contract. In such a case the buyer must return any goods already received or if unable so to do must pay their reasonable value at the time of delivery and the seller must return any portion of the price paid on account.

History:

[28-2-305, added 1967, ch. 161, sec. 2-305, p. 351.]
Idaho Code § 28-8-107 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-107
28-8-107 WHETHER INDORSEMENT, INSTRUCTION OR ENTITLEMENT ORDER IS EFFECTIVE.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-107. Whether indorsement, instruction or entitlement order is effective. (1) "Appropriate person" means:

(a) With respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be entitled to the security;

(b) With respect to an instruction, the registered owner of an uncertificated security;

(c) With respect to an entitlement order, the entitlement holder;

(d) If the person designated in paragraph (a), (b) or (c) of this subsection is deceased, the designated person's successor taking under other law or the designated person's personal representative acting for the estate of the decedent; or

(e) If the person designated in paragraph (a), (b) or (c) of this subsection lacks capacity, the designated person's guardian, conservator or other similar representative who has power under other law to transfer the security or financial asset.

(2) An indorsement, instruction, or entitlement order is effective if:

(a) It is made by the appropriate person;

(b) It is made by a person who has power under the law of agency to transfer the security or financial asset on behalf of the appropriate person, including, in the case of an instruction or entitlement order, a person who has control under section 28-8-106(3)(b) or (4)(b); or

(c) The appropriate person has ratified it or is otherwise precluded from asserting its ineffectiveness.

(3) An indorsement, instruction or entitlement order made by a representative is effective even if:

(a) The representative has failed to comply with a controlling instrument or with the law of the state having jurisdiction of the representative relationship, including any law requiring the representative to obtain court approval of the transaction; or

(b) The representative's action in making the indorsement, instruction or entitlement order or using the proceeds of the transaction is otherwise a breach of duty.

(4) If a security is registered in the name of or specially indorsed to a person described as a representative, or if a securities account is maintained in the name of a person described as a representative, an indorsement, instruction or entitlement order made by the person is effective even though the person is no longer serving in the described capacity.

(5) Effectiveness of an indorsement, instruction or entitlement order is determined as of the date the indorsement, instruction or entitlement order is made, and an indorsement, instruction or entitlement order does not become ineffective by reason of any later change of circumstances.

History:

[28-8-107, added 1995, ch. 272, sec. 2, p. 879.]
Idaho Code § 28-41-103 — Idaho Code / Title 28 / Chapter 41 / Section 28-41-103
28-41-103 SUPPLEMENTARY GENERAL PRINCIPLES OF LAW APPLICABLE.
Status: in_force

PART 1.

SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS

28-41-103. Supplementary general principles of law applicable. Unless displaced by the particular provisions of this act, the Uniform Commercial Code and the principles of law and equity, including the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating cause supplement the provisions of this act.

History:

[28-41-103, added 1983, ch. 119, sec. 3, p. 265.]
Idaho Code § 28-4-628 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-628
28-4-628 PAYMENT BY SENDER TO RECEIVING BANK.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-628. Payment by sender to receiving bank. (1) Payment of the sender's obligation under section 28-4-627 to pay the receiving bank occurs as follows:

(a) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a Federal Reserve bank or through a funds-transfer system.

(b) If the sender is a bank and the sender (i) credited an account of the receiving bank with the sender, or (ii) caused an account of the receiving bank in another bank to be credited, payment occurs when the credit is withdrawn or, if not withdrawn, at midnight of the day on which the credit is withdrawable and the receiving bank learns of that fact.

(c) If the receiving bank debits an account of the sender with the receiving bank, payment occurs when the debit is made to the extent the debit is covered by a withdrawable credit balance in the account.

(2) If the sender and receiving bank are members of a funds-transfer system that nets obligations multilaterally among participants, the receiving bank receives final settlement when settlement is complete in accordance with the rules of the system. The obligation of the sender to pay the amount of a payment order transmitted through the funds-transfer system may be satisfied, to the extent permitted by the rules of the system, by setting off and applying against the sender's obligation the right of the sender to receive payment from the receiving bank of the amount of any other payment order transmitted to the sender by the receiving bank through the funds-transfer system. The aggregate balance of obligations owed by each sender to each receiving bank in the funds-transfer system may be satisfied, to the extent permitted by the rules of the system, by setting off and applying against that balance the aggregate balance of obligations owed to the sender by other members of the system. The aggregate balance is determined after the right of setoff stated in the second sentence of this subsection has been exercised.

(3) If two (2) banks transmit payment orders to each other under an agreement that settlement of the obligations of each bank to the other under section 28-4-627 will be made at the end of the day or other period, the total amount owed with respect to all orders transmitted by one (1) bank shall be set off against the total amount owed with respect to all orders transmitted by the other bank. To the extent of the setoff, each bank has made payment to the other.

(4) In a case not covered by subsection (1) of this section, the time when payment of the sender's obligation under section 28-4-627(2) or (3) occurs is governed by applicable principles of law that determine when an obligation is satisfied.

History:

[28-4-628, added 1991, ch. 135, sec. 1, p. 311.]
Idaho Code § 28-2-312 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-312
28-2-312 WARRANTY OF TITLE AND AGAINST INFRINGEMENT — BUYER'S OBLIGATION AGAINST INFRINGEMENT.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-312. Warranty of title and against infringement — Buyer's obligation against infringement. (1) Subject to subsection (2) there is in a contract for sale a warranty by the seller that

(a) the title conveyed shall be good, and its transfer rightful; and

(b) the goods shall be delivered free from any security interest or other lien or encumbrance of which the buyer at the time of contracting has no knowledge.

(2) A warranty under subsection (1) will be excluded or modified only by specific language or by circumstances which give the buyer reason to know that the person selling does not claim title in himself or that he is purporting to sell only such right or title as he or a third person may have.

(3) Unless otherwise agreed a seller who is a merchant regularly dealing in goods of the kind warrants that the goods shall be delivered free of the rightful claim of any third person by way of infringement or the like but a buyer who furnishes specifications to the seller must hold the seller harmless against any such claim which arises out of compliance with the specifications.

History:

[28-2-312, added 1967, ch. 161, sec. 2-312, p. 351.]
Idaho Code § 28-9-608 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-608
28-9-608 APPLICATION OF PROCEEDS OF COLLECTION OR ENFORCEMENT — LIABILITY FOR DEFICIENCY AND RIGHT TO SURPLUS.
Status: in_force

PART 6.

DEFAULT

28-9-608. Application of proceeds of collection or enforcement — Liability for deficiency and right to surplus. (a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:

(1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under section 28-9-607 in the following order to:

(A) the reasonable expenses of collection and enforcement 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;

(B) the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and

(C) the satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.

(2) 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 complies, the secured party need not comply with the holder's demand under subsection (1)(C) of this section.

(3) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under section 28-9-607 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.

(4) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.

(b) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.

History:

[28-9-608, added 2001, ch. 208, sec. 2, p. 783.]
Idaho Code § 28-12-310 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-310
28-12-310 LESSOR'S AND LESSEE'S RIGHTS WHEN GOODS BECOME ACCESSIONS.
Status: in_force

PART 3.

EFFECT OF LEASE CONTRACT

28-12-310. Lessor's and lessee's rights when goods become accessions. (1) Goods are "accessions" when they are installed in or affixed to other goods.

(2) The interest of a lessor or a lessee under a lease contract entered into before the goods became accessions is superior to all interests in the whole except as stated in subsection (4) of this section.

(3) The interest of a lessor or a lessee under a lease contract entered into at the time or after the goods became accessions is superior to all subsequently acquired interests in the whole except as stated in subsection (4) of this section but is subordinate to interests in the whole existing at the time the lease contract was made unless the holders of such interests in the whole have in writing consented to the lease or disclaimed an interest in the goods as part of the whole.

(4) The interest of a lessor or a lessee under a lease contract described in subsection (2) or (3) of this section is subordinate to the interest of:

(a) A buyer in the ordinary course of business or a lessee in the ordinary course of business of any interest in the whole acquired after the goods became accessions; or

(b) A creditor with a security interest in the whole perfected before the lease contract was made to the extent that the creditor makes subsequent advances without knowledge of the lease contract.

(5) When, under the provisions of subsections (2) or (3) and (4) of this section, a lessor or a lessee of accessions holds an interest that is superior to all interests in the whole, the lessor or the lessee may (i) on default, expiration, termination, or cancellation of the lease contract by the other party but subject to the provisions of the lease contract and this chapter, or (ii) if necessary to enforce his other rights and remedies under this chapter, remove the goods from the whole, free and clear of all interests in the whole, but he must reimburse any holder of an interest in the whole who is not the lessee and who has not otherwise agreed for the cost of repair of any physical injury but not for any diminution in value of the whole caused by the absence of the goods removed or by any necessity for replacing them. A person entitled to reimbursement may refuse permission to remove until the party seeking removal gives adequate security for the performance of this obligation.

History:

[28-12-310, added 1993, ch. 287, sec. 1, p. 996.]
Idaho Code § 28-12-505 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-505
28-12-505 CANCELLATION AND TERMINATION AND EFFECT OF CANCELLATION, TERMINATION, RESCISSION OR FRAUD ON RIGHTS AND REMEDIES.
Status: in_force

PART 5.

DEFAULT

28-12-505. Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies. (1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance.

(2) On termination of the lease contract, all obligations that are still executory on both sides are discharged but any right based on prior default or performance survives.

(3) Unless the contrary intention clearly appears, expressions of "cancellation," "rescission," or the like of the lease contract may not be construed as a renunciation or discharge of any claim in damages for an antecedent default.

(4) Rights and remedies for material misrepresentation or fraud include all rights and remedies available under this chapter for default.

(5) Neither rescission nor a claim for rescission of the lease contract nor rejection or return of the goods may bar or be deemed inconsistent with a claim for damages or other right or remedy.

History:

[28-12-505, added 1993, ch. 287, sec. 1, p. 1001.]
Idaho Code § 28-2-317 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-317
28-2-317 CUMULATION AND CONFLICT OF WARRANTIES EXPRESS OR IMPLIED.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-317. Cumulation and conflict of warranties express or implied. Warranties whether express or implied shall be construed as consistent with each other and as cumulative, but if such construction is unreasonable the intention of the parties shall determine which warranty is dominant. In ascertaining that intention the following rules apply:

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

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

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

History:

[28-2-317, added 1967, ch. 161, sec. 2-317, p. 351.]
Idaho Code § 28-2-322 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-322
28-2-322 DELIVERY “EX-SHIP.”
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-322. Delivery "ex-ship." (1) Unless otherwise agreed a term for delivery of goods "ex-ship" (which means from the carrying vessel) or in equivalent language is not restricted to a particular ship and requires delivery from a ship which has reached a place at the named port of destination where goods of the kind are usually discharged.

(2) Under such a term unless otherwise agreed

(a) the seller must discharge all liens arising out of the carriage and furnish the buyer with a direction which puts the carrier under a duty to deliver the goods; and

(b) the risk of loss does not pass to the buyer until the goods leave the ship's tackle or are otherwise properly unloaded.

History:

[28-2-322, added 1967, ch. 161, sec. 2-322, p. 351.]
Idaho Code § 28-43-304 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-304
28-43-304 NO ASSIGNMENT OF EARNINGS.
Status: in_force

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-304. No assignment of earnings. (1) A creditor may not take an assignment of earnings of the debtor for payment or as security for payment of a debt arising out of a regulated consumer credit transaction. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the debtor. This section does not prohibit a debtor from authorizing deductions from his earnings in favor of his creditor if the authorization is revocable, the debtor is given a complete copy of the writing evidencing the authorization at the time he signs it, and the writing contains on its face a conspicuous notice of the debtor's right to revoke the authorization.

(2) A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a loan to him secured by an assignment of earnings.

History:

[28-43-304, added 1983, ch. 119, sec. 3, p. 284.]
Idaho Code § 28-5-113 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-113
28-5-113 TRANSFER BY OPERATION OF LAW.
Status: in_force

28-5-113. Transfer by operation of law. (1) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.

(2) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection (5) of this section, an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in section 28-5-108(5) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.

(3) An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized.

(4) Honor of a purported successor's apparently complying presentation under subsection (1) or (2) of this section has the consequences specified in section 28-5-108(9) even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of section 28-5-109.

(5) An issuer whose rights of reimbursement are not covered by subsection (4) of this section or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection (2) of this section.

(6) A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section.

History:

[28-5-113, added 1996, ch. 7, sec. 2, p. 15.]
Idaho Code § 28-1-205 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-205
28-1-205 REASONABLE TIME — SEASONABLENESS.
Status: in_force

PART 2.

GENERAL DEFINITIONS AND PRINCIPLES OF INTERPRETATION

28-1-205. Reasonable time — Seasonableness. (a) Whether a time for taking an action required by the uniform commercial code is reasonable depends on the nature, purpose, and circumstances of the action.

(b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.

History:

[(28-1-205) 28-1-204, added 1967, ch. 161, sec. 1-204, p. 351; am. and redesig. 2004, ch. 43, sec. 15, p. 148.]
Idaho Code § 28-10-101 — Idaho Code / Title 28 / Chapter 10 / Section 28-10-101
28-10-101 EFFECTIVE DATE.
Status: in_force

28-10-101. Effective date. (1) Except as provided in subsection (2) of this section, this act shall become effective at midnight on December 31, 1967.

(2) Section 28-9-408 of this act shall become effective at 8:00 a.m. on December 26, 1967.

(3) Except as provided in subsection (2) above and in section 28-9-408, this act applies to transactions entered into and events occurring after midnight on December 31, 1967.

History:

[28-10-101, added 1967, ch. 161, sec. 10-101, p. 351.]
Idaho Code § 28-24-104E — Idaho Code / Title 28 / Chapter 24 / Section 28-24-104E
28-24-104E SUCCESSORS IN INTEREST.
Status: in_force

PART 1.

AGREEMENTS BETWEEN SUPPLIERS AND DEALERS OF FARM EQUIPMENT

28-24-104E. Successors in interest. The obligations of any supplier under this chapter are applied to any successor in interest or assignee of the supplier. A successor in interest includes any purchaser of assets or stock, any surviving corporation resulting from merger or liquidation, and any receiver or any trustee of the original supplier.

History:

[28-24-104E, added 2005, ch. 238, sec. 9, p. 741.]
Idaho Code § 28-8-504 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-504
28-8-504 DUTY OF SECURITIES INTERMEDIARY TO MAINTAIN FINANCIAL ASSET.
Status: in_force

PART 5.

SECURITY ENTITLEMENTS

28-8-504. Duty of securities intermediary to maintain financial asset. (1) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities intermediary may maintain those financial assets directly or through one (1) or more other securities intermediaries.

(2) Except to the extent otherwise agreed by its entitlement holder, a securities intermediary may not grant any security interests in a financial asset it is obligated to maintain pursuant to subsection (1) of this section.

(3) A securities intermediary satisfies the duty in subsection (1) of this section if:

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

(b) In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to obtain and maintain the financial asset.

(4) This section does not apply to a clearing corporation that is itself the obligor of an option or similar obligation to which its entitlement holders have security entitlements.

History:

[28-8-504, added 1995, ch. 272, sec. 2, p. 896.]
Idaho Code § 28-9-709 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-709
28-9-709 PRIORITY.
Status: in_force

PART 7.

TRANSITION

28-9-709. Priority. (a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, former chapter 9, title 28, determines priority.

(b) For purposes of section 28-9-322(a), the priority of a security interest that becomes enforceable under section 28-9-203 of this act dates from the time this act takes effect if the security interest is perfected under this act by the filing of a financing statement before this act takes effect which would not have been effective to perfect the security interest under former chapter 9, title 28. This subsection does not apply to conflicting security interests, each of which is perfected by the filing of such a financing statement.

History:

[28-9-709, added 2001, ch. 208, sec. 2, p. 800.]
Idaho Code § 28-7-401 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-401
28-7-401 IRREGULARITIES IN ISSUE OF RECEIPT OR BILL OR CONDUCT OF ISSUER.
Status: in_force

PART 4.

WAREHOUSE RECEIPTS AND BILLS OF LADING — GENERAL OBLIGATIONS

28-7-401. Irregularities in issue of receipt or bill or conduct of issuer. The obligations imposed by this chapter on an issuer apply to a document of title even if:

(1) The document does not comply with the requirements of this chapter or of any other statute, rule, or regulation regarding its issuance, form, or content;

(2) The issuer violated laws regulating the conduct of its business;

(3) The goods covered by the document were owned by the bailee when the document was issued; or

(4) The person issuing the document is not a warehouse but the document purports to be a warehouse receipt.

History:

[28-7-401, added 2004, ch. 42, sec. 2, p. 91.]
Idaho Code § 28-42-307 — Idaho Code / Title 28 / Chapter 42 / Section 28-42-307
28-42-307 REBATE UPON PREPAYMENT.
Status: in_force

PART 3.

OTHER CHANGES AND MODIFICATIONS

28-42-307. Rebate upon prepayment. (1) Except as provided in subsection (2) of this section, upon prepayment in full of the unpaid balance of a precomputed regulated consumer loan or regulated consumer credit sale, refinancing, or consolidation, an amount not less than the unearned portion of the finance charge calculated according to this section shall be rebated to the debtor. If the rebate otherwise required is less than one dollar ($1.00), no rebate need be made.

(2) Upon prepayment in full of a regulated consumer loan or regulated consumer credit sale, other than one pursuant to open-end credit, a refinancing, or consolidation, whether or not precomputed, the creditor may collect or retain a minimum charge within the limits stated in this subsection if the finance charge earned at the time of prepayment is less than any minimum charge contracted for. The minimum charge may not exceed the amount of finance charge contracted for, or five dollars ($5.00) in a transaction which had a principal of seventy-five dollars ($75.00) or less, or seven dollars and fifty cents ($7.50) in a transaction which had a principal of more than seventy-five dollars ($75.00).

(3) (a) Except as otherwise provided in this section, the unearned finance charge shall be an amount which is a proportion of the precomputed interest at least as great as the sum of the remaining monthly balances of principal and interest combined scheduled to follow the installment date nearest the date of prepayment bears to the sum of all the monthly balances of principal and interest combined originally scheduled by the contract. If such prepayment occurs before the first installment date, an additional refund of 1/30th of the portion of precomputed interest which should be retained in the first installment period shall be made for each day from the date of prepayment in full to the first scheduled installment date. Any prepayment made on or before the 15th day following an installment date shall be deemed to have been made on the preceding installment date.

(b) With respect to a precomputed transaction entered into on or after July 1, 1978, and payable according to its original terms in more than sixty-one (61) installments, the unearned portion of the finance charge is, at the option of the creditor, either:

1. That portion which is applicable to all fully unexpired computational periods as originally scheduled, or, if deferred, as deferred, which follow the date of prepayment. For this purpose, the applicable charge is the total of that which would have been made for each such period, had the regulated consumer loan or regulated consumer credit sale not been precomputed, by applying to unpaid balances of principal, according to the actuarial method, the rate of finance charge previously stated to the debtor based upon the assumption that all payments were made as originally scheduled, or if deferred, as deferred. The creditor, at his option, may round the stated rate to the nearest one-quarter (1/4) of one percent (1%) if such procedure is not consistently used to obtain a greater yield than would otherwise be permitted; or

2. The total finance charge minus the earned finance charge. The earned finance charge shall be determined by applying the rate previously stated to the debtor according to the actuarial method to the actual unpaid balances for the actual time the balances were unpaid up to the date of prepayment. If a delinquency or deferral charge was collected, it shall be treated as a payment.

(4) In this section:

(a) "Periodic balance" means the amount scheduled to be outstanding on the last day of a computational period before deducting the payment, if any, scheduled to be made on that date;

(b) "Computational period" means one (1) month if one-half (1/2) or more of the intervals between scheduled payments under the agreement is one (1) month or more, and otherwise means one (1) week;

(c) The "interval" to the due date of the first scheduled installment or the final scheduled payment date is measured from the date of a loan or credit sale, refinancing, or consolidation, and includes either the first or last day of the interval;

(d) If the interval to the due date of the first scheduled installment does not exceed one (1) month by more than fifteen (15) days when the computational period is one (1) month, or eleven (11) days when the computational period is one (1) week, the interval shall be considered as one (1) computational period.

(5) This subsection applies only if the schedule of payments is not regular.

(a) If the computational period is one (1) month and:

1. If the number of days in the interval to the due date of the first scheduled installment is less than one (1) month by more than five (5) days, or more than one (1) month by more than five (5) days but not more than fifteen (15) days, the unearned finance charge shall be increased by an adjustment for each day by which the interval is less than one (1) month and, at the option of the creditor, may be reduced by an adjustment for each day by which the interval is more than one (1) month; the adjustment for each day shall be 1/30th of that part of the finance charge earned in the computational period prior to the due date of the first scheduled installment assuming that period to be one (1) month; and

2. If the interval to the final scheduled payment date is a number of computational periods plus an additional number of days less than a full month, the additional number of days shall be considered a computational period only if sixteen (16) days or more. This subparagraph applies whether or not subsection 5(a)1. applies.

(b) Notwithstanding paragraph (a), if the computational period is one (1) month, the number of days in the interval to the due date of the first installment exceeds one (1) month by not more than fifteen (15) days, and the schedule of payments is otherwise regular, the creditor at his option may exclude the extra days and the charge for the extra days in computing the unearned finance charge; but if he does so and a rebate is required before the due date of the first scheduled installment, he shall compute the earned charge for each elapsed day as 1/30th of the amount the earned charge would have been if the first interval had been one (1) month.

(c) If the computational period is one (1) week and:

1. If the number of days in the interval to the due date of the first scheduled installment is less than five (5) days, or more than nine (9) days but not more than eleven (11) days, the unearned finance charge shall be increased by an adjustment for each day by which the interval is less than seven (7) days and, at the option of the creditor, may be reduced by an adjustment for each day by which the interval is more than seven (7) days; the adjustment for each day shall be 1/7th of that part of the finance charge earned in the computational period prior to the due date of the first scheduled installment assuming that period to be one (1) week; and

2. If the interval to the final scheduled payment date is a number of computational periods plus an additional number of days less than a full week, the additional number of days shall be considered a computational period only if four (4) days or more. This subparagraph applies whether or not subsection 5(c)1. applies.

(6) If a deferral, section 28-42-302, Idaho Code, has been agreed to, the unearned portion of the finance charge shall be computed with regard to the deferral. If the deferral charge earned is less than the deferral charge paid, the difference shall be added to the unearned portion of the finance charge. If any part of a deferral charge has been earned but has not been paid, that part shall be subtracted from the unearned portion of the finance charge or shall be added to the unpaid balance.

(7) This section does not preclude the collection or retention by the creditor of delinquency charges, section 28-42-301, Idaho Code.

(8) If the maturity is accelerated for any reason and judgment is obtained, the debtor is entitled to the same rebate as if the payment had been made on the date judgment is entered.

(9) Upon prepayment in full of a regulated consumer loan or regulated consumer credit sale by the proceeds of credit insurance, section 28-44-103, Idaho Code, the debtor or his estate is entitled to the same rebate as though the debtor had prepaid the agreement on the date the proceeds of the insurance are paid to the creditor, but no later than ten (10) business days after satisfactory proof of loss is furnished to the creditor.

History:

[28-42-307, added 1983, ch. 119, sec. 3, p. 278.]
Idaho Code § 28-8-305 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-305
28-8-305 INSTRUCTION.
Status: in_force

PART 3.

TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES

28-8-305. Instruction. (1) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.

(2) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed in section 28-8-108 and not an obligation that the security will be honored by the issuer.

History:

[28-8-305, added 1995, ch. 272, sec. 2, p. 890.]
Idaho Code § 28-43-101 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-101
28-43-101 SHORT TITLE.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-43-101. Short title. This chapter shall be known and may be cited as the Idaho Credit Code — Regulation of Agreements and Practices.

History:

[28-43-101, added 1983, ch. 119, sec. 3, p. 281.]
Idaho Code § 28-9-618 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-618
28-9-618 RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS.
Status: in_force

PART 6.

DEFAULT

28-9-618. Rights and duties of certain secondary obligors. (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:

(1) Receives an assignment of a secured obligation from the secured party;

(2) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or

(3) Is subrogated to the rights of a secured party with respect to collateral.

(b) An assignment, transfer or subrogation described in subsection (a) of this section:

(1) Is not a disposition of collateral under section 28-9-610; and

(2) Relieves the secured party of further duties under this chapter.

History:

[28-9-618, added 2001, ch. 208, sec. 2, p. 791.]
Idaho Code § 28-46-412 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-412
28-46-412 PAYDAY LOAN PROCEDURES.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-412. Payday loan procedures. (1) Each payday loan must be documented in a written agreement signed by the borrower. The loan agreement must include the name of the licensee, the loan date, the principal amount of the loan, and a statement of the total amount of fees charged as a condition of making the loan, expressed both as a dollar amount and as an annual percentage rate (APR).

(2) The maximum principal amount of any payday loan is one thousand dollars ($1000).

(3) A licensee may charge a fee for each payday loan. Such fee shall be deemed fully earned as of the date of the transaction and shall not be deemed interest for any purpose of law. No other fee or charges may be charged or collected for the payday loan except as specifically set forth in this act.

(4) Each licensee shall conspicuously post in each licensed location a notice of the fees, expressed as a dollar amount per one hundred dollars ($100), charged for payday loans.

(5) (a) A payday loan may be made pursuant to a transaction whereby the licensee:

(i) Accepts a check from a borrower who is the maker of the check; and

(ii) Agrees not to negotiate, deposit or present the check for an agreed upon period of time and pays to the maker the amount of the check, less the fees permitted by this act.

(b) In such a transaction, the licensee may accept only one (1) postdated check for each loan as security for the loan. Before the licensee may negotiate or present a check for payment, the check shall be endorsed with the actual name under which the licensee is doing business. The borrower shall have the right to redeem the check from the licensee at any time prior to the presentment or deposit of the check by making payment to the licensee of the full amount of the check in cash or immediately available funds.

(6) The amount advanced to the borrower by the licensee in a payday loan may be paid to the borrower in the form of cash, the licensee's business check, a money order, an electronic funds transfer to the borrower's account, or other reasonable electronic payment mechanism, provided however, that no additional fee may be charged to the borrower by a licensee to access the proceeds of the payday loan.

(7) A payday loan may be repaid by the borrower in cash, by negotiation of the borrower's check in a transaction pursuant to subsection (5) of this section or, with the agreement of the licensee, a debit card, a cashier's check, an electronic funds transfer from the borrower's bank account, or any other reasonable electronic payment mechanism to which the parties may agree.

(8) A payday lender shall not make more than two (2) electronic representments of a borrower's check to a depository institution.

History:

[28-46-412, added 2003, ch. 182, sec. 1, p. 495; am. 2014, ch. 270, sec. 2, p. 675.]
Idaho Code § 28-9-319 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-319
28-9-319 RIGHTS AND TITLE OF CONSIGNEE WITH RESPECT TO CREDITORS AND PURCHASERS.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-319. Rights and title of consignee with respect to creditors and purchasers. (a) Except as otherwise provided in subsection (b) of this section, for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer.

(b) For purposes of determining the rights of a creditor of a consignee, law other than this chapter determines the rights and title of a consignee while goods are in the consignee's possession if, under this part, a perfected security interest held by the consignor would have priority over the rights of the creditor.

History:

[28-9-319, added 2001, ch. 208, sec. 2, p. 739.]
Idaho Code § 28-3-105 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-105
28-3-105 ISSUE OF INSTRUMENT.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-105. Issue of instrument. (1) "Issue" means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person.

(2) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.

(3) "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument.

History:

[28-3-105, added 1993, ch. 288, sec. 2, p. 1024.]
Idaho Code § 28-4-622 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-622
28-4-622 OBLIGATIONS OF RECEIVING BANK IN EXECUTION OF PAYMENT ORDER.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-622. Obligations of receiving bank in execution of payment order. (1) Except as provided in subsections (2) through (4) of this section, if the receiving bank accepts a payment order pursuant to section 28-4-617(1), the bank has the following obligations in executing the order:

(a) The receiving bank is obliged to issue, on the execution date, a payment order complying with the sender's order and to follow the sender's instructions concerning (i) any intermediary bank or funds-transfer system to be used in carrying out the funds transfer, or (ii) the means by which payment orders are to be transmitted in the funds transfer. If the originator's bank issues a payment order to an intermediary bank, the originator's bank is obliged to instruct the intermediary bank according to the instruction of the originator. An intermediary bank in the funds transfer is similarly bound by an instruction given to it by the sender of the payment order it accepts.

(b) If the sender's instruction states that the funds transfer is to be carried out telephonically or by wire transfer or otherwise indicates that the funds transfer is to be carried out by the most expeditious means, the receiving bank is obliged to transmit its payment order by the most expeditious available means, and to instruct any intermediary bank accordingly. If a sender's instruction states a payment date, the receiving bank is obliged to transmit its payment order at a time and by means reasonably necessary to allow payment to the beneficiary on the payment date or as soon thereafter as is feasible.

(2) Unless otherwise instructed, a receiving bank executing a payment order may:

(a) use any funds-transfer system if use of that system is reasonable in the circumstances, and

(b) issue a payment order to the beneficiary's bank or to an intermediary bank through which a payment order conforming to the sender's order can expeditiously be issued to the beneficiary's bank if the receiving bank exercises ordinary care in the selection of the intermediary bank.

A receiving bank is not required to follow an instruction of the sender designating a funds-transfer system to be used in carrying out the funds transfer if the receiving bank, in good faith, determines that it is not feasible to follow the instruction or that following the instruction would unduly delay completion of the funds transfer.

(3) Unless the provisions of subsection (1)(b) apply or the receiving bank is otherwise instructed, the bank may execute a payment order by transmitting its payment order by first class mail or by any means reasonable in the circumstances. If the receiving bank is instructed to execute the sender's order by transmitting its payment order by a particular means, the receiving bank may issue its payment order by the means stated or by any means as expeditious as the means stated.

(4) Unless instructed by the sender,

(a) the receiving bank may not obtain payment of its charges for services and expenses in connection with the execution of the sender's order by issuing a payment order in an amount equal to the amount of the sender's order less the amount of the charges, and

(b) may not instruct a subsequent receiving bank to obtain payment of its charges in the same manner.

History:

[28-4-622, added 1991, ch. 135, sec. 1, p. 307.]
Idaho Code § 28-41-203 — Idaho Code / Title 28 / Chapter 41 / Section 28-41-203
28-41-203 JURISDICTION.
Status: in_force

PART 2.

SCOPE AND JURISDICTION

28-41-203. Jurisdiction. The courts of this state may exercise jurisdiction over any creditor with respect to any conduct of the creditor subject to this act or with respect to any claim arising from a transaction subject to this act.

History:

[28-41-203, added 1983, ch. 119, sec. 3, p. 268.]
Idaho Code § 28-46-409 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-409
28-46-409 RECORDS — ANNUAL REPORTS.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-409. Records — Annual reports. (1) Every licensee shall maintain records in conformity with generally accepted accounting principles and practices in a manner that will enable the administrator to determine whether the licensee is complying with the provisions of this act. The recordkeeping system of a licensee shall be sufficient if he makes the required information reasonably available. The records need not be kept in the place of business where payday loans are made if the administrator is given free access to the records wherever located. The records pertaining to any loan need not be preserved for more than two (2) years after the due date of the loan.

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

History:

[28-46-409, added 2003, ch. 182, sec. 1, p. 494; am. 2015, ch. 141, sec. 50, p. 417.]
Idaho Code § 28-4-407 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-407
28-4-407 PAYOR BANK'S RIGHT TO SUBROGATION ON IMPROPER PAYMENT.
Status: in_force

PART 4.

RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER

28-4-407. Payor bank's right to subrogation on improper payment. If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights

(a) of any holder in due course on the item against the drawer or maker;

(b) of the payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose; and

(c) of the drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose.

History:

[28-4-407, added 1967, ch. 161, sec. 4-407, p. 351; am. 1993, ch. 288, sec. 41, p. 1072.]
Idaho Code § 28-7-201 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-201
28-7-201 PERSON THAT MAY ISSUE A WAREHOUSE RECEIPT — STORAGE UNDER BOND.
Status: in_force

PART 2.

WAREHOUSE RECEIPTS — SPECIAL PROVISIONS

28-7-201. Person that may issue a warehouse receipt — Storage under bond. (a) A warehouse receipt may be issued by any warehouse.

(b) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is deemed to be a warehouse receipt even if issued by a person that is the owner of the goods and is not a warehouse.

History:

[28-7-201, added 2004, ch. 42, sec. 2, p. 83.]
Idaho Code § 28-52-107 — Idaho Code / Title 28 / Chapter 52 / Section 28-52-107
28-52-107 CHANGES TO INFORMATION IN A CREDIT REPORT SUBJECT TO A SECURITY FREEZE.
Status: in_force

28-52-107. Changes to information in a credit report subject to a security freeze. (1) If a credit report is subject to a security freeze, a consumer reporting agency shall notify the consumer who is the subject of the credit report within thirty (30) days if the consumer reporting agency changes the consumer's name, date of birth, social security number or address.

(2) Notwithstanding subsection (1) of this section, a consumer reporting agency may make technical modifications to information in a credit report that is subject to a security freeze without providing notification to the consumer. Technical modifications include the addition or subtraction of abbreviations to names and addresses and transpositions or corrections of incorrect numbering or spelling.

(3) When providing notice of a change of address under subsection (1) of this section, the consumer reporting agency shall provide notice to the consumer at both the new address and the former address.

History:

[28-52-107, added 2008, ch. 177, sec. 2, p. 527.]
Idaho Code § 28-9-107 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-107
28-9-107 CONTROL OF LETTER OF CREDIT RIGHT.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-9-107. Control of letter of credit right. A secured party has control of a letter of credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under section 28-5-114(3) or otherwise applicable law or practice.

History:

[28-9-107, added 2001, ch. 208, sec. 2, p. 720.]
Idaho Code § 28-9-801 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-801
28-9-801 [RESERVED.]
Status: in_force

PART 8.

TRANSITION PROVISIONS FOR 2011 AMENDMENTS

28-9-801. [reserved.]

History:

[28-9-801, added 2012, ch. 145, sec. 20, p. 410.]
Idaho Code § 28-41-101 — Idaho Code / Title 28 / Chapter 41 / Section 28-41-101
28-41-101 SHORT TITLE.
Status: in_force

PART 1.

SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS

28-41-101. Short title. This act shall be known and may be cited as the "Idaho Credit Code."

History:

[28-41-101, added 1983, ch. 119, sec. 3, p. 265.]
Idaho Code § 28-9-333 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-333
28-9-333 PRIORITY OF CERTAIN LIENS ARISING BY OPERATION OF LAW.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-333. Priority of certain liens arising by operation of law. (a) In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien:

(1) Which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business;

(2) Which is created by statute or rule of law in favor of the person; and

(3) Whose effectiveness depends on the person's possession of the goods.

(b) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.

History:

[28-9-333, added 2001, ch. 208, sec. 2, p. 752.]
Idaho Code § 28-9-624 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-624
28-9-624 WAIVER.
Status: in_force

PART 6.

DEFAULT

28-9-624. Waiver. (a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 28-9-611 only by an agreement to that effect entered into and authenticated after default.

(b) A debtor may waive the right to require disposition of collateral under section 28-9-620(e) only by an agreement to that effect entered into and authenticated after default.

(c) Except in a consumer goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under section 28-9-623 only by an agreement to that effect entered into and authenticated after default.

History:

[28-9-624, added 2001, ch. 208, sec. 2, p. 794.]
Idaho Code § 28-8-511 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-511
28-8-511 PRIORITY AMONG SECURITY INTERESTS AND ENTITLEMENT HOLDERS.
Status: in_force

PART 5.

SECURITY ENTITLEMENTS

28-8-511. Priority among security interests and entitlement holders. (1) Except as otherwise provided in subsections (2) and (3) of this section, if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.

(2) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset.

(3) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders.

History:

[28-8-511, added 1995, ch. 272, sec. 2, p. 899.]
Idaho Code § 28-3-116 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-116
28-3-116 JOINT AND SEVERAL LIABILITY — CONTRIBUTION.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-116. Joint and several liability — Contribution. (1) Except as otherwise provided in the instrument, two (2) or more persons who have the same liability on an instrument as makers, drawers, acceptors, indorsers who indorse as joint payees, or anomalous indorsers are jointly and severally liable in the capacity in which they sign.

(2) Except as provided in section 28-3-419(5) or by agreement of the affected parties, a party having joint and several liability who pays the instrument is entitled to receive from any party having the same joint and several liability contribution in accordance with applicable law.

(3) Discharge of one (1) party having joint and several liability by a person entitled to enforce the instrument does not affect the right under subsection (2) of this section of a party having the same joint and several liability to receive contribution from the party discharged.

History:

[28-3-116, added 1993, ch. 288, sec. 2, p. 1027.]
Idaho Code § 28-36-103 — Idaho Code / Title 28 / Chapter 36 / Section 28-36-103
28-36-103 INAPPLICABILITY OF OTHER LAWS — EXEMPTED TRANSACTIONS.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATORS

28-36-103. Inapplicability of other laws — Exempted transactions. (1) Lease-purchase agreements are not governed by the laws relating to:

(a) A home solicitation sale as defined in section 28-43-401, et seq., Idaho Code;

(b) A regulated consumer credit transaction pursuant to section 28-41-101, et seq., Idaho Code; or

(c) A security interest as defined in section 28-1-201, Idaho Code.

(2) This chapter does not apply to the following:

(a) Leases of personal property primarily for business, commercial or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations;

(b) A lease of a safe deposit box;

(c) A lease or bailment of personal property which is incidental to the lease of real property, and which provides that the consumer has no option to purchase the leased property; or

(d) A lease of an automobile.

History:

[28-36-103, added 1993, ch. 232, sec. 1, p. 808.]
Idaho Code § 28-9-326 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-326
28-9-326 PRIORITY OF SECURITY INTERESTS CREATED BY NEW DEBTOR.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-326. Priority of security interests created by new debtor. (a) Subject to subsection (b) of this section, a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and perfected by a filed financing statement that would be ineffective to perfect the security interest but for the application of sections 28-9-316(i)(1) and 28-9-508, Idaho Code, is subordinate to a security interest in the same collateral which is perfected other than by such a filed financing statement.

(b) The other provisions of this part determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in subsection (a) of this section. However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor's having become bound.

History:

[28-9-326, added 2001, ch. 208, sec. 2, p. 749; am. 2012, ch. 145, sec. 7, p. 395.]
Idaho Code § 28-43-307 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-307
28-43-307 BALLOON PAYMENTS.
Status: in_force

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-307. Balloon payments. (1) Except as provided in subsection (2) of this section, if any scheduled payment of a regulated consumer credit transaction is more than twice as large as the average of earlier scheduled payments, the debtor has the right to refinance, without penalty, the amount of that payment at the time it is due. The terms of the refinancing shall be no less favorable to the debtor than the terms of the original transaction.

(2) This section does not apply to:

(a) A transaction pursuant to open-end credit;

(b) A transaction to the extent that the payment schedule is adjusted to the seasonal or irregular income or scheduled payments or obligations of the debtor;

(c) A transaction of a class defined by rule of the administrator as not requiring for the protection of the debtor his right to refinance as provided in this section; or

(d) A transaction secured by a second deed of trust or mortgage on a one (1) to four (4) family dwelling occupied by the debtor.

History:

[28-43-307, added 1983, ch. 119, sec. 3, p. 284.]
Idaho Code § 28-43-310 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-310
28-43-310 REGULAR SCHEDULE OF PAYMENTS — MAXIMUM LOAN TERM.
Status: in_force

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-310. Regular schedule of payments — Maximum loan term. Regulated consumer loans, not made pursuant to open-end credit and in which the principal is one thousand dollars ($1,000) or less, shall be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor, and:

(1) Over a period of not more than thirty-seven (37) months if the principal is more than three hundred dollars ($300), or

(2) Over a period of not more than twenty-five (25) months if the principal is three hundred dollars ($300) or less.

History:

[28-43-310, added 1983, ch. 119, sec. 3, p. 285.]
Idaho Code § 28-9-513 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-513
28-9-513 TERMINATION STATEMENT.
Status: in_force

PART 5.

FILING

28-9-513. Termination statement. (a) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and:

(1) There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or

(2) The debtor did not authorize the filing of the initial financing statement.

(b) To comply with subsection (a) of this section, a secured party shall cause the secured party of record to file the termination statement:

(1) Within one (1) month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or

(2) If earlier, within twenty (20) days after the secured party receives an authenticated demand from a debtor.

(c) In cases not governed by subsection (a) of this section, within twenty (20) days after a secured party receives an authenticated demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if:

(1) Except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;

(2) The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;

(3) The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or

(4) The debtor did not authorize the filing of the initial financing statement.

(d) Except as otherwise provided in section 28-9-510, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in section 28-9-510, for purposes of sections 28-9-519(g), 28-9-522(a) and 28-9-523(c), the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse.

History:

[28-9-513, added 2001, ch. 208, sec. 2, p. 767.]
Idaho Code § 28-45-109 — Idaho Code / Title 28 / Chapter 45 / Section 28-45-109
28-45-109 EXTORTIONATE EXTENSIONS OF CREDIT.
Status: in_force

PART 1.

LIMITATIONS ON CREDITORS' REMEDIES

28-45-109. Extortionate extensions of credit. If it is the understanding of the creditor and the debtor at the time an extension of credit is made that delay in making repayment or failure to make repayment could result in the use of violence or other criminal means to cause harm to the person, reputation or property of the debtor(s) or of another person, the repayment of the extension of credit is unenforceable through civil judicial processes against the debtor.

History:

[28-45-109, added 1983, ch. 119, sec. 3, p. 296.]
Idaho Code § 28-9-306 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-306
28-9-306 LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN LETTER OF CREDIT RIGHTS.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-306. Law governing perfection and priority of security interests in letter of credit rights. (a) Subject to subsection (c) of this section, the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter of credit right if the issuer's jurisdiction or nominated person's jurisdiction is a state.

(b) For purposes of this part, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter of credit right as provided in section 28-5-116.

(c) This section does not apply to a security interest that is perfected only under section 28-9-308(d).

History:

[28-9-306, added 2001, ch. 208, sec. 2, p. 730.]
Idaho Code § 28-1-309 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-309
28-1-309 OPTION TO ACCELERATE AT WILL.
Status: in_force

PART 3.

TERRITORIAL APPLICABILITY AND GENERAL RULES

28-1-309. Option to accelerate at will. A term providing that one (1) party or that party's successor in interest may accelerate payment or performance or require collateral or additional collateral "at will" or when the party "deems itself insecure," or words of similar import, means that the party has power to do so only if that party in good faith believes that the prospect of payment or performance is impaired. The burden of establishing lack of good faith is on the party against which the power has been exercised.

History:

[(28-1-309) 28-1-208, added 1967, ch. 161, sec. 1-208, p. 351; am. and redesig. 2004, ch. 43, sec. 27, p. 152.]
Idaho Code § 28-2-315 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-315
28-2-315 IMPLIED WARRANTY — FITNESS FOR PARTICULAR PURPOSE.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-315. Implied warranty — Fitness for particular purpose. Where the seller at the time of contracting has reason to know any particular purpose for which the goods are required and that the buyer is relying on the seller's skill or judgment to select or furnish suitable goods, there is unless excluded or modified under the next section an implied warranty that the goods shall be fit for such purpose.

History:

[28-2-315, added 1967, ch. 161, sec. 2-315, p. 351.]
Idaho Code § 28-9-613 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-613
28-9-613 CONTENTS AND FORM OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL — GENERAL.
Status: in_force

PART 6.

DEFAULT

28-9-613. Contents and form of notification before disposition of collateral — General. Except in a consumer goods transaction, the following rules apply:

(1) The contents of a notification of disposition are sufficient if the notification:

(A) Describes the debtor and the secured party;

(B) Describes the collateral that is the subject of the intended disposition;

(C) States the method of intended disposition;

(D) States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and

(E) States the time and place of a public disposition or the time after which any other disposition is to be made.

(2) Whether the contents of a notification that lacks any of the information specified in subsection (1) of this section are nevertheless sufficient is a question of fact.

(3) The contents of a notification providing substantially the information specified in subsection (1) of this section are sufficient, even if the notification includes:

(A) Information not specified by subsection (1) of this section; or

(B) Minor errors that are not seriously misleading.

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

(5) The following form of notification and the form appearing in section 28-9-614(3), when completed, each provides sufficient information:

NOTIFICATION OF DISPOSITION OF COLLATERAL

To: ……………..(Name of debtor, obligor, or other person to which the notification is sent)………….

From: ……………….(Name, address, and telephone number of secured party)…………..

Name of Debtor(s): ………..(Include only if debtor(s) are not an addressee)……….

(For a public disposition:)

We will sell (or lease or license, as applicable) the ……..(describe collateral)……. (to the highest qualified bidder) in public as follows:

Day and Date: …………………………………………

Time: …………………………………………

Place: …………………………………………

(For a private disposition:)

We will sell (or lease or license, as applicable) the ……..(describe collateral)……… privately sometime after …………….(day and date)……….

You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell (or lease or license, as applicable) (for a charge of $………). You may request an accounting by calling us at ………(telephone number)……..

History:

[28-9-613, added 2001, ch. 208, sec. 2, p. 786.]
Idaho Code § 28-7-402 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-402
28-7-402 DUPLICATE DOCUMENT OF TITLE — OVERISSUE.
Status: in_force

PART 4.

WAREHOUSE RECEIPTS AND BILLS OF LADING — GENERAL OBLIGATIONS

28-7-402. Duplicate document of title — Overissue. A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of lading in a set of parts, overissue of documents for fungible goods, substitutes for lost, stolen, or destroyed documents, or substitute documents issued pursuant to section 28-7-105. The issuer is liable for damages caused by its overissue or failure to identify a duplicate document by a conspicuous notation.

History:

[28-7-402, added 2004, ch. 42, sec. 2, p. 91.]
Idaho Code § 28-9-511 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-511
28-9-511 SECURED PARTY OF RECORD.
Status: in_force

PART 5.

FILING

28-9-511. Secured party of record. (a) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under section 28-9-514(a), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.

(b) If an amendment of a financing statement which provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under section 28-9-514(b), the assignee named in the amendment is a secured party of record.

(c) A person remains a secured party of record until the filing of an amendment of the financing statement which deletes the person.

History:

[28-9-511, added 2001, ch. 208, sec. 2, p. 766.]
Idaho Code § 28-2-513 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-513
28-2-513 BUYER'S RIGHT TO INSPECTION OF GOODS.
Status: in_force

PART 5.

PERFORMANCE

28-2-513. Buyer's right to inspection of goods. (1) Unless otherwise agreed and subject to subsection (3), where goods are tendered or delivered or identified to the contract for sale, the buyer has a right before payment or acceptance to inspect them at any reasonable place and time and in any reasonable manner. When the seller is required or authorized to send the goods to the buyer, the inspection may be after their arrival.

(2) Expenses of inspection must be borne by the buyer but may be recovered from the seller if the goods do not conform and are rejected.

(3) Unless otherwise agreed and subject to the provisions of this chapter on C.I.F. contracts (subsection (3) of section 28-2-321), the buyer is not entitled to inspect the goods before payment of the price when the contract provides

(a) for delivery "C.O.D." or on other like terms; or

(b) for payment against documents of title, except where such payment is due only after the goods are to become available for inspection.

(4) A place or method of inspection fixed by the parties is presumed to be exclusive but unless otherwise expressly agreed it does not postpone identification or shift the place for delivery or for passing the risk of loss. If compliance becomes impossible, inspection shall be as provided in this section unless the place or method fixed was clearly intended as an indispensable condition failure of which avoids the contract.

History:

[28-2-513, added 1967, ch. 161, sec. 2-513, p. 351.]
Idaho Code § 28-12-526 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-526
28-12-526 LESSOR'S STOPPAGE OF DELIVERY IN TRANSIT OR OTHERWISE.
Status: in_force

PART 5.

DEFAULT

28-12-526. Lessor's stoppage of delivery in transit or otherwise. (1) A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers the lessee to be insolvent and may stop delivery of carload, truckload, planeload or larger shipments of express or freight if the lessee repudiates or fails to make a payment due before delivery, whether for rent, security or otherwise under the lease contract, or for any other reason the lessor has a right to withhold or take possession of the goods.

(2) In pursuing its remedies under the provisions of subsection (1) of this section, the lessor may stop delivery until:

(a) Receipt of the goods by the lessee;

(b) Acknowledgment to the lessee by any bailee of the goods, except a carrier, that the bailee holds the goods for the lessee; or

(c) Such an acknowledgment to the lessee by a carrier via reshipment or as a warehouse.

(3) (a) To stop delivery, a lessor shall so notify as to enable the bailee by reasonable diligence to prevent delivery of the goods.

(b) After notification, the bailee shall hold and deliver the goods according to the directions of the lessor, but the lessor is liable to the bailee for any ensuing charges or damages.

(c) A carrier who has issued a nonnegotiable bill of lading is not obliged to obey a notification to stop received from a person other than the consignor.

History:

[28-12-526, added 1993, ch. 287, sec. 1, p. 1010; am. 2004, ch. 42, sec. 17, p. 113.]
Idaho Code § 28-2-701 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-701
28-2-701 REMEDIES FOR BREACH OF COLLATERAL CONTRACTS NOT IMPAIRED.
Status: in_force

PART 7.

REMEDIES

28-2-701. Remedies for breach of collateral contracts not impaired. Remedies for breach of any obligation or promise collateral or ancillary to a contract for sale are not impaired by the provisions of this chapter.

History:

[28-2-701, added 1967, ch. 161, sec. 2-701, p. 351.]
Idaho Code § 28-4-616 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-616
28-4-616 MISDESCRIPTION OF INTERMEDIARY BANK OR BENEFICIARY'S BANK.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-616. Misdescription of intermediary bank or beneficiary's bank. (1) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number.

(a) The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank and need not determine whether the number identifies a bank.

(b) The sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order.

(2) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank both by name and an identifying number if the name and number identify different persons.

(a) If the sender is a bank, the receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank if the receiving bank, when it executes the sender's order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person or whether the number refers to a bank. The sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order.

(b) If the sender is not a bank and the receiving bank proves that the sender, before the payment order was accepted, had notice that the receiving bank might rely on the number as the proper identification of the intermediary or beneficiary's bank even if it identifies a person different from the bank identified by name, the rights and obligations of the sender and the receiving bank are governed by subsection (2)(a) of this section, as though the sender were a bank. Proof of notice may be made by any admissible evidence. The receiving bank satisfies the burden of proof if it proves that the sender, before the payment order was accepted, signed a writing stating the information to which the notice relates.

(c) Regardless of whether the sender is a bank, the receiving bank may rely on the name as the proper identification of the intermediary or beneficiary's bank if the receiving bank, at the time it executes the sender's order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person.

(d) If the receiving bank knows that the name and number identify different persons, reliance on either the name or the number in executing the sender's payment order is a breach of the obligation stated in section 28-4-622(1)(a).

History:

[28-4-616, added 1991, ch. 135, sec. 1, p. 303.]
Idaho Code § 28-2-706 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-706
28-2-706 SELLER'S RESALE INCLUDING CONTRACT FOR RESALE.
Status: in_force

PART 7.

REMEDIES

28-2-706. Seller's resale including contract for resale. (1) Under the conditions stated in section 28-2-703 on seller's remedies, the seller may resell the goods concerned or the undelivered balance thereof. Where the resale is made in good faith and in a commercially reasonable manner the seller may recover the difference between the resale price and the contract price together with any incidental damages allowed under the provisions of this chapter (section 28-2-710), but less expenses saved in consequence of the buyer's breach.

(2) Except as otherwise provided in subsection (3) or unless otherwise agreed resale may be at public or private sale including sale by way of one or more contracts to sell or of identification to an existing contract of the seller. Sale may be as a unit or in parcels and at any time and place and on any terms but every aspect of the sale including the method, manner, time, place and terms must be commercially reasonable. The resale must be reasonably identified as referring to the broken contract, but it is not necessary that the goods be in existence or that any or all of them have been identified to the contract before the breach.

(3) Where the resale is at private sale the seller must give the buyer reasonable notification of his intention to resell.

(4) Where the resale is at public sale

(a) only identified goods can be sold except where there is a recognized market for a public sale of futures in goods of the kind; and

(b) it must be made at a usual place or market for public sale if one is reasonably available and except in the case of goods which are perishable or threaten to decline in value speedily the seller must give the buyer reasonable notice of the time and place of the resale; and

(c) if the goods are not to be within the view of those attending the sale the notification of sale must state the place where the goods are located and provide for their reasonable inspection by prospective bidders; and

(d) the seller may buy.

(5) A purchaser who buys in good faith at a resale takes the goods free of any rights of the original buyer even though the seller fails to comply with one or more of the requirements of this section.

(6) The seller is not accountable to the buyer for any profit made on any resale. A person in the position of a seller (section 28-2-707) or a buyer who has rightfully rejected or justifiably revoked acceptance must account for any excess over the amount of his security interest, as hereinafter defined (subsection (3) of section 28-2-711).

History:

[28-2-706, added 1967, ch. 161, sec. 2-706, p. 351.]
Idaho Code § 28-9-338 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-338
28-9-338 PRIORITY OF SECURITY INTEREST OR AGRICULTURAL LIEN PERFECTED BY FILED FINANCING STATEMENT PROVIDING CERTAIN INCORRECT INFORMATION.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information. If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 28-9-516(b)(5) which is incorrect at the time the financing statement is filed:

(1) The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and

(2) A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.

History:

[28-9-338, added 2001, ch. 208, sec. 2, p. 755; am. 2004, ch. 42, sec. 31, p. 133.]
Idaho Code § 28-50-108 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-108
28-50-108 PROVISION OF INFORMATION IN WRITING — PRESENTATION OF RECORDS.
Status: in_force

28-50-108. Provision of information in writing — Presentation of records. (a) If parties have agreed to conduct a transaction by electronic means and a law requires a person to provide, send, or deliver information in writing to another person, the requirement is satisfied if the information is provided, sent or delivered, as the case may be, in an electronic record capable of retention by the recipient at the time of receipt. An electronic record is not capable of retention by the recipient if the sender or its information processing system inhibits the ability of the recipient to print or store the electronic record.

(b) If a law other than this chapter requires a record: (i) to be posted or displayed in a certain manner; (ii) to be sent, communicated, or transmitted by a specified method; or (iii) to contain information that is formatted in a certain manner, the following rules apply:

(1) The record must be posted or displayed in the manner specified in the other law.

(2) Except as otherwise provided in subsection (d)(2) of this section, the record must be sent, communicated or transmitted by the method specified in the other law.

(3) The record must contain the information formatted in the manner specified in the other law.

(c) If a sender inhibits the ability of a recipient to store or print an electronic record, the electronic record is not enforceable against the recipient.

(d) The requirements of this section may not be varied by agreement, but:

(1) To the extent a law other than this chapter requires information to be provided, sent, or delivered in writing but permits that requirement to be varied by agreement, the requirement under subsection (a) of this section that the information be in the form of an electronic record capable of retention may also be varied by agreement; and

(2) A requirement under a law other than this chapter to send, communicate or transmit a record by regular United States mail, may be varied by agreement to the extent permitted by the other law.

History:

[28-50-108, added 2000, ch. 286, sec. 1, p. 963.]
Idaho Code § 28-43-303 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-303
28-43-303 DEBT SECURED BY CROSS-COLLATERAL.
Status: in_force

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-303. Debt secured by cross-collateral. (1) If debts arising from two (2) or more regulated consumer credit sales, except sales pursuant to open-end credit, are secured by cross-collateral, section 28-43-302, Idaho Code, or consolidated into one (1) debt payable on a single schedule of payments, and the debt is secured by security interests taken with respect to one or more of the sales, payments received by the seller after the taking of the cross-collateral or the consolidation are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been first applied to the payment of the debts arising from the sales first made. To the extent debts are paid according to this section, security interests in items of property terminate as the debt originally incurred with respect to each item is paid.

(2) Payments received by the seller upon an open-end consumer credit account are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of finance charges in the order of their entry to the account and then to the payment of debts in the order in which the entries to the account showing the debts were made.

(3) If the debts consolidated arose from two (2) or more sales made on the same day, payments received by the seller are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been first applied to the payment of the smallest debt.

History:

[28-43-303, added 1983, ch. 119, sec. 3, p. 283.]
Idaho Code § 28-2-324 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-324
28-2-324 “NO ARRIVAL, NO SALE” TERM.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-324. "No arrival, no sale" term. Under a term "no arrival, no sale" or terms of like meaning, unless otherwise agreed,

(a) the seller must properly ship conforming goods and if they arrive by any means he must tender them on arrival but he assumes no obligation that the goods will arrive unless he has caused the nonarrival; and

(b) where without fault of the seller the goods are in part lost or have so deteriorated as no longer to conform to the contract or arrive after the contract time, the buyer may proceed as if there had been casualty to identified goods (section 28-2-613).

History:

[28-2-324, added 1967, ch. 161, sec. 2-324, p. 351.]
Idaho Code § 28-2-320 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-320
28-2-320 C.I.F. AND C. & F. TERMS.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-320. C.I.F. and C. & F. terms. (1) The term C.I.F. means that the price includes in a lump sum the cost of the goods and the insurance and freight to the named destination. The term C. & F. or C.F. means that the price so includes cost and freight to the named destination.

(2) Unless otherwise agreed and even though used only in connection with the stated price and destination, the term C.I.F. destination or its equivalent requires the seller at his own expense and risk to

(a) put the goods into the possession of a carrier at the port for shipment and obtain a negotiable bill or bills of lading covering the entire transportation to the named destination; and

(b) load the goods and obtain a receipt from the carrier (which may be contained in the bill of lading) showing that the freight has been paid or provided for; and

(c) obtain a policy or certificate of insurance, including any war risk insurance, of a kind and on terms then current at the port of shipment in the usual amount, in the currency of the contract, shown to cover the same goods covered by the bill of lading and providing for payment of loss to the order of the buyer or for the account of whom it may concern; but the seller may add to the price the amount of the premium for any such war risk insurance; and

(d) prepare an invoice of the goods and procure any other documents required to effect shipment or to comply with the contract; and

(e) forward and tender with commercial promptness all the documents in due form and with any indorsement necessary to perfect the buyer's rights.

(3) Unless otherwise agreed the term C. & F. or its equivalent has the same effect and imposes upon the seller the same obligations and risks as a C.I.F. term except the obligation as to insurance.

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

History:

[28-2-320, added 1967, ch. 161, sec. 2-320, p. 351.]
Idaho Code § 28-9-524 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-524
28-9-524 DELAY BY FILING OFFICE.
Status: in_force

PART 5.

FILING

28-9-524. Delay by filing office. Delay by the filing office beyond a time limit prescribed by this part is excused if:

(1) The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; and

(2) The filing office exercises reasonable diligence under the circumstances.

History:

[28-9-524, added 2001, ch. 208, sec. 2, p. 778.]
Idaho Code § 28-7-304 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-304
28-7-304 TANGIBLE BILLS OF LADING IN A SET.
Status: in_force

PART 3.

BILLS OF LADING — SPECIAL PROVISIONS

28-7-304. Tangible bills of lading in a set. (a) Except as customary in international transportation, a tangible bill of lading may not be issued in a set of parts. The issuer is liable for damages caused by violation of this subsection.

(b) If a tangible bill of lading is lawfully issued in a set of parts, each of which contains an identification code and is expressed to be valid only if the goods have not been delivered against any other part, the whole of the parts constitutes one (1) bill.

(c) If a tangible negotiable bill of lading is lawfully issued in a set of parts and different parts are negotiated to different persons, the title of the holder to which the first due negotiation is made prevails as to both the document of title and the goods even if any later holder may have received the goods from the carrier in good faith and discharged the carrier's obligation by surrendering its part.

(d) A person that negotiates or transfers a single part of a tangible bill of lading issued in a set is liable to holders of that part as if it were the whole set.

(e) The bailee shall deliver in accordance with part 4 of this chapter against the first presented part of a tangible bill of lading lawfully issued in a set. Delivery in this manner discharges the bailee's obligation on the whole bill.

History:

[28-7-304, added 2004, ch. 42, sec. 2, p. 89.]
Idaho Code § 28-2-307 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-307
28-2-307 DELIVERY IN SINGLE LOT OR SEVERAL LOTS.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-307. Delivery in single lot or several lots. Unless otherwise agreed all goods called for by a contract for sale must be tendered in a single delivery and payment is due only on such tender but where the circumstances give either party the right to make or demand delivery in lots the price if it can be apportioned may be demanded for each lot.

History:

[28-2-307, added 1967, ch. 161, sec. 2-307, p. 351.]
Idaho Code § 28-9-525 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-525
28-9-525 FEES.
Status: in_force

PART 5.

FILING

28-9-525. Fees. (a) Except as otherwise provided in subsection (e) of this section, the fee for filing and indexing a record under this part, other than an initial financing statement of the kind described in section 28-9-502(c), is:

(1) Six dollars ($6.00) if the record is communicated in writing and consists of one (1) or two (2) pages;

(2) Twelve dollars ($12.00) if the record is communicated in writing and consists of more than two (2) pages; and

(3) Three dollars ($3.00) if the record is communicated by another medium authorized by filing office rule.

(b) Except as otherwise provided in subsection (e) of this section, the fee for filing and indexing an initial financing statement of the kind described in section 28-9-502(c) is the amount specified in subsection (c) of this section, if applicable.

(c) The number of names required to be indexed does not affect the amount of the fee in subsections (a) and (b) of this section.

(d) The fee for responding to a request for information from the filing office, including for issuing a certificate showing whether there is on file any financing statement naming a particular debtor, is twelve dollars ($12.00).

(e) This section does not require a fee with respect to a record of a mortgage which is effective as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut under section 28-9-502(c). However, the recording and satisfaction fees that otherwise would be applicable to the record of the mortgage apply.

(f) The secretary of state shall, by administrative rule, establish a fee schedule for filing and indexing and other matters relating to filing of financing statements covering farm products and for public access to the secretary of state's files which are open to public inspection. A secured party shall provide an itemization of fees paid by the secured party for filing, searches or other matters related to filing of financing statements covering farm products pertaining to that debtor.

History:

[28-9-525, added 2001, ch. 208, sec. 2, p. 779.]
Idaho Code § 28-9-617 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-617
28-9-617 RIGHTS OF TRANSFEREE OF COLLATERAL.
Status: in_force

PART 6.

DEFAULT

28-9-617. Rights of transferee of collateral. (a) A secured party's disposition of collateral after default:

(1) Transfers to a transferee for value all of the debtor's rights in the collateral;

(2) Discharges the security interest under which the disposition is made; and

(3) Discharges any subordinate security interest or other subordinate lien.

(b) A transferee that acts in good faith takes free of the rights and interests described in subsection (a) of this section, even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding.

(c) If a transferee does not take free of the rights and interests described in subsection (a) of this section, the transferee takes the collateral subject to:

(1) The debtor's rights in the collateral;

(2) The security interest or agricultural lien under which the disposition is made; and

(3) Any other security interest or other lien.

History:

[28-9-617, added 2001, ch. 208, sec. 2, p. 790.]
Idaho Code § 28-5-118 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-118
28-5-118 APPLICABILITY.
Status: in_force

28-5-118. Applicability. This act applies to a letter of credit that is issued on or after the effective date of this act. This act does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before the effective date of this act.

History:

[28-5-118, added 1996, ch. 7, sec. 2, p. 18.]
Idaho Code § 28-9-626 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-626
28-9-626 ACTION IN WHICH DEFICIENCY OR SURPLUS IS IN ISSUE.
Status: in_force

PART 6.

DEFAULT

28-9-626. Action in which deficiency or surplus is in issue. In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply:

(a) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.

(b) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition or acceptance was conducted in accordance with this part.

(c) Except as otherwise provided in section 28-9-628, if a secured party fails to prove that the collection, enforcement, disposition or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses and attorney's fees exceeds the greater of:

(1) The proceeds of the collection, enforcement, disposition or acceptance; or

(2) The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition or acceptance.

(d) For purposes of subsection (c)(2) of this section, the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses and attorney's fees unless the secured party proves that the amount is less than that sum.

(e) If a deficiency or surplus is calculated under section 28-9-615(f), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices 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.

History:

[28-9-626, added 2001, ch. 208, sec. 2, p. 795; am. 2002, ch. 107, sec. 5, p. 302.]
Idaho Code § 28-9-603 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-603
28-9-603 AGREEMENT ON STANDARDS CONCERNING RIGHTS AND DUTIES.
Status: in_force

PART 6.

DEFAULT

28-9-603. Agreement on standards concerning rights and duties. (a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in section 28-9-602 if the standards are not manifestly unreasonable.

(b) Subsection (a) of this section does not apply to the duty under section 28-9-609 to refrain from breaching the peace.

History:

[28-9-603, added 2001, ch. 208, sec. 2, p. 781.]
Idaho Code § 28-23-107 — Idaho Code / Title 28 / Chapter 23 / Section 28-23-107
28-23-107 DEFINITION.
Status: in_force

28-23-107. Definition. For the purposes of this chapter, "farm implements" means every vehicle designed or adapted and used exclusively for agricultural operations and only incidentally operated or used upon the highways and all other consumer products supplied by the wholesaler, manufacturer or distributor of farm implements, equipment, machinery, attachments or repair parts to the retailer pursuant to a written or oral contract, sales agreement or security agreement.

History:

[28-23-107, added 1975, ch. 97, sec. 7, p. 197; am. 2011, ch. 270, sec. 7, p. 733.]
Idaho Code § 28-44-401 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-401
28-44-401 CANCELLATION OF INSURANCE PURSUANT TO A PREMIUM FINANCE LOAN.
Status: in_force

PART 4.

INSURANCE PURSUANT TO A PREMIUM FINANCE LOAN

28-44-401. Cancellation of insurance pursuant to a premium finance loan. (1) With respect to a premium finance loan, the debtor may give the lender authority to cancel insurance contracts obtained for the debtor pursuant to the premium finance loan agreement.

(2) A lender may not cancel unless he gives the debtor fifteen (15) days' written notice that cancellation of a specified insurance contract will become effective on a stated date and at a stated time unless the debtor before that date cures his default with respect to the premium finance loan. The debtor may cure his default by paying to the lender the amount of the installment payments due, without acceleration of the unpaid balance of the principal, at the time notice is given, together with the amount of delinquency or deferral charges due at that time.

(3) Upon cancellation the lender shall rebate or refund to the debtor the amount of any unearned loan finance charge. The amount of the rebate shall be equal to the amount of the unearned loan finance charge that would have been rebated or refunded pursuant to section 28-42-307, Idaho Code, if the loan had been prepaid in full at the date of cancellation.

(4) All laws of this state relating to cancellation of insurance contracts must be complied with when cancellation occurs pursuant to this section.

(5) If the insurance contract cancelled provides motor vehicle liability insurance:

(a) The notice of cancellation shall briefly inform the debtor of the consequences under the laws of this state of operating a motor vehicle without liability insurance; and

(b) A copy of the notice of cancellation shall be sent to the Idaho transportation department.

History:

[28-44-401, added 1983, ch. 119, sec. 3, p. 293.]
Idaho Code § 28-46-114 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-114
28-46-114 JURY TRIAL.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-114. Jury trial. The administrator has no right to trial by jury in an action brought by him under this act.

History:

[28-46-114, added 1983, ch. 119, sec. 3, p. 305.]
Idaho Code § 28-9-619 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-619
28-9-619 TRANSFER OF RECORD OR LEGAL TITLE.
Status: in_force

PART 6.

DEFAULT

28-9-619. Transfer of record or legal title. (a) In this section, "transfer statement" means a record authenticated by a secured party stating:

(1) That the debtor has defaulted in connection with an obligation secured by specified collateral;

(2) That the secured party has exercised its postdefault remedies with respect to the collateral;

(3) That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and

(4) The name and mailing address of the secured party, debtor and transferee.

(b) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate of title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:

(1) Accept the transfer statement;

(2) Promptly amend its records to reflect the transfer; and

(3) If applicable, issue a new appropriate certificate of title in the name of the transferee.

(c) A transfer of the record or legal title to collateral to a secured party under subsection (b) of this section or otherwise is not of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties under this chapter.

History:

[28-9-619, added 2001, ch. 208, sec. 2, p. 791.]