Idaho Code § 28-7-507 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-507
28-7-507 WARRANTIES ON NEGOTIATION OR DELIVERY OF DOCUMENT OF TITLE.
Status: in_force

PART 5.

WAREHOUSE RECEIPTS AND BILLS OF LADING — NEGOTIATION AND TRANSFER

28-7-507. Warranties on negotiation or delivery of document of title. If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under section 28-7-508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that:

(1) The document is genuine;

(2) The transferor does not have knowledge of any fact that would impair the document's validity or worth; and

(3) The negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.

History:

[28-7-507, added 2004, ch. 42, sec. 2, p. 95.]
Idaho Code § 28-7-403 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-403
28-7-403 OBLIGATION OF BAILEE TO DELIVER — EXCUSE.
Status: in_force

PART 4.

WAREHOUSE RECEIPTS AND BILLS OF LADING — GENERAL OBLIGATIONS

28-7-403. Obligation of bailee to deliver — Excuse. (a) A bailee shall deliver the goods to a person entitled under a document of title if the person complies with subsections (b) and (c) of this section, unless and to the extent that the bailee establishes any of the following:

(1) Delivery of the goods to a person whose receipt was rightful as against the claimant;

(2) Damage to or delay, loss, or destruction of the goods for which the bailee is not liable;

(3) Previous sale or other disposition of the goods in lawful enforcement of a lien or on a warehouse's lawful termination of storage;

(4) The exercise by a seller of its right to stop delivery pursuant to section 28-2-705 or by a lessor of its right to stop delivery pursuant to section 28-12-526;

(5) A diversion, reconsignment, or other disposition pursuant to section 28-7-303;

(6) Release, satisfaction, or any other personal defense against the claimant; or

(7) Any other lawful excuse.

(b) A person claiming goods covered by a document of title shall satisfy the bailee's lien if the bailee so requests or if the bailee is prohibited by law from delivering the goods until the charges are paid.

(c) Unless a person claiming the goods is a person against which the document of title does not confer a right under section 28-7-503(a):

(1) The person claiming under a document shall surrender possession or control of any outstanding negotiable document covering the goods for cancellation or indication of partial deliveries; and

(2) The bailee shall cancel the document or conspicuously indicate in the document the partial delivery or the bailee is liable to any person to which the document is duly negotiated.

History:

[28-7-403, added 2004, ch. 42, sec. 2, p. 92.]
Idaho Code § 28-4-503 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-503
28-4-503 RESPONSIBILITY OF PRESENTING BANK FOR DOCUMENTS AND GOODS — REPORT OF REASONS FOR DISHONOR — REFEREE IN CASE OF NEED.
Status: in_force

PART 5.

COLLECTION OF DOCUMENTARY DRAFTS

28-4-503. Responsibility of presenting bank for documents and goods — Report of reasons for dishonor — Referee in case of need. Unless otherwise instructed and except as provided in chapter 5, a bank presenting a documentary draft:

(1) must deliver the documents to the drawee on acceptance of the draft if it is payable more than three (3) days after presentment; otherwise, only on payment; and

(2) upon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instructions from any referee in case of need designated in the draft or, if the presenting bank does not choose to utilize the referee's services, it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor, and must request instructions.

However, the presenting bank is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in the following instructions and to prepayment of or indemnity for those expenses.

History:

[28-4-503, added 1967, ch. 161, sec. 4-503, p. 351; am. 1993, ch. 288, sec. 44, p. 1073.]
Idaho Code § 28-12-308 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-308
28-12-308 SPECIAL RIGHTS OF CREDITORS.
Status: in_force

PART 3.

EFFECT OF LEASE CONTRACT

28-12-308. Special rights of creditors. (1) A creditor of a lessor in possession of goods subject to a lease contract may treat the lease contract as void if as against the creditor retention of possession by the lessor is fraudulent under any statute or rule of law, but retention of possession in good faith and current course of trade by the lessor for a commercially reasonable time after the lease contract becomes enforceable is not fraudulent.

(2) Nothing in this chapter impairs the rights of creditors of a lessor if the lease contract (i) becomes enforceable, not in current course of trade but in satisfaction of or as security for a pre-existing claim for money, security, or the like, and (ii) is made under circumstances which under any statute or rule of law apart from this chapter would constitute the transaction a fraudulent transfer or voidable preference.

(3) A creditor of a seller may treat a sale or an identification of goods to a contract for sale as void if as against the creditor retention of possession by the seller is fraudulent under any statute or rule of law, but retention of possession of the goods pursuant to a lease contract entered into by the seller as lessee and the buyer as lessor in connection with the sale or identification of the goods is not fraudulent if the buyer bought for value and in good faith.

History:

[28-12-308, added 1993, ch. 287, sec. 1, p. 994.]
Idaho Code § 28-9-202 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-202
28-9-202 TITLE TO COLLATERAL IMMATERIAL.
Status: in_force

PART 2.

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

28-9-202. Title to collateral immaterial. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles or promissory notes, the provisions of this chapter with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.

History:

[28-9-202, added 2001, ch. 208, sec. 2, p. 723.]
Idaho Code § 28-9-324 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-324
28-9-324 PRIORITY OF PURCHASE-MONEY SECURITY INTERESTS.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-324. Priority of purchase-money security interests. (a) Except as otherwise provided in subsection (g) of this section, a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods and, except as otherwise provided in section 28-9-327, a perfected security interest in its identifiable proceeds also has priority, if the purchase-money security interest is perfected when the debtor receives possession of the collateral or within twenty (20) days thereafter.

(b) Subject to subsection (c) of this section and except as otherwise provided in subsection (g) of this section, a perfected purchase-money security interest in inventory has priority over a conflicting security interest in the same inventory, has priority over a conflicting security interest in chattel paper or an instrument constituting proceeds of the inventory and in proceeds of the chattel paper, if so provided in section 28-9-330, and, except as otherwise provided in section 28-9-327, also has priority in identifiable cash proceeds of the inventory to the extent the identifiable cash proceeds are received on or before the delivery of the inventory to a buyer, if:

(1) The purchase-money security interest is perfected when the debtor receives possession of the inventory;

(2) The purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest;

(3) The holder of the conflicting security interest receives the notification within five (5) years before the debtor receives possession of the inventory; and

(4) The notification states that the person sending the notification has or expects to acquire a purchase-money security interest in inventory of the debtor and describes the inventory.

(c) Subsections (b)(2) through (b)(4) of this section apply only if the holder of the conflicting security interest had filed a financing statement covering the same types of inventory:

(1) If the purchase-money security interest is perfected by filing, before the date of the filing; or

(2) If the purchase-money security interest is temporarily perfected without filing or possession under section 28-9-312(f), before the beginning of the twenty (20) day period thereunder.

(d) Subject to subsection (e) of this section and except as otherwise provided in subsection (g) of this section, a perfected purchase-money security interest in livestock that are farm products has priority over a conflicting security interest in the same livestock and, except as otherwise provided in section 28-9-327, a perfected security interest in their identifiable proceeds and identifiable products in their unmanufactured states also has priority, if:

(1) The purchase-money security interest is perfected when the debtor receives possession of the livestock;

(2) The purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest;

(3) The holder of the conflicting security interest receives the notification within six (6) months before the debtor receives possession of the livestock; and

(4) The notification states that the person sending the notification has or expects to acquire a purchase-money security interest in livestock of the debtor and describes the livestock.

(e) Subsections (d)(2) through (d)(4) of this section apply only if the holder of the conflicting security interest had filed a financing statement covering the same types of livestock:

(1) If the purchase-money security interest is perfected by filing, before the date of the filing; or

(2) If the purchase-money security interest is temporarily perfected without filing or possession under section 28-9-312(f), before the beginning of the twenty (20) day period thereunder.

(f) Except as otherwise provided in subsection (g) of this section, a perfected purchase-money security interest in software has priority over a conflicting security interest in the same collateral and, except as otherwise provided in section 28-9-327, a perfected security interest in its identifiable proceeds also has priority, to the extent that the purchase-money security interest in the goods in which the software was acquired for use has priority in the goods and proceeds of the goods under this section.

(g) If more than one (1) security interest qualifies for priority in the same collateral under subsection (a), (b), (d) or (f) of this section:

(1) A security interest securing an obligation incurred as all or part of the price of the collateral has priority over a security interest securing an obligation incurred for value given to enable the debtor to acquire rights in or the use of collateral; and

(2) In all other cases, section 28-9-322(a) applies to the qualifying security interests.

History:

[28-9-324, added 2001, ch. 208, sec. 2, p. 747.]
Idaho Code § 28-4-301 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-301
28-4-301 DEFERRED POSTING — RECOVERY OF PAYMENT BY RETURN OF ITEMS — TIME OF DISHONOR — RETURN OF ITEMS BY PAYOR BANK.
Status: in_force

PART 3.

COLLECTION OF ITEMS — PAYOR BANKS

28-4-301. Deferred posting — Recovery of payment by return of items — Time of dishonor — Return of items by payor bank. (1) If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the settlement if, before it has made final payment and before its midnight deadline, it:

(a) returns the item; or

(b) sends written notice of dishonor or nonpayment if the item is unavailable for return.

(2) If a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor and may revoke any credit given or recover the amount thereof withdrawn by its customer, if it acts within the time limit and in the manner specified in subsection (1) of this section.

(3) Unless previous notice of dishonor has been sent, an item is dishonored at the time when for purposes of dishonor it is returned or notice sent in accordance with this section.

(4) An item is returned:

(a) as to an item presented through a clearing house, when it is delivered to the presenting or last collecting bank or to the clearing house or is sent or delivered in accordance with clearing-house rules; or

(b) in all other cases, when it is sent or delivered to the bank's customer or transferor or pursuant to instructions.

History:

[28-4-301, added 1967, ch. 161, sec. 4-301, p. 351; am. 1993, ch. 288, sec. 33, p. 1067.]
Idaho Code § 28-8-202 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-202
28-8-202 ISSUER'S RESPONSIBILITY AND DEFENSES AND NOTICE OF DEFECT OR DEFENSE.
Status: in_force

PART 2.

ISSUE AND ISSUER

28-8-202. Issuer's responsibility and defenses and notice of defect or defense. (1) Even against a purchaser for value and without notice, the terms of a certificated security include terms stated on the certificate and terms made part of the security by reference on the certificate to another instrument, indenture or document or to a constitution, statute, ordinance, rule, regulation, order, or the like, to the extent the terms referred to do not conflict with terms stated on the certificate. A reference under this subsection does not of itself charge a purchaser for value with notice of a defect going to the validity of the security, even if the certificate expressly states that a person accepting it admits notice. The terms of an uncertificated security include those stated in any instrument, indenture, or document or in a constitution, statute, ordinance, rule, regulation, order, or the like, pursuant to which the security is issued.

(2) The following rules apply if an issuer asserts that a security is not valid:

(a) A security other than one issued by a government or governmental subdivision, agency, or instrumentality, even though issued with a defect going to its validity, is valid in the hands of a purchaser for value and without notice of the particular defect unless the defect involves a violation of a constitutional provision. In that case, the security is valid in the hands of a purchaser for value and without notice of the defect, other than one who takes by original issue.

(b) Paragraph (a) of this subsection applies to an issuer that is a government or governmental subdivision, agency or instrumentality only if there has been substantial compliance with the legal requirements governing the issue or the issuer has received a substantial consideration for the issue as a whole or for the particular security and a stated purpose of the issue is one for which the issuer has power to borrow money or issue the security.

(3) Except as otherwise provided in section 28-8-205, lack of genuineness of a certificated security is a complete defense, even against a purchaser for value and without notice.

(4) All other defenses of the issuer of a security, including nondelivery and conditional delivery of a certificated security, are ineffective against a purchaser for value who has taken the certificated security without notice of the particular defense.

(5) This section does not affect the right of a party to cancel a contract for a security "when, as and if issued" or "when distributed" in the event of a material change in the character of the security that is the subject of the contract or in the plan or arrangement pursuant to which the security is to be issued or distributed.

(6) If a security is held by a securities intermediary against whom an entitlement holder has a security entitlement with respect to the security, the issuer may not assert any defense that the issuer could not assert if the entitlement holder held the security directly.

History:

[28-8-202, added 1995, ch. 272, sec. 2, p. 886.]
Idaho Code § 28-9-706 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-706
28-9-706 WHEN INITIAL FINANCING STATEMENT SUFFICES TO CONTINUE EFFECTIVENESS OF FINANCING STATEMENT.
Status: in_force

PART 7.

TRANSITION

28-9-706. 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 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 act;

(2) The preeffective-date financing statement was filed in an office in another state or another office in this 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 preeffective-date financing statement:

(1) If the initial financing statement is filed before this act takes effect, for the period provided in former section 28-9-403 with respect to a 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 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 for an initial financing statement;

(2) Identify the preeffective-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 preeffective-date financing statement remains effective.

History:

[28-9-706, added 2001, ch. 208, sec. 2, p. 799.]
Idaho Code § 28-44-111 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-111
28-44-111 COOPERATION BETWEEN DEPARTMENTS.
Status: in_force

PART 1.

INSURANCE IN GENERAL

28-44-111. Cooperation between departments. The director of the department of finance and the director of the department of insurance are authorized and directed to consult and assist one another in maintaining compliance with this chapter. They may jointly pursue investigations, prosecute suits, and take other official action, as may seem to them appropriate, if either of them is otherwise empowered to take the action. If the director is informed of a violation or suspected violation by an insurer of this chapter, or of the insurance laws, rules, and regulations of this state, he shall advise the director of the department of insurance of the circumstances.

History:

[28-44-111, added 1983, ch. 119, sec. 3, p. 290.]
Idaho Code § 28-46-303 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-303
28-46-303 REVOCATION OR SUSPENSION OF LICENSE.
Status: in_force

PART 3.

REGULATED LENDERS — LICENSING AND RELATED PROVISIONS

28-46-303. Revocation or suspension of license. (1) The administrator may issue to a person licensed to make regulated consumer loans an order to show cause why his license should not be revoked or suspended for a period not in excess of six (6) months. The order shall state the place for a hearing and set a time for the hearing that is no less than ten (10) days from the date of the order. After the hearing, the administrator shall revoke or suspend the license if he finds that:

(a) The licensee has repeatedly and willfully violated this act or any rule or order lawfully made pursuant to this act; or

(b) Facts or conditions exist which would clearly have justified the administrator in refusing to grant a license had these facts or conditions existed or been known to exist at the time the application for the license was made.

(2) No revocation or suspension of a license is lawful unless prior to institution of revocation or suspension proceedings by the administrator, notice is given to the licensee of the facts or conduct which warrant the intended action, and the licensee is given an opportunity to show compliance with all lawful requirements for retention of the license.

(3) If the administrator finds that probable cause for revocation of a license exists and that enforcement of this act requires immediate suspension of the license pending investigation, he may, after a hearing upon five (5) days' written notice, enter an order suspending the license for not more than thirty (30) days.

(4) Whenever the administrator revokes or suspends a license, he shall enter an order to that effect and forthwith notify the licensee of the revocation or suspension. Within five (5) days after the entry of the order, he shall deliver to the licensee a copy of the order and the findings supporting the order.

(5) Any person holding a license to make regulated consumer loans may relinquish the license by notifying the administrator in writing of its relinquishment, but this relinquishment shall not affect his liability for acts previously committed.

(6) No revocation, suspension, or relinquishment of a license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any debtor.

(7) The administrator may reinstate a license, terminate a suspension, or grant a new license to a person whose license has been revoked or suspended if no fact or condition then exists which clearly would have justified the administrator in refusing to grant a license.

History:

[28-46-303, added 1983, ch. 119, sec. 3, p. 308; am. 2006, ch. 122, sec. 9, p. 352.]
Idaho Code § 28-9-336 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-336
28-9-336 COMMINGLED GOODS.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-336. Commingled goods. (a) In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass.

(b) A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods.

(c) If collateral becomes commingled goods, a security interest attaches to the product or mass.

(d) If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under subsection (c) of this section is perfected.

(e) Except as otherwise provided in subsection (f) of this section, the other provisions of this part determine the priority of a security interest that attaches to the product or mass under subsection (c) of this section.

(f) If more than one (1) security interest attaches to the product or mass under subsection (c) of this section, the following rules determine priority:

(1) A security interest that is perfected under subsection (d) of this section has priority over a security interest that is unperfected at the time the collateral becomes commingled goods.

(2) If more than one (1) security interest is perfected under subsection (d) of this section, the security interests rank equally in proportion to the value of the collateral at the time it became commingled goods.

History:

[28-9-336, added 2001, ch. 208, sec. 2, p. 754.]
Idaho Code § 28-2-328 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-328
28-2-328 SALE BY AUCTION.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-328. Sale by auction. (1) In a sale by auction if goods are put up in lots each lot is the subject of a separate sale.

(2) A sale by auction is complete when the auctioneer so announces by the fall of the hammer or in other customary manner. Where a bid is made while the hammer is falling in acceptance of a prior bid the auctioneer may in his discretion reopen the bidding or declare the goods sold under the bid on which the hammer was falling.

(3) Such a sale is with reserve unless the goods are in explicit terms put up without reserve. In an auction with reserve the auctioneer may withdraw the goods at any time until he announces completion of the sale. In an auction without reserve, after the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time. In either case a bidder may retract his bid until the auctioneer's announcement of completion of the sale, but a bidder's retraction does not revive any previous bid.

(4) If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale. This subsection shall not apply to any bid at a forced sale.

History:

[28-2-328, added 1967, ch. 161, sec. 2-328, p. 351.]
Idaho Code § 28-3-206 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-206
28-3-206 RESTRICTIVE INDORSEMENT.
Status: in_force

PART 2.

NEGOTIATION, TRANSFER, AND INDORSEMENT

28-3-206. Restrictive indorsement. (1) An indorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument is not effective to prevent further transfer or negotiation of the instrument.

(2) An indorsement stating a condition to the right of the indorsee to receive payment does not affect the right of the indorsee to enforce the instrument. A person paying the instrument or taking it for value or collection may disregard the condition, and the rights and liabilities of that person are not affected by whether the condition has been fulfilled.

(3) If an instrument bears an indorsement (i) described in section 28-4-201(2), or (ii) in blank or to a particular bank using the words "for deposit," "for collection," or other words indicating a purpose of having the instrument collected by a bank for the indorser or for a particular account, the following rules apply:

(a) A person, other than a bank, who purchases the instrument when so indorsed converts the instrument unless the amount paid for the instrument is received by the indorser or applied consistently with the indorsement.

(b) A depositary bank that purchases the instrument or takes it for collection when so indorsed converts the instrument unless the amount paid by the bank with respect to the instrument is received by the indorser or applied consistently with the indorsement.

(c) A payor bank that is also the depositary bank or that takes the instrument for immediate payment over the counter from a person other than a collecting bank converts the instrument unless the proceeds of the instrument are received by the indorser or applied consistently with the indorsement.

(d) Except as otherwise provided in paragraph (c) of this subsection, a payor bank or intermediary bank may disregard the indorsement and is not liable if the proceeds of the instrument are not received by the indorser or applied consistently with the indorsement.

(4) Except for an indorsement covered in subsection (3) of this section, if an instrument bears an indorsement using words to the effect that payment is to be made to the indorsee as agent, trustee or other fiduciary for the benefit of the indorser or another person, the following rules apply:

(a) Unless there is notice of breach of fiduciary duty as provided in section 28-3-307, a person who purchases the instrument from the indorsee or takes the instrument from the indorsee for collection or payment may pay the proceeds of payment or the value given for the instrument to the indorsee without regard to whether the indorsee violates a fiduciary duty to the indorser.

(b) A subsequent transferee of the instrument or person who pays the instrument is neither given notice nor otherwise affected by the restriction in the indorsement unless the transferee or payor knows that the fiduciary dealt with the instrument or its proceeds in breach of fiduciary duty.

(5) The presence on an instrument of an indorsement to which this section applies does not prevent a purchaser of the instrument from becoming a holder in due course of the instrument unless the purchaser is a converter under subsection (3) of this section or has notice or knowledge of breach of fiduciary duty as stated in subsection (4) of this section.

(6) In an action to enforce the obligation of a party to pay the instrument, the obligor has a defense if payment would violate an indorsement to which this section applies and the payment is not permitted by this section.

History:

[28-3-206, added 1993, ch. 288, sec. 2, p. 1030.]
Idaho Code § 28-7-206 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-206
28-7-206 TERMINATION OF STORAGE AT WAREHOUSE'S OPTION.
Status: in_force

PART 2.

WAREHOUSE RECEIPTS — SPECIAL PROVISIONS

28-7-206. Termination of storage at warehouse's option. (a) A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehouse at the termination of the period of storage fixed by the document of title or, if a period is not fixed, within a stated period not less than thirty (30) days after the warehouse gives notice. If the goods are not removed before the date specified in the notice, the warehouse may sell them pursuant to section 28-7-210.

(b) If a warehouse in good faith believes that goods are about to deteriorate or decline in value to less than the amount of its lien within the time provided in subsection (a) of this section and section 28-7-210, the warehouse may specify in the notice given under subsection (a) of this section any reasonable shorter time for removal of the goods and, if the goods are not removed, may sell them at public sale held not less than one (1) week after a single advertisement or posting.

(c) If, as a result of a quality or condition of the goods of which the warehouse did not have notice at the time of deposit, the goods are a hazard to other property, the warehouse facilities, or other persons, the warehouse may sell the goods at public or private sale without advertisement or posting on reasonable notification to all persons known to claim an interest in the goods. If the warehouse, after a reasonable effort, is unable to sell the goods, it may dispose of them in any lawful manner and does not incur liability by reason of that disposition.

(d) A warehouse shall deliver the goods to any person entitled to them under this chapter upon due demand made at any time before sale or other disposition under this section.

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

History:

[28-7-206, added 2004, ch. 42, sec. 2, p. 84.]
Idaho Code § 28-52-101 — Idaho Code / Title 28 / Chapter 52 / Section 28-52-101
28-52-101 SHORT TITLE.
Status: in_force

28-52-101. Short title. This chapter shall be known and cited as the "Credit Report Protection Act."

History:

[28-52-101, added 2008, ch. 177, sec. 2, p. 523.]
Idaho Code § 28-12-101 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-101
28-12-101 SHORT TITLE.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-12-101. Short title. This chapter shall be known and may be cited as "Uniform Commercial Code-Leases."

History:

[28-12-101, added 1993, ch. 287, sec. 1, p. 978.]
Idaho Code § 28-8-204 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-204
28-8-204 EFFECT OF ISSUER'S RESTRICTION ON TRANSFER.
Status: in_force

PART 2.

ISSUE AND ISSUER

28-8-204. Effect of issuer's restriction on transfer. A restriction on transfer of a security imposed by the issuer, even if otherwise lawful, is ineffective against a person without knowledge of the restriction unless:

(1) Security is certificated and the restriction is noted conspicuously on the security certificate; or

(2) The security is uncertificated and the registered owner has been notified of the restriction.

History:

[28-8-204, added 1995, ch. 272, sec. 2, p. 887.]
Idaho Code § 28-1-104 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-104
28-1-104 CONSTRUCTION AGAINST IMPLIED REPEAL.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-1-104. Construction against implied repeal. The uniform commercial code being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.

History:

[28-1-104, added 1967, ch. 161, sec. 1-104, p. 351; am. 2004, ch. 43, sec. 6, p. 139.]
Idaho Code § 28-46-507 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-507
28-46-507 DEFAULT.
Status: in_force

PART 5

TITLE LOAN ACT

28-46-507. Default. (1) Before exercising any of its rights upon a default by a debtor under a title loan agreement, the title lender shall mail a "Notice to Cure Default" to the debtor at the debtor's last address shown in the title lender's file, notifying the debtor that the debtor has ten (10) days from the date of the notice in which to cure the default.

(2) If the debtor does not cure the default within the ten (10) days, the title lender may proceed to exercise its rights under chapter 9, title 28, Idaho Code. There shall be no further finance charges assessed to the debtor after the title lender has obtained possession of the titled personal property.

(3) Upon voluntary surrender of the titled personal property used as security for a title loan, the title lender shall have no obligation to send any "Notice to Cure Default" to the debtor.

(4) Title lenders may assess and collect reasonable expenses of collection and enforcement as authorized by chapter 9, title 28, Idaho Code.

History:

[28-46-507, added 2006, ch. 323, sec. 1, p. 1026.]
Idaho Code § 28-9-601 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-601
28-9-601 RIGHTS AFTER DEFAULT — JUDICIAL ENFORCEMENT — CONSIGNOR OR BUYER OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES OR PROMISSORY NOTES.
Status: in_force

PART 6.

DEFAULT

28-9-601. Rights after default — Judicial enforcement — Consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes. (a) After default, a secured party has the rights provided in this part and, except as otherwise provided in section 28-9-602, those provided by agreement of the parties. A secured party:

(1) May reduce a claim to judgment, foreclose or otherwise enforce the claim, security interest or agricultural lien by any available judicial procedure; and

(2) If the collateral is documents, may proceed either as to the documents or as to the goods they cover.

(b) A secured party in 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 has the rights and duties provided in section 28-9-207.

(c) The rights under subsections (a) and (b) of this section are cumulative and may be exercised simultaneously.

(d) Except as otherwise provided in subsection (g) of this section and section 28-9-605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.

(e) If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:

(1) The date of perfection of the security interest or agricultural lien in the collateral;

(2) The date of filing a financing statement covering the collateral; or

(3) Any date specified in a statute under which the agricultural lien was created.

(f) A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.

(g) Except as otherwise provided in section 28-9-607(c), this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.

History:

[28-9-601, added 2001, ch. 208, sec. 2, p. 780; am. 2004, ch. 42, sec. 32, p. 133.]
Idaho Code § 28-7-208 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-208
28-7-208 ALTERED WAREHOUSE RECEIPTS.
Status: in_force

PART 2.

WAREHOUSE RECEIPTS — SPECIAL PROVISIONS

28-7-208. Altered warehouse receipts. If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good-faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic warehouse receipt enforceable against the issuer according to its original tenor.

History:

[28-7-208, added 2004, ch. 42, sec. 2, p. 85.]
Idaho Code § 28-42-201 — Idaho Code / Title 28 / Chapter 42 / Section 28-42-201
28-42-201 MAXIMUM FINANCE CHARGE.
Status: in_force

PART 2.

MAXIMUM FINANCE CHARGES

28-42-201. Maximum finance charge. (1) With respect to a loan or credit sale, the rate of finance charge shall be that which is agreed upon between the parties to the transaction. In addition to the finance charge permitted herein, a creditor may contract for and receive any other charge, except to the extent expressly prohibited or limited by this act.

(2) This section does not limit or restrict the manner of calculating the finance charge, whether by way of add-on, discount, single annual percentage rate, or otherwise. If the credit transaction is precomputed:

(a) The finance charge may be calculated on the assumption that all scheduled payments will be made when due; and

(b) The effect of prepayment is governed by the provisions on rebate upon prepayment, section 28-42-307, Idaho Code.

(3) Except as provided in subsection (4) of this section, the term of a credit transaction for purposes of this section commences on the day the credit transaction is made. The administrator may adopt rules with respect to treating as regular minor irregularities in amount or time.

(4) With respect to an insurance premium loan, the term of the loan commences on the earliest inception date of a policy or contract of insurance, payment of the premium on which is financed by the loan.

History:

[28-42-201, added 1983, ch. 119, sec. 3, p. 275; am. 1991, ch. 278, sec. 1, p. 720; am. 1993, ch. 227, sec. 1, p. 798.]
Idaho Code § 28-43-311 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-311
28-43-311 LIMITATION ON ATTORNEY FEES.
Status: in_force

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-311. Limitation on attorney fees. With respect to a regulated consumer loan in which the principal is one thousand dollars ($1,000) or less, the agreement may not provide for the payment by the debtor of attorney's fees. A provision in violation of this section is unenforceable.

History:

[28-43-311, added 1983, ch. 119, sec. 3, p. 285.]
Idaho Code § 28-41-108 — Idaho Code / Title 28 / Chapter 41 / Section 28-41-108
28-41-108 TRANSACTIONS SUBJECT TO ACT BY AGREEMENT.
Status: in_force

PART 1.

SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS

28-41-108. Transactions subject to act by agreement. Parties to a credit transaction or modification thereof that is not a regulated consumer credit transaction, as defined in section 28-41-301, Idaho Code, may agree in a writing signed by them that the transaction is subject to the provisions of this act applying to regulated consumer credit transactions. If the parties so agree, the transaction is a regulated consumer credit transaction for the purposes of this act.

History:

[28-41-108, added 1983, ch. 119, sec. 3, p. 266; am. 2013, ch. 54, sec. 10, p. 120.]
Idaho Code § 28-12-407 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-407
28-12-407 IRREVOCABLE PROMISES — FINANCE LEASES.
Status: in_force

PART 4.

PERFORMANCE OF LEASE CONTRACT — REPUDIATED, SUBSTITUTED AND EXCUSED

28-12-407. Irrevocable promises — Finance leases. (1) In the case of a finance lease that is not a consumer lease the lessee's promises under the lease contract become irrevocable and independent upon the lessee's acceptance of the goods.

(2) A promise that has become irrevocable and independent under the provisions of subsection (1) of this section:

(a) Is effective and enforceable between the parties, and by or against third parties including assignees of the parties; and

(b) Is not subject to cancellation, termination, modification, repudiation, excuse or substitution without the consent of the party to whom the promise runs.

(3) The provisions of this section do not affect the validity under any other law of a covenant in any lease contract making the lessee's promises irrevocable and independent upon the lessee's acceptance of the goods.

History:

[28-12-407, added 1993, ch. 287, sec. 1, p. 999.]
Idaho Code § 28-5-102 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-102
28-5-102 DEFINITIONS.
Status: in_force

28-5-102. Definitions. (1) In this chapter:

(a) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended.

(b) "Applicant" means a person at whose request or for whose account a letter of credit is issued. The term includes a person who requests an issuer to issue a letter of credit on behalf of another if the person making the request undertakes an obligation to reimburse the issuer.

(c) "Beneficiary" means a person who, under the terms of a letter of credit, is entitled to have its complying presentation honored. The term includes a person to whom drawing rights have been transferred under a transferable letter of credit.

(d) "Confirmer" means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another.

(e) "Dishonor" of a letter of credit means failure to timely honor or to take an interim action, such as acceptance of a draft, that may be required by the letter of credit.

(f) "Document" means a draft or other demand, document of title, investment security, certificate, invoice, or other record, statement, or representation of fact, law, right, or opinion (i) which is presented in a written or other medium permitted by the letter of credit or, unless prohibited by the letter of credit, by the standard practice referred to in section 28-5-108(5) and (ii) which is capable of being examined for compliance with the terms and conditions of the letter of credit. A document may not be oral.

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

(h) "Honor" of a letter of credit means performance of the issuer's undertaking in the letter of credit to pay or deliver an item of value. Unless the letter of credit otherwise provides, "honor" occurs

(i) upon payment,

(ii) if the letter of credit provides for acceptance, upon acceptance of a draft and, at maturity, its payment, or

(iii) if the letter of credit provides for incurring a deferred obligation, upon incurring the obligation and, at maturity, its performance.

(i) "Issuer" means a bank or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family, or household purposes.

(j) "Letter of credit" means a definite undertaking that satisfies the requirements of section 28-5-104 by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value.

(k) "Nominated person" means a person whom the issuer (i) designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit and (ii) undertakes by agreement or custom and practice to reimburse.

(l) "Presentation" means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit.

(m) "Presenter" means a person making a presentation as or on behalf of a beneficiary or nominated person.

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

(o) "Successor of a beneficiary" means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator, and receiver.

(2) Definitions in other chapters applying to this chapter and the sections in which they appear are:

"Accept" or "Acceptance"

"Value"

(3) Chapter 1, title 28, Idaho Code, contains certain additional general definitions and principles of construction and interpretation applicable throughout this chapter.

History:

[28-5-102, added 1996, ch. 7, sec. 2, p. 10.]
Idaho Code § 28-12-532 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-532
28-12-532 LESSOR'S RIGHTS TO RESIDUAL INTEREST.
Status: in_force

PART 5.

DEFAULT

28-12-532. Lessor's rights to residual interest. In addition to any other recovery permitted in this chapter or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor's residual interest in the goods caused by the default of the lessee.

History:

[28-12-532, added 1993, ch. 287, sec. 1, p. 1013.]
Idaho Code § 28-2-102 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-102
28-2-102 SCOPE — CERTAIN SECURITY AND OTHER TRANSACTIONS EXCLUDED FROM THIS CHAPTER.
Status: in_force

PART 1.

SHORT TITLE, GENERAL CONSTRUCTION AND SUBJECT MATTER

28-2-102. Scope — Certain security and other transactions excluded from this chapter. Unless the context otherwise requires, this chapter applies to transactions in goods; it does not apply to any transaction which although in the form of an unconditional contract to sell or present sale is intended to operate only as a security transaction nor does this chapter impair or repeal any statute regulating sales to consumers, farmers or other specified classes of buyers.

History:

[28-2-102, added 1967, ch. 161, sec. 2-102, p. 351.]
Idaho Code § 28-4-402 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-402
28-4-402 BANK'S LIABILITY TO CUSTOMER FOR WRONGFUL DISHONOR — TIME OF DETERMINING INSUFFICIENCY OF ACCOUNT.
Status: in_force

PART 4.

RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER

28-4-402. Bank's liability to customer for wrongful dishonor — Time of determining insufficiency of account. (1) Except as otherwise provided in this chapter, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but a bank may dishonor an item that would create an overdraft unless it has agreed to pay the overdraft.

(2) A payor bank is liable to its customer for damages proximately caused by the wrongful dishonor of an item. Liability is limited to actual damages proved and may include damages for an arrest or prosecution of the customer or other consequential damages. Whether any consequential damages are proximately caused by the wrongful dishonor is a question of fact to be determined in each case.

(3) A payor bank's determination of the customer's account balance on which a decision to dishonor for insufficiency of available funds is based may be made at any time between the time the item is received by the payor bank and the time that the payor bank returns the item or gives notice in lieu of return, and no more than one (1) determination need be made. If, at the election of the payor bank, a subsequent balance determination is made for the purpose of reevaluating the bank's decision to dishonor the item, the account balance at that time is determinative of whether a dishonor for insufficiency of available funds is wrongful.

History:

[28-4-402, added 1967, ch. 161, sec. 4-402, p. 351; am. 1993, ch. 288, sec. 37, p. 1069.]
Idaho Code § 28-4-109 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-109
28-4-109 DELAYS.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-4-109. Delays. (1) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank and with or without the approval of any person involved, may waive, modify or extend time limits imposed or permitted by this chapter for a period not exceeding two (2) additional banking days without discharge of drawers or indorsers or liability to its transferor or a prior party.

(2) Delay by a collecting bank or payor bank beyond time limits prescribed or permitted by this chapter or by instructions is excused if (i) the delay is caused by interruption of communication or computer facilities, suspension of payments by another bank, war, emergency conditions, failure of equipment, or other circumstances beyond the control of the bank, and (ii) the bank exercises such diligence as the circumstances require.

History:

[(28-4-109) 1967, ch. 161, sec. 4-108, p. 351; am. and redesig. 1993, ch. 288, sec. 11, p. 1057.]
Idaho Code § 28-4-404A — Idaho Code / Title 28 / Chapter 4 / Section 28-4-404A
28-4-404A BANK SHALL PROVIDE NOTICE OF USE OF PHOTOCOPY CHECK.
Status: in_force

PART 4.

RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER

28-4-404A. Bank shall provide notice of use of photocopy check. In the event the original copy of a check is lost or mutilated during processing by a bank, and if a photocopy of a check is presented for payment, and the bank honors the photocopy for payment, the bank shall prepare a notice to its customer, which shall be forwarded to the customer with the monthly statement of accounts.

History:

[28-4-404A, added 1984, ch. 145, sec. 1, p. 340.]
Idaho Code § 28-12-210 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-210
28-12-210 EXPRESS WARRANTIES.
Status: in_force

PART 2.

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

28-12-210. Express warranties. (1) Express warranties by the lessor are created as follows:

(a) Any affirmation of fact or promise made by the lessor to the lessee which relates to the goods and becomes part of the basis of the bargain creates an express warranty that the goods will conform to the affirmation or promise.

(b) Any description of the goods which is made part of the basis of the bargain creates an express warranty that the goods will conform to the description.

(c) Any sample or model that is made part of the basis of the bargain creates an express warranty that the whole of the goods will conform to the sample or model.

(2) It is not necessary to the creation of an express warranty that the lessor use formal words, such as "warrant" or "guarantee," or that the lessor have a specific intention to make a warranty, but an affirmation merely of the value of the goods or a statement purporting to be merely the lessor's opinion or commendation of the goods does not create a warranty.

History:

[28-12-210, added 1993, ch. 287, sec. 1, p. 986.]
Idaho Code § 28-45-203 — Idaho Code / Title 28 / Chapter 45 / Section 28-45-203
28-45-203 CIVIL LIABILITY FOR VIOLATION OF DISCLOSURE PROVISIONS.
Status: in_force

PART 2.

DEBTORS' REMEDIES

28-45-203. Civil liability for violation of disclosure provisions. (1) Except as otherwise provided in this section, a creditor who, in violation of the provisions of the Federal Consumer Credit Protection Act other than the provisions concerning advertising of credit terms, fails to disclose information to a person entitled to the information under this act is liable to that person to the same extent to which said creditor is liable to such person under the Federal Consumer Credit Protection Act.

(2) An obligor or debtor has all rights under this act that he has under the Federal Consumer Credit Protection Act concerning a right of rescission as to certain transactions. A creditor or other person has all liabilities and defenses under this section that he had under the Federal Consumer Credit Protection Act.

(3) An action may not be brought under this section more than one (1) year after the date of the occurrence of the violation.

(4) The liability of a creditor under this section is in lieu of and not in addition to his liability under the Federal Consumer Credit Protection Act. An action by a person with respect to a violation may not be maintained pursuant to this section if a final judgment has been rendered for or against that person with respect to the same violation pursuant to the Federal Consumer Credit Protection Act. If a final judgment has been rendered in favor of a person pursuant to this section and thereafter a final judgment with respect to the same violation is rendered in favor of the same person pursuant to the Federal Consumer Credit Protection Act, a creditor liable under both judgments has a cause of action against that person for appropriate relief to the extent necessary to avoid double liability with respect to the same violation.

History:

[28-45-203, added 1983, ch. 119, sec. 3, p. 298.]
Idaho Code § 28-3-403 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-403
28-3-403 UNAUTHORIZED SIGNATURE.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-403. Unauthorized signature. (1) Unless otherwise provided in this chapter or chapter 4, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ratified for all purposes of this chapter.

(2) If the signature of more than one (1) person is required to constitute the authorized signature of an organization, the signature of the organization is unauthorized if one (1) of the required signatures is lacking.

(3) The civil or criminal liability of a person who makes an unauthorized signature is not affected by any provision of this chapter which makes the unauthorized signature effective for the purposes of this chapter.

History:

[28-3-403, added 1993, ch. 288, sec. 2, p. 1039.]
Idaho Code § 28-9-514 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-514
28-9-514 ASSIGNMENT OF POWERS OF SECURED PARTY OF RECORD.
Status: in_force

PART 5.

FILING

28-9-514. Assignment of powers of secured party of record. (a) Except as otherwise provided in subsection (c) of this section, an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.

(b) Except as otherwise provided in subsection (c) of this section, a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:

(1) Identifies, by its file number, the initial financing statement to which it relates;

(2) Provides the name of the assignor; and

(3) Provides the name and mailing address of the assignee.

(c) An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under section 28-9-502(c) may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than the uniform commercial code.

History:

[28-9-514, added 2001, ch. 208, sec. 2, p. 768.]
Idaho Code § 28-2-725 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-725
28-2-725 STATUTE OF LIMITATIONS IN CONTRACTS FOR SALE.
Status: in_force

PART 7.

REMEDIES

28-2-725. Statute of limitations in contracts for sale. (1) An action for breach of any contract for sale must be commenced within four (4) years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one (1) year but may not extend it.

(2) A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach. A breach of warranty occurs when tender of delivery is made, except that where a warranty explicitly extends to future performance of the goods and discovery of the breach must await the time of such performance the cause of action accrues when the breach is or should have been discovered.

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

(4) This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action which have accrued before this act becomes effective.

History:

[28-2-725, added 1967, ch. 161, sec. 2-725, p. 351.]
Idaho Code § 28-9-335 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-335
28-9-335 ACCESSIONS.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-335. Accessions. (a) A security interest may be created in an accession and continues in collateral that becomes an accession.

(b) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral.

(c) Except as otherwise provided in subsections (d) and (g) of this section, the other provisions of this part determine the priority of a security interest in an accession.

(d) Except as otherwise provided in subsection (g) of this section, a security interest in an accession is subordinate to a security interest in the whole which is perfected by compliance with the requirements of a certificate of title statute under section 28-9-311(b).

(e) After default, subject to part 6, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole.

(f) A secured party that removes an accession from other goods under subsection (e) of this section shall promptly reimburse any holder of a security interest or other lien on, or owner of, the whole or of the other goods, other than the debtor, for the cost of repair of any physical injury to the whole or the other goods. The secured party need not reimburse the holder or owner for any diminution in value of the whole or the other goods caused by the absence of the accession removed or by any necessity for replacing it. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.

(g) A security interest in an accession has priority over a security interest in the whole which is perfected by compliance with the requirements of a certificate-of-title statute under subsection (b) of section 28-9-311, Idaho Code, if the security interest in the accession is a purchase money security interest that is perfected when the debtor receives possession of the accession or within twenty (20) days thereafter.

History:

[28-9-335, added 2001, ch. 208, sec. 2, p. 753.]
Idaho Code § 28-43-305 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-305
28-43-305 AUTHORIZATION TO CONFESS JUDGMENT PROHIBITED.
Status: in_force

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-305. Authorization to confess judgment prohibited. A debtor may not authorize any person to confess judgment on a claim arising out of a regulated consumer credit transaction. An authorization in violation of this section is void.

History:

[28-43-305, added 1983, ch. 119, sec. 3, p. 284.]
Idaho Code § 28-41-107 — Idaho Code / Title 28 / Chapter 41 / Section 28-41-107
28-41-107 EFFECT OF ACT ON POWERS OF ORGANIZATIONS.
Status: in_force

PART 1.

SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS

28-41-107. Effect of act on powers of organizations. (1) This act prescribes maximum charges for all creditors, except those excluded under section 28-41-202, Idaho Code, extending credit as a regular business, including regulated credit sales, as defined in section 28-41-301, Idaho Code, and regulated loans, as defined in section 28-41-301, Idaho Code, and displaces existing limitations on the powers of those creditors based on maximum charges, except in insurance matters as prescribed by rule of the department of insurance.

(2) With respect to sellers of goods or services, small loan companies, licensed lenders, finance companies, sales finance companies, industrial banks and loan companies, and commercial banks, this act displaces existing limitations on their powers based solely on amount or duration of credit, except the insurance matters as prescribed by rule of the department of insurance.

(3) Except as provided in subsection (1) of this section, this act does not displace limitations on powers of credit unions, savings banks, savings and loan associations, or other thrift institutions whether organized for the profit of shareholders or as mutual organizations.

(4) Except as provided in subsections (1) and (2) of this section, this act does not displace:

(a) Limitations on powers of supervised financial organizations, as defined in section 28-41-301, Idaho Code, with respect to the amount of a loan to a single borrower, the ratio of the loan to the value of collateral, the duration of a loan secured by an interest in land, or other similar restrictions designed to protect deposits; or

(b) Limitations on powers an organization is authorized to exercise under the laws of this state or the United States.

(5) Notwithstanding the provisions of chapter 1, title 57, Idaho Code, and chapter 27, title 67, Idaho Code, any supervised financial organization which intentionally fails to comply with the provisions of this act shall not be entitled to receive deposits from state or public depositing units.

History:

[28-41-107, added 1983, ch. 119, sec. 3, p. 266; am. 2013, ch. 54, sec. 9, p. 119.]
Idaho Code § 28-46-109 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-109
28-46-109 ASSURANCE OF DISCONTINUANCE.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-109. Assurance of discontinuance. If it is claimed that a person has engaged in conduct which could be subject to an order by the administrator, sections 28-46-108 and 28-46-303, Idaho Code, or by a court, sections 28-46-110, 28-46-111 and 28-46-112, Idaho Code, the administrator may accept an assurance in writing that the person will not engage in the same or similar conduct in the future. The assurance may include any of the following: stipulations for the voluntary payment by the creditor of the costs of investigation or of an amount to be held in escrow as restitution to debtors aggrieved by past or future conduct of the creditor or to cover costs of future investigation, or admissions of past specific acts by the creditor or that those acts violated this act or other statutes. A violation of an assurance of discontinuance is a violation of this act. If a person giving an assurance of discontinuance fails to comply with its terms, the assurance is evidence that prior to the assurance he engaged in the conduct described in the assurance.

History:

[28-46-109, added 1983, ch. 119, sec. 3, p. 303.]
Idaho Code § 28-4-606 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-606
28-4-606 TIME PAYMENT ORDER IS RECEIVED.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-606. Time payment order is received. (1) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in section 28-1-202. A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders and communications canceling or amending payment orders. Different cut-off times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication canceling or amending a payment order is received after the close of a funds-transfer business day or after the appropriate cut-off time on a funds-transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds-transfer business day.

(2) If this part refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds-transfer business day, the next day that is a funds-transfer business day is treated as the date or day stated, unless the contrary is stated in this part.

History:

[28-4-606, added 1991, ch. 135, sec. 1, p. 298; am. 2004, ch. 43, sec. 33, p. 155.]
Idaho Code § 28-9-611 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-611
28-9-611 NOTIFICATION BEFORE DISPOSITION OF COLLATERAL.
Status: in_force

PART 6.

DEFAULT

28-9-611. Notification before disposition of collateral. (a) In this section, "notification date" means the earlier of the date on which:

(1) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or

(2) The debtor and any secondary obligor waive the right to notification.

(b) Except as otherwise provided in subsection (d) of this section, a secured party that disposes of collateral under section 28-9-610 shall send to the persons specified in subsection (c) of this section a reasonable authenticated notification of disposition.

(c) To comply with subsection (b) of this section, the secured party shall send an authenticated notification of disposition to:

(1) The debtor;

(2) Any secondary obligor; and

(3) If the collateral is other than consumer goods:

(A) any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;

(B) any other secured party or lienholder that, ten (10) days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:

(i) identified the collateral;

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

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

(C) any other secured party that, ten (10) days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 28-9-311(a).

(d) Subsection (b) of this section does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.

(e) A secured party complies with the requirement for notification prescribed by subsection (c)(3)(B) of this section if:

(1) Not later than twenty (20) days or earlier than thirty (30) days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (c)(3)(B) of this section; and

(2) Before the notification date, the secured party:

(A) did not receive a response to the request for information; or

(B) received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.

History:

[28-9-611, added 2001, ch. 208, sec. 2, p. 784.]
Idaho Code § 28-2-204 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-204
28-2-204 FORMATION IN GENERAL.
Status: in_force

PART 2.

FORM, FORMATION AND READJUSTMENT OF CONTRACT

28-2-204. Formation in general. (1) A contract for sale of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of such a contract.

(2) An agreement sufficient to constitute a contract for sale may be found even though the moment of its making is undetermined.

(3) Even though one or more terms are left open a contract for sale does not fail for indefiniteness if the parties have intended to make a contract and there is a reasonably certain basis for giving an appropriate remedy.

History:

[28-2-204, added 1967, ch. 161, sec. 2-204, p. 351.]
Idaho Code § 28-11-101 — Idaho Code / Title 28 / Chapter 11 / Section 28-11-101
28-11-101 DEFINITIONS.
Status: in_force

PART 1.

ARTIST AND ART DEALER

28-11-101. Definitions. As used in this chapter, unless the context requires otherwise, the following definitions apply:

(1) "Art dealer" means a person engaged in the business of selling works of fine art, other than a person exclusively engaged in the business of selling goods at public auction.

(2) "Artist" means a person who creates a work of fine art or, if the person is deceased, the person's heir, devisee, or personal representative.

(3) "Consignment" means that no title to, estate in or right to possession of fine art superior to that of the consignor vests in the consignee, notwithstanding the consignee's power or authority to transfer and convey to a third person all of the right, title and interest of the consignor in and to the fine art.

(4) "Fine art" means a painting, sculpture, drawing, work of graphic art, including an etching, lithograph, signed limited edition offset print, silk screen, or a work of graphic art of like nature; a work of calligraphy, photographs, original works in ceramics, wood, metals, glass, plastic, wax, stone or leather or a work in mixed media, including a collage, assemblage, or any combination of the art media mentioned in this subsection.

(5) "Person" means an individual, partnership, corporation, association, or other group, however organized.

History:

[28-11-101, added 1987, ch. 127, sec. 1, p. 257.]
Idaho Code § 28-12-501 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-501
28-12-501 DEFAULT — PROCEDURE.
Status: in_force

PART 5.

DEFAULT

28-12-501. Default — Procedure. (1) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this chapter.

(2) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in this chapter and, except as limited by this chapter, as provided in the lease agreement.

(3) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement may reduce the party's claim to judgment, or otherwise enforce the lease contract by self-help or any available judicial procedure or nonjudicial procedure, including administrative proceeding, arbitration, or the like, in accordance with the provisions of this chapter.

(4) Except as otherwise provided in section 28-1-305(a) or this chapter or the lease agreement, the rights and remedies referred to in subsections (2) and (3) of this section are cumulative.

(5) If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this part as to the goods, or under other applicable law as to both the real property and the goods in accordance with that party's rights and remedies in respect of the real property, in which case the provisions of this part do not apply.

History:

[28-12-501, added 1993, ch. 287, sec. 1, p. 999; am. 2004, ch. 43, sec. 38, p. 160.]
Idaho Code § 28-3-418 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-418
28-3-418 PAYMENT OR ACCEPTANCE BY MISTAKE.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-418. Payment or acceptance by mistake. (1) Except as provided in subsection (3) of this section, if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that (i) payment of the draft had not been stopped pursuant to section 28-4-403, or (ii) the signature of the drawer of the draft was authorized, the drawee may recover the amount of the draft from the person to whom or for whose benefit payment was made or, in the case of acceptance, may revoke the acceptance. Rights of the drawee under this subsection are not affected by failure of the drawee to exercise ordinary care in paying or accepting the draft.

(2) Except as provided in subsection (3) of this section, if an instrument has been paid or accepted by mistake and the case is not covered by subsection (1) of this section, the person paying or accepting may, to the extent permitted by the law governing mistake and restitution, (i) recover the payment from the person to whom or for whose benefit payment was made or (ii) in the case of acceptance, may revoke the acceptance.

(3) The remedies provided in subsection (1) or (2) of this section may not be asserted against a person who took the instrument in good faith and for value or who in good faith changed position in reliance on the payment or acceptance. This subsection does not limit remedies provided in section 28-3-417 or 28-4-407.

(4) Notwithstanding section 28-4-215 if an instrument is paid or accepted by mistake and the payor or acceptor recovers payment or revokes acceptance under subsection (1) or (2) of this section, the instrument is deemed not to have been paid or accepted and is treated as dishonored, and the person from whom payment is recovered has rights as a person entitled to enforce the dishonored instrument.

History:

[28-3-418, added 1993, ch. 288, sec. 2, p. 1046.]
Idaho Code § 28-3-310 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-310
28-3-310 ACCORD AND SATISFACTION BY USE OF INSTRUMENT.
Status: in_force

PART 3.

ENFORCEMENT OF INSTRUMENTS

28-3-310. Accord and satisfaction by use of instrument. (1) If a person against whom a claim is asserted proves that (i) that person in good faith tendered an instrument to the claimant as full satisfaction of the claim, (ii) the amount of the claim was unliquidated or subject to a bona fide dispute, and (iii) the claimant obtained payment of the instrument, the following subsections apply.

(2) Unless subsection (3) of this section applies, the claim is discharged if the person against whom the claim is asserted proves that the instrument or an accompanying written communication contained a conspicuous statement to the effect that the instrument was tendered as full satisfaction of the claim.

(3) Subject to subsection (4) of this section, a claim is not discharged under subsection (2) of this section if either of the following applies:

(a) The claimant, if an organization, proves that (i) within a reasonable time before the tender, the claimant sent a conspicuous statement to the person against whom the claim is asserted that communications concerning disputed debts, including an instrument tendered as full satisfaction of a debt, are to be sent to a designated person, office or place, and (ii) the instrument or accompanying communication was not received by that designated person, office, or place.

(b) The claimant, whether or not an organization, proves that within ninety (90) days after payment of the instrument, the claimant tendered repayment of the amount of the instrument to the person against whom the claim is asserted. This paragraph does not apply if the claimant is an organization that sent a statement complying with paragraph (a)(i) of this subsection.

(4) A claim is discharged if the person against whom the claim is asserted proves that within a reasonable time before collection of the instrument was initiated, the claimant, or an agent of the claimant having direct responsibility with respect to the disputed obligation, knew that the instrument was tendered in full satisfaction of the claim.

History:

[28-3-310, added 1993, ch. 288, sec. 2, p. 1036.]
Idaho Code § 28-7-502 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-502
28-7-502 RIGHTS ACQUIRED BY DUE NEGOTIATION.
Status: in_force

PART 5.

WAREHOUSE RECEIPTS AND BILLS OF LADING — NEGOTIATION AND TRANSFER

28-7-502. Rights acquired by due negotiation. (a) Subject to sections 28-7-205 and 28-7-503, a holder to which a negotiable document of title has been duly negotiated acquires thereby:

(1) Title to the document;

(2) Title to the goods;

(3) All rights accruing under the law of agency or estoppel, including rights to goods delivered to the bailee after the document was issued; and

(4) The direct obligation of the issuer to hold or deliver the goods according to the terms of the document free of any defense or claim by the issuer except those arising under the terms of the document or under this chapter, but in the case of a delivery order, the bailee's obligation accrues only upon the bailee's acceptance of the delivery order and the obligation acquired by the holder is that the issuer and any indorser will procure the acceptance of the bailee.

(b) Subject to section 28-7-503, title and rights acquired by due negotiation are not defeated by any stoppage of the goods represented by the document of title or by surrender of the goods by the bailee and are not impaired even if:

(1) The due negotiation or any prior due negotiation constituted a breach of duty;

(2) Any person has been deprived of possession of a negotiable tangible document or control of a negotiable electronic document by misrepresentation, fraud, accident, mistake, duress, loss, theft, or conversion; or

(3) A previous sale or other transfer of the goods or document has been made to a third person.

History:

[28-7-502, added 2004, ch. 42, sec. 2, p. 93.]
Idaho Code § 28-2-705 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-705
28-2-705 SELLER'S STOPPAGE OF DELIVERY IN TRANSIT OR OTHERWISE.
Status: in_force

PART 7.

REMEDIES

28-2-705. Seller's stoppage of delivery in transit or otherwise. (1) The seller may stop delivery of goods in the possession of a carrier or other bailee when he discovers the buyer to be insolvent (section 28-2-702) and may stop delivery of carload, truckload, plane load or larger shipments of express or freight when the buyer repudiates or fails to make a payment due before delivery or if for any other reason the seller has a right to withhold or reclaim the goods.

(2) As against such buyer the seller may stop delivery until

(a) receipt of the goods by the buyer; or

(b) acknowledgment to the buyer by any bailee of the goods except a carrier that the bailee holds the goods for the buyer; or

(c) such acknowledgment to the buyer by a carrier by reshipment or as a warehouse; or

(d) negotiation to the buyer of any negotiable document of title covering the goods.

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

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

(c) If a negotiable document of title has been issued for goods the bailee is not obliged to obey a notification to stop until surrender of possession or control of the document.

(d) 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:

[28-2-705, added 1967, ch. 161, sec. 2-705, p. 351; am. 2004, ch. 42, sec. 14, p. 108.]
Idaho Code § 28-8-110 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-110
28-8-110 APPLICABILITY AND CHOICE OF LAW.
Status: in_force

PART 1.

SHORT TITLE AND GENERAL MATTERS

28-8-110. Applicability and choice of law. (1) The local law of the issuer's jurisdiction, as specified in subsection (4) of this section, governs:

(a) The validity of a security;

(b) The rights and duties of the issuer with respect to registration of transfer;

(c) The effectiveness of registration of transfer by the issuer;

(d) Whether the issuer owes any duties to an adverse claimant to a security; and

(e) Whether an adverse claim can be asserted against a person to whom transfer of a certificated or uncertificated security is registered or a person who obtains control of an uncertificated security.

(2) The local law of the securities intermediary's jurisdiction, as specified in subsection (5) of this section, governs:

(a) Acquisition of a security entitlement from the securities intermediary;

(b) The rights and duties of the securities intermediary and entitlement holder arising out of a security entitlement;

(c) Whether the securities intermediary owes any duties to an adverse claimant to a security entitlement; and

(d) Whether an adverse claim can be asserted against a person who acquires a security entitlement from the securities intermediary or a person who purchases a security entitlement or interest therein from an entitlement holder.

(3) The local law of the jurisdiction in which a security certificate is located at the time of delivery governs whether an adverse claim can be asserted against a person to whom the security certificate is delivered.

(4) "Issuer's jurisdiction" means the jurisdiction under which the issuer of the security is organized or, if permitted by the law of that jurisdiction, the law of another jurisdiction specified by the issuer. An issuer organized under the law of this state may specify the law of another jurisdiction as the law governing the matters specified in subsections (1)(b) through (1)(e) of this section.

(5) The following rules determine a "securities intermediary's jurisdiction" for purposes of this section:

(a) If an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that a particular jurisdiction is the securities intermediary's jurisdiction for purposes of this part, this chapter, or this act, that jurisdiction is the securities intermediary's jurisdiction.

(b) If paragraph (a) of this subsection does not apply and an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the securities intermediary's jurisdiction.

(c) If neither paragraph (a) nor paragraph (b) of this section applies and an agreement between the securities intermediary and its entitlement holder governing the securities account expressly provides that the securities account is maintained at an office in a particular jurisdiction, that jurisdiction is the securities intermediary's jurisdiction.

(d) If none of the preceding paragraphs apply, the securities intermediary's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the entitlement holder's account is located.

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

(6) A securities intermediary's jurisdiction is not determined by the physical location of certificates representing financial assets, or by the jurisdiction in which is organized the issuer of the financial asset with respect to which an entitlement holder has a security entitlement, or by the location of facilities for data processing or other recordkeeping concerning the account.

History:

[28-8-110, added 1995, ch. 272, sec. 2, p. 882; am. 2001, ch. 208, sec. 16, p. 813.]
Idaho Code § 28-1-103 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-103
28-1-103 CONSTRUCTION OF UNIFORM COMMERCIAL CODE TO PROMOTE ITS PURPOSES AND POLICIES — APPLICABILITY OF SUPPLEMENTAL PRINCIPLES OF LAW.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-1-103. Construction of uniform commercial code to promote its purposes and policies — Applicability of supplemental principles of law. (a) The uniform commercial code shall be liberally construed and applied to promote its underlying purposes and policies, which are:

(1) To simplify, clarify, and modernize the law governing commercial transactions;

(2) To permit the continued expansion of commercial practices through custom, usage, and agreement of the parties; and

(3) To make uniform the law among the various jurisdictions.

(b) Unless displaced by the particular provisions of the uniform commercial code, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, and other validating or invalidating cause supplement its provisions.

History:

[(28-1-103) 28-1-102, added 1967, ch. 161, sec. 1-102, p. 351; am. and redesig. 2004, ch. 43, sec. 5, p. 138.]
Idaho Code § 28-1-306 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-306
28-1-306 WAIVER OR RENUNCIATION OF CLAIM OR RIGHT AFTER BREACH.
Status: in_force

PART 3.

TERRITORIAL APPLICABILITY AND GENERAL RULES

28-1-306. Waiver or renunciation of claim or right after breach. A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in an authenticated record.

History:

[(28-1-306) 28-1-107, added 1967, ch. 161, sec. 1-107, p. 351; am. and redesig. 2004, ch. 43, sec. 24, p. 151.]
Idaho Code § 28-2-318 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-318
28-2-318 THIRD PARTY BENEFICIARIES OF WARRANTIES EXPRESS OR IMPLIED.
Status: in_force

PART 3.

GENERAL OBLIGATION AND CONSTRUCTION OF CONTRACT

28-2-318. Third party beneficiaries of warranties express or implied. A seller's warranty whether express or implied extends to any natural person who is in the family or household of his buyer or who is a guest in his home if it is reasonable to expect that such person may use, consume or be affected by the goods and who is injured in person by breach of the warranty. A seller may not exclude or limit the operation of this section.

History:

[28-2-318, added 1967, ch. 161, sec. 2-318, p. 351.]
Idaho Code § 28-46-102 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-102
28-46-102 APPLICABILITY.
Status: in_force

PART 1.

POWERS AND FUNCTIONS OF ADMINISTRATOR

28-46-102. Applicability. This part applies to persons who in this state:

(1) Make or solicit regulated consumer credit transactions, as defined in section 28-41-301, Idaho Code; or

(2) Directly collect payments from or enforce rights against debtors arising from regulated consumer credit transactions, as defined in section 28-41-301, Idaho Code, wherever they are made; or

(3) Are designated in this act as regulated lenders.

History:

[28-46-102, added 1983, ch. 119, sec. 3, p. 300; am. 2013, ch. 54, sec. 13, p. 121.]
Idaho Code § 28-46-415 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-415
28-46-415 DISCLOSURES.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-415. disclosures. Before disbursing funds pursuant to a payday loan, a payday lender shall provide written notice in not less than twelve (12) point bold type and in all capitalized letters to the borrower stating the following:

"1. Payday loans are intended to address short-term, not long-term, financial needs.

2. You will be required to pay additional fees if the payday loan is renewed rather than paid in full when due.

3. You have the right to rescind the payday loan at no cost no later than the end of the next business day following the day on which the payday loan is made.

4. Payday loans may contain high-cost features, and borrowers should consider alternative lower-cost loans.

5. If you believe that the lender has violated the law, you may file a written complaint with the Idaho Department of Finance. Filing a complaint does not limit nor impair any rights you may have against the lender.

6. You have a one-time right during any consecutive twelve (12) month period to convert a payday loan into an extended payment plan."

History:

[28-46-415, added 2014, ch. 270, sec. 5, p. 677.]
Idaho Code § 28-7-103 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-103
28-7-103 RELATION OF CHAPTER TO TREATY OR STATUTE.
Status: in_force

PART 1.

GENERAL

28-7-103. Relation of chapter to treaty or statute. (a) This chapter is subject to any treaty or statute of the United States or regulatory statute of this state to the extent the treaty, statute, or regulatory statute is applicable.

(b) This chapter does not modify or repeal any law prescribing the form or content of a document of title or the services or facilities to be afforded by a bailee, or otherwise regulating a bailee's business in respects not specifically treated in this chapter. However, violation of such a law does not affect the status of a document of title that otherwise is within the definition of a document of title.

(c) This chapter modifies, limits, and supersedes the federal electronic signatures in global and national commerce act (15 U.S.C. 7001, et seq.) but does not modify, limit, or supersede section 101(c) of that act (15 U.S.C. 7001(c)) or authorize electronic delivery of any of the notices described in section 103(b) of that act (15 U.S.C. 7003(b)).

(d) To the extent there is a conflict between the uniform electronic transactions act, chapter 50, title 28, Idaho Code, and this chapter, this chapter governs.

History:

[28-7-103, added 2004, ch. 42, sec. 2, p. 81.]
Idaho Code § 28-41-105 — Idaho Code / Title 28 / Chapter 41 / Section 28-41-105
28-41-105 SEVERABILITY.
Status: in_force

PART 1.

SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS

28-41-105. Severability. If any provision of this act or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this act which can be given effect without the invalid provision or application, and to this end the provisions of this act are severable.

History:

[28-41-105, added 1983, ch. 119, sec. 3, p. 265.]
Idaho Code § 28-3-110 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-110
28-3-110 IDENTIFICATION OF PERSON TO WHOM INSTRUMENT IS PAYABLE.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-110. Identification of person to whom instrument is payable. (1) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as, or in the name or behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer even if that person is identified in the instrument by a name or other identification that is not that of the intended person. If more than one (1) person signs in the name or behalf of the issuer of an instrument and all the signers do not intend the same person as payee, the instrument is payable to any person intended by one (1) or more of the signers.

(2) If the signature of the issuer of an instrument is made by automated means, such as a check-writing machine, the payee of the instrument is determined by the intent of the person who supplied the name or identification of the payee, whether or not authorized to do so.

(3) A person to whom an instrument is payable may be identified in any way, including by name, identifying number, office or account number. For the purpose of determining the holder of an instrument, the following rules apply:

(a) If an instrument is payable to an account and the account is identified only by number, the instrument is payable to the person to whom the account is payable. If an instrument is payable to an account identified by number and by the name of a person, the instrument is payable to the named person, whether or not that person is the owner of the account identified by number.

(b) If an instrument is payable to:

(i) A trust, an estate or a person described as trustee or representative of a trust or estate, the instrument is payable to the trustee, the representative or a successor of either, whether or not the beneficiary or estate is also named;

(ii) A person described as agent or similar representative of a named or identified person, the instrument is payable to the represented person, the representative, or a successor of the representative;

(iii) A fund or organization that is not a legal entity, the instrument is payable to a representative of the members of the fund or organization; or

(iv) An office or to a person described as holding an office, the instrument is payable to the named person, the incumbent of the office, or a successor to the incumbent.

(4) If an instrument is payable to two (2) or more persons alternatively, it is payable to any of them and may be negotiated, discharged, or enforced by any or all of them in possession of the instrument. If an instrument is payable to two (2) or more persons not alternatively, it is payable to all of them and may be negotiated, discharged, or enforced only by all of them. If an instrument payable to two (2) or more persons is ambiguous as to whether it is payable to the persons alternatively, the instrument is payable to the persons alternatively.

History:

[28-3-110, added 1993, ch. 288, sec. 2, p. 1025.]
Idaho Code § 28-8-302 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-302
28-8-302 RIGHTS OF PURCHASER.
Status: in_force

PART 3.

TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES

28-8-302. Rights of purchaser. (1) Except as otherwise provided in subsections (2) and (3) of this section, a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer.

(2) A purchaser of a limited interest acquires rights only to the extent of the interest purchased.

(3) A purchaser of a certificated security who as a previous holder had notice of an adverse claim does not improve its position by taking from a protected purchaser.

History:

[28-8-302, added 1995, ch. 272, sec. 2, p. 889; am. 2001, ch. 208, sec. 18, p. 815.]
Idaho Code § 28-9-620 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-620
28-9-620 ACCEPTANCE OF COLLATERAL IN FULL OR PARTIAL SATISFACTION OF OBLIGATION — COMPULSORY DISPOSITION OF COLLATERAL.
Status: in_force

PART 6.

DEFAULT

28-9-620. Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral. (a) A secured party may accept collateral in full or partial satisfaction of the obligation it secures only if:

(1) The debtor consents to the acceptance under subsection (c) of this section;

(2) The secured party does not receive, within the time set forth in subsection (d) of this section, a notification of objection to the proposal authenticated by:

(A) a person to which the secured party was required to send a proposal under section 28-9-621; or

(B) any other person, other than the debtor, holding an interest in the collateral subordinate to the security interest that is the subject of the proposal; and

(3) Subsection (e) of this section does not require the secured party to dispose of the collateral or the debtor waives the requirement pursuant to section 28-9-624.

(b) A purported or apparent acceptance of collateral under this section is ineffective unless:

(1) The secured party consents to the acceptance in an authenticated record or sends a proposal to the debtor; and

(2) The conditions of subsection (a) of this section are met.

(c) For purposes of this section:

(1) A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default; and

(2) A debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default or the secured party:

(A) sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained;

(B) in the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and

(C) does not receive a notification of objection authenticated by the debtor within twenty (20) days after the proposal is sent.

(d) To be effective under subsection (a)(2) of this section, a notification of objection must be received by the secured party:

(1) In the case of a person to which the proposal was sent pursuant to section 28-9-621, within twenty (20) days after notification was sent to that person; and

(2) In other cases:

(A) within twenty (20) days after the last notification was sent pursuant to section 28-9-621; or

(B) if a notification was not sent, before the debtor consents to the acceptance under subsection (c) of this section.

(e) A secured party that has taken possession of collateral shall dispose of the collateral pursuant to section 28-9-610 within the time specified in subsection (f) of this section if:

(1) Sixty percent (60%) of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or

(2) Sixty percent (60%) of the principal amount of the obligation secured has been paid in the case of a nonpurchase-money security interest in consumer goods.

(f) To comply with subsection (e) of this section, the secured party shall dispose of the collateral:

(1) Within ninety (90) days after taking possession; or

(2) Within any longer period to which the debtor and all secondary obligors have agreed in an agreement to that effect entered into and authenticated after default.

History:

[28-9-620, added 2001, ch. 208, sec. 2, p. 792.]
Idaho Code § 28-7-202 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-202
28-7-202 FORM OF WAREHOUSE RECEIPT — EFFECT OF OMISSION.
Status: in_force

PART 2.

WAREHOUSE RECEIPTS — SPECIAL PROVISIONS

28-7-202. Form of warehouse receipt — Effect of omission. (a) A warehouse receipt need not be in any particular form.

(b) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission:

(1) A statement of the location of the warehouse facility where the goods are stored;

(2) The date of issue of the receipt;

(3) The unique identification code of the receipt;

(4) A statement whether the goods received will be delivered to the bearer, to a named person, or to a named person or its order;

(5) The rate of storage and handling charges, unless goods are stored under a field warehousing arrangement, in which case a statement of that fact is sufficient on a nonnegotiable receipt;

(6) A description of the goods or the packages containing them;

(7) The signature of the warehouse or its agent;

(8) If the receipt is issued for goods that the warehouse owns, either solely, jointly, or in common with others, a statement of the fact of that ownership; and

(9) A statement of the amount of advances made and of liabilities incurred for which the warehouse claims a lien or security interest, unless the precise amount of advances made or liabilities incurred, at the time of the issue of the receipt, is unknown to the warehouse or to its agent that issued the receipt, in which case a statement of the fact that advances have been made or liabilities incurred and the purpose of the advances or liabilities is sufficient.

(c) A warehouse may insert in its receipt any terms that are not contrary to the uniform commercial code and do not impair its obligation of delivery under section 28-7-403 or its duty of care under section 28-7-204. Any contrary provision is ineffective.

History:

[28-7-202, added 2004, ch. 42, sec. 2, p. 83.]
Idaho Code § 28-50-107 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-107
28-50-107 LEGAL RECOGNITION OF ELECTRONIC RECORDS, ELECTRONIC SIGNATURES AND ELECTRONIC CONTRACTS — ELECTRONIC TRANSMITTAL IN LIEU OF CERTIFIED MAIL.
Status: in_force

28-50-107. Legal recognition of electronic records, electronic signatures and electronic contracts — Electronic transmittal in lieu of certified mail. (a) A record or signature may not be denied legal effect or enforceability solely because it is in electronic form.

(b) A contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation.

(c) If a law requires a record to be in writing, an electronic record satisfies the law.

(d) If a law requires a signature, an electronic signature satisfies the law.

(e) If a law requires any notice or other record to be sent by certified mail, the record may, with the express consent of the recipient, be transmitted electronically.

History:

[28-50-107, added 2000, ch. 286, sec. 1, p. 962; am. 2003, ch. 155, sec. 1, p. 442.]
Idaho Code § 28-12-519 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-519
28-12-519 LESSEE'S DAMAGES FOR NONDELIVERY, REPUDIATION, DEFAULT, AND BREACH OF WARRANTY IN REGARD TO ACCEPTED GOODS.
Status: in_force

PART 5.

DEFAULT

28-12-519. Lessee's damages for nondelivery, repudiation, default, and breach of warranty in regard to accepted goods. (1) 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 elects not to cover or a lessee elects to cover and the cover is by lease agreement that for any reason does not qualify for treatment under section 28-12-518(2), or is by purchase or otherwise, the measure of damages for nondelivery or repudiation by the lessor or for rejection or revocation of acceptance by the lessee is the present value, as of the date of the default, of the then market rent minus the present value as of the same date of the original rent, computed for the remaining lease term of the original lease agreement, together with incidental and consequential damages, less expenses saved in consequence of the lessor's default.

(2) Market rent is to be determined as of the place for tender or, in cases of rejection after arrival or revocation of acceptance, as of the place of arrival.

(3) Except as otherwise agreed, if the lessee has accepted goods and given notification (section 28-12-516(3)), the measure of damages for nonconforming tender or delivery or other default by a lessor is the loss resulting in the ordinary course of events from the lessor's default as determined in any manner that is reasonable together with incidental and consequential damages, less expenses saved in consequence of the lessor's default.

(4) Except as otherwise agreed, the measure of damages for breach of warranty is the present value at the time and place of acceptance of the difference between the value of the use of the goods accepted and the value if they had been as warranted for the lease term, unless special circumstances show proximate damages of a different amount, together with incidental and consequential damages, less expenses saved in consequence of the lessor's default or breach of warranty.

History:

[28-12-519, added 1993, ch. 287, sec. 1, p. 1007; am. 2004, ch. 43, sec. 40, p. 161.]
Idaho Code § 28-4-201 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-201
28-4-201 STATUS OF COLLECTING BANK AS AGENT AND PROVISIONAL STATUS OF CREDITS — APPLICABILITY OF CHAPTER — ITEM INDORSED “PAY ANY BANK.”
Status: in_force

PART 2.

COLLECTION OF ITEMS — DEPOSITARY AND COLLECTING BANKS

28-4-201. Status of collecting bank as agent and provisional status of credits — Applicability of chapter — Item indorsed "pay any bank." (1) Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes final, the bank, with respect to the item, is an agent or subagent of the owner of the item and any settlement given for the item is provisional. This provision applies regardless of the form of indorsement or lack of indorsement and even though credit given for the item is subject to immediate withdrawal as of right or is in fact withdrawn; but the continuance of ownership of an item by its owner and any rights of the owner to proceeds of the item are subject to rights of a collecting bank, such as those resulting from outstanding advances on the item and rights of recoupment or setoff. If an item is handled by banks for purposes of presentment, payment, collection, or return, the relevant provisions of this chapter apply even though action of the parties clearly establishes that a particular bank has purchased the item and is the owner of it.

(2) After an item has been indorsed with the words "pay any bank" or the like, only a bank may acquire the rights of a holder until the item has been:

(a) returned to the customer initiating collection; or

(b) specially indorsed by a bank to a person who is not a bank.

History:

[28-4-201, added 1967, ch. 161, sec. 4-201, p. 351; am. 1993, ch. 288, sec. 15, p. 1058.]
Idaho Code § 28-44-104 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-104
28-44-104 CREDITOR'S PROVISION OF AND CHARGE FOR INSURANCE — EXCESS AMOUNT OF CHARGE.
Status: in_force

PART 1.

INSURANCE IN GENERAL

28-44-104. Creditor's provision of and charge for insurance — Excess amount of charge. (1) Except as otherwise provided in this chapter and subject to the provision on maximum charges, section 28-42-201, Idaho Code, a creditor may agree to provide insurance, and may contract for and receive a charge for insurance separate from and in addition to other charges. A creditor need not make a separate charge for insurance provided or required by him. This act does not authorize the issuance of any insurance prohibited under any statute, or rule thereunder, governing the business of insurance.

(2) The excess amount of a charge for insurance provided for in agreements in violation of this chapter is an excess charge for the purposes of the provisions of the chapter on remedies and penalties, chapter 45, title 28, Idaho Code, and of the provisions of the chapter on administration, chapter 46, title 28, Idaho Code, as to civil actions by the administrator, section 28-46-113, Idaho Code.

History:

[28-44-104, added 1983, ch. 119, sec. 3, p. 288.]
Idaho Code § 28-7-305 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-305
28-7-305 DESTINATION BILLS.
Status: in_force

PART 3.

BILLS OF LADING — SPECIAL PROVISIONS

28-7-305. Destination bills. (a) Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of the consignor, may procure the bill to be issued at destination or at any other place designated in the request.

(b) Upon request of any person entitled as against a carrier to control the goods while in transit and on surrender of possession or control of any outstanding bill of lading or other receipt covering the goods, the issuer, subject to section 28-7-105, may procure a substitute bill to be issued at any place designated in the request.

History:

[28-7-305, added 2004, ch. 42, sec. 2, p. 89.]
Idaho Code § 28-52-108 — Idaho Code / Title 28 / Chapter 52 / Section 28-52-108
28-52-108 PROTECTION OF PERSONAL INFORMATION.
Status: in_force

28-52-108. Protection of personal information. (1) Except as otherwise specifically provided by law, a person shall not intentionally communicate an individual's social security number to the general public.

(2) The state of Idaho, a department, agency, board, commission or other political subdivision may not employ or contract for the employment of an inmate in any facility operated by the department of correction or private correctional facility contracted with the department of correction or county jail in any capacity that would allow any inmate access to any other person's personal information.

History:

[28-52-108, added 2008, ch. 177, sec. 2, p. 527.]
Idaho Code § 28-9-106 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-106
28-9-106 CONTROL OF INVESTMENT PROPERTY.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-9-106. Control of investment property. (a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 28-8-106.

(b) A secured party has control of a commodity contract if:

(1) The secured party is the commodity intermediary with which the commodity contract is carried; or

(2) The commodity customer, secured party and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.

(c) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.

History:

[28-9-106, added 2001, ch. 208, sec. 2, p. 719.]
Idaho Code § 28-3-409 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-409
28-3-409 ACCEPTANCE OF DRAFT — CERTIFIED CHECK.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-409. Acceptance of draft — Certified check. (1) "Acceptance" means the drawee's signed agreement to pay a draft as presented. It must be written on the draft and may consist of the drawee's signature alone. Acceptance may be made at any time and becomes effective when notification pursuant to instructions is given or the accepted draft is delivered for the purpose of giving rights on the acceptance to any person.

(2) A draft may be accepted although it has not been signed by the drawer, is otherwise incomplete, is overdue, or has been dishonored.

(3) If a draft is payable at a fixed period after sight and the acceptor fails to date the acceptance, the holder may complete the acceptance by supplying a date in good faith.

(4) "Certified check" means a check accepted by the bank on which it is drawn. Acceptance may be made as stated in subsection (1) of this section or by a writing on the check which indicates that the check is certified. The drawee of a check has no obligation to certify the check, and refusal to certify is not dishonor of the check.

History:

[28-3-409, added 1993, ch. 288, sec. 2, p. 1042.]
Idaho Code § 28-50-109 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-109
28-50-109 ATTRIBUTION AND EFFECT OF ELECTRONIC RECORD AND ELECTRONIC SIGNATURE.
Status: in_force

28-50-109. Attribution and effect of electronic record and electronic signature. (a) An electronic record or electronic signature is attributable to a person if it was the act of the person. The act of the person may be shown in any manner, including a showing of the efficacy of any security procedure applied to determine the person to which the electronic record or electronic signature was attributable.

(b) The effect of an electronic record or electronic signature attributed to a person under subsection (a) of this section is determined from the context and surrounding circumstances at the time of its creation, execution or adoption, including the parties' agreement, if any, and otherwise as provided by law.

History:

[28-50-109, added 2000, ch. 286, sec. 1, p. 963.]
Idaho Code § 28-44-107 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-107
28-44-107 MAXIMUM CHARGE BY CREDITOR FOR INSURANCE.
Status: in_force

PART 1.

INSURANCE IN GENERAL

28-44-107. Maximum charge by creditor for insurance. (1) Except as provided in subsection (2) of this section, if a creditor contracts for or receives a separate charge for insurance, the amount charged to the debtor for the insurance may not exceed the premium to be charged by the insurer, as computed at the time the charge to the debtor is determined, conforming to any rate filings required by law and made by the insurer with the director of the department of insurance.

(2) A creditor who provides credit insurance in relation to open-end credit, as defined in section 28-41-301, Idaho Code, may calculate the charge to the debtor in each billing cycle by applying the current premium rate to:

(a) The average daily unpaid balance of the debt in the cycle;

(b) The unpaid balance of the debt or a median amount within a specified range of unpaid balances of debt on approximately the same day of the cycle. The day of the cycle need not be the day used in calculating the finance charge, section 28-42-201, Idaho Code, but the specified range shall be the range used for that purpose; or

(c) The unpaid balances of principal calculated according to the actuarial method.

History:

[28-44-107, added 1983, ch. 119, sec. 3, p. 289; am. 2013, ch. 54, sec. 12, p. 121; am. 2014, ch. 97, sec. 11, p. 274.]
Idaho Code § 28-12-514 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-514
28-12-514 WAIVER OF LESSEE'S OBJECTIONS.
Status: in_force

PART 5.

DEFAULT

28-12-514. Waiver of lessee's objections. (1) In rejecting goods, a lessee's failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default:

(a) If, stated seasonably, the lessor or the supplier could have cured it (section 28-12-513); or

(b) Between merchants if the lessor or the supplier after rejection has made a request in writing for a full and final written statement of all defects on which the lessee proposes to rely.

(2) A lessee's failure to reserve rights when paying rent or other consideration against documents precludes recovery of the payment for defects apparent in the documents.

History:

[28-12-514, added 1993, ch. 287, sec. 1, p. 1005; am. 2004, ch. 42, sec. 16, p. 112.]
Idaho Code § 28-43-301 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-301
28-43-301 SECURITY IN SALES.
Status: in_force

PART 3.

LIMITATIONS ON AGREEMENTS AND PRACTICES IN REGULATED CONSUMER CREDIT TRANSACTIONS

28-43-301. Security in sales. (1) With respect to a regulated consumer credit sale, a seller may take a security interest in the property sold. In addition, a seller may take a security interest in goods upon which services are performed or in which goods sold are installed or to which they are annexed, or in land to which the goods are affixed or which is maintained, repaired or improved as a result of the sale of the goods or services, if in the case of a security interest in land the debt secured is one thousand dollars ($1,000) or more, or, in the case of a security interest in goods, the debt secured is one hundred dollars ($100) or more. Except as provided with respect to cross-collateral, section 28-43-302, Idaho Code, a seller may not otherwise take a security interest in property to secure the debt arising from a regulated consumer credit sale.

(2) A security interest taken in violation of this section is void.

History:

[28-43-301, added 1983, ch. 119, sec. 3, p. 283.]
Idaho Code § 28-1-307 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-307
28-1-307 PRIMA FACIE EVIDENCE BY THIRD PARTY DOCUMENTS.
Status: in_force

PART 3.

TERRITORIAL APPLICABILITY AND GENERAL RULES

28-1-307. Prima facie evidence by third party documents. A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher's or inspector's certificate, consular invoice, or any other document authorized or required by the contract to be issued by a third party is prima facie evidence of its own authenticity and genuineness and of the facts stated in the document by the third party.

History:

[(28-1-307) 28-1-202, added 1967, ch. 161, sec. 1-202, p. 351; am. and redesig. 2004, ch. 43, sec. 25, p. 151.]
Idaho Code § 28-4-607 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-607
28-4-607 FEDERAL RESERVE REGULATIONS AND OPERATING CIRCULARS.
Status: in_force

PART 6.

FUNDS TRANSFERS

28-4-607. Federal reserve regulations and operating circulars. Regulations of the board of governors of the Federal Reserve System and operating circulars of the Federal Reserve banks supersede any inconsistent provision of this part to the extent of the inconsistency.

History:

[28-4-607, added 1991, ch. 135, sec. 1, p. 299.]
Idaho Code § 28-8-404 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-404
28-8-404 WRONGFUL REGISTRATION.
Status: in_force

PART 4.

REGISTRATION

28-8-404. Wrongful registration. (1) Except as otherwise provided in section 28-8-406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered:

(a) Pursuant to an ineffective indorsement or instruction;

(b) After a demand that the issuer not register transfer became effective under section 28-8-403(1), and the issuer did not comply with section 28-8-403(2);

(c) After the issuer had been served with an injunction, restraining order, or other legal process enjoining it from registering the transfer, issued by a court of competent jurisdiction, and the issuer had a reasonable opportunity to act on the injunction, restraining order or other legal process; or

(d) By an issuer acting in collusion with the wrongdoer.

(2) An issuer that is liable for wrongful registration of transfer under subsection (1) of this section on demand shall provide the person entitled to the security with a like certificated or uncertificated security, and any payments or distributions that the person did not receive as a result of the wrongful registration. If an overissue would result, the issuer's liability to provide the person with a like security is governed by section 28-8-210.

(3) Except as otherwise provided in subsection (1) of this section or in a law relating to the collection of taxes, an issuer is not liable to an owner or other person suffering loss as a result of the registration of a transfer of a security if registration was made pursuant to an effective indorsement or instruction.

History:

[28-8-404, added 1995, ch. 272, sec. 2, p. 893.]
Idaho Code § 28-5-112 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-112
28-5-112 TRANSFER OF LETTER OF CREDIT.
Status: in_force

28-5-112. Transfer of letter of credit. (1) Except as otherwise provided in section 28-5-113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred.

(2) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:

(a) the transfer would violate applicable law, or

(b) the transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in section 28-5-108(5) or is otherwise reasonable under the circumstances.

History:

[28-5-112, added 1996, ch. 7, sec. 2, p. 15.]
Idaho Code § 28-9-341 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-341
28-9-341 BANK'S RIGHTS AND DUTIES WITH RESPECT TO DEPOSIT ACCOUNT.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-341. Bank's rights and duties with respect to deposit account. Except as otherwise provided in section 28-9-340(c), and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended or modified by:

(1) The creation, attachment or perfection of a security interest in the deposit account;

(2) The bank's knowledge of the security interest; or

(3) The bank's receipt of instructions from the secured party.

History:

[28-9-341, added 2001, ch. 208, sec. 2, p. 755.]
Idaho Code § 28-1-105 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-105
28-1-105 SEVERABILITY.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-1-105. Severability. If any provision or clause of the uniform commercial code or its application to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of the uniform commercial code which can be given effect without the invalid provision or application, and to this end the provisions of the uniform commercial code are severable.

History:

[(28-1-105) 28-1-108, added 1967, ch. 161, sec. 1-108, p. 351; am. and redesig. 2004, ch. 43, sec. 7, p. 139.]
Idaho Code § 28-2-210 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-210
28-2-210 DELEGATION OF PERFORMANCE — ASSIGNMENT OF RIGHTS.
Status: in_force

PART 2.

FORM, FORMATION AND READJUSTMENT OF CONTRACT

28-2-210. Delegation of performance — Assignment of rights. (1) A party may perform his duty through a delegate unless otherwise agreed or unless the other party has a substantial interest in having his original promisor perform or control the acts required by the contract. No delegation of performance relieves the party delegating of any duty to perform or any liability for breach.

(2) Except as otherwise provided in section 28-9-406, unless otherwise agreed, all rights of either seller or buyer can be assigned except where the assignment would materially change the duty of the other party, or increase materially the burden or risk imposed on him by his contract, or impair materially his chance of obtaining return performance. A right to damages for breach of the whole contract or a right arising out of the assignor's due performance of his entire obligation can be assigned despite agreement otherwise.

(3) The creation, attachment, perfection or enforcement of a security interest in the seller's interest under a contract is not a transfer that materially changes the duty of or increases materially the burden or risk imposed on the buyer or impairs materially the buyer's chance of obtaining return performance within the purview of subsection (2) of this section unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the seller. Even in that event, the creation, attachment, perfection and enforcement of the security interest remain effective, but: (i) the seller is liable to the buyer for damages caused by the delegation to the extent that the damages could not reasonably be prevented by the buyer; and (ii) a court having jurisdiction may grant other appropriate relief, including cancellation of the contract for sale or an injunction against enforcement of the security interest or consummation of the enforcement.

(4) Unless the circumstances indicate the contrary, a prohibition of assignment of "the contract" is to be construed as barring only the delegation to the assignee of the assignor's performance.

(5) An assignment of "the contract" or of "all my rights under the contract" or an assignment in similar general terms is an assignment of rights and unless the language or the circumstances, as in an assignment for security, indicate the contrary, it is a delegation of performance of the duties of the assignor and its acceptance by the assignee constitutes a promise by him to perform those duties. This promise is enforceable by either the assignor or the other party to the original contract.

(6) The other party may treat any assignment which delegates performance as creating reasonable grounds for insecurity and may without prejudice to his rights against the assignor demand assurances from the assignee (section 28-2-609).

History:

[28-2-210, added 1967, ch. 161, sec. 2-210, p. 351; am. 2001, ch. 208, sec. 6, p. 807.]
Idaho Code § 28-41-104 — Idaho Code / Title 28 / Chapter 41 / Section 28-41-104
28-41-104 CONSTRUCTION AGAINST IMPLICIT REPEAL.
Status: in_force

PART 1.

SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS

28-41-104. Construction against implicit repeal. This act being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.

History:

[28-41-104, added 1983, ch. 119, sec. 3, p. 265.]
Idaho Code § 28-43-402 — Idaho Code / Title 28 / Chapter 43 / Section 28-43-402
28-43-402 BUYER'S RIGHT TO CANCEL.
Status: in_force

PART 4.

HOME SOLICITATION SALES

28-43-402. Buyer's right to cancel. (1) In addition to any right otherwise to revoke an offer, the buyer may cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase which complies with this part 4.

(2) Cancellation occurs when the buyer gives written notice of cancellation to the seller at the address stated in the agreement or offer to purchase.

(3) Notice of cancellation, if given by mail, is given when it is properly addressed with postage prepaid and deposited in a mailbox.

(4) Notice of cancellation given by the buyer need not take a particular form and is sufficient if it indicates by any form of written expression the intention of the buyer not to be bound by the home solicitation sale.

History:

[28-43-402, added 1983, ch. 119, sec. 3, p. 286.]
Idaho Code § 28-3-301 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-301
28-3-301 PERSON ENTITLED TO ENFORCE INSTRUMENT.
Status: in_force

PART 3.

ENFORCEMENT OF INSTRUMENTS

28-3-301. Person entitled to enforce instrument. "Person entitled to enforce" an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the rights of a holder, or (iii) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to section 28-3-309 or 28-3-418(4). A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument.

History:

[28-3-301, added 1993, ch. 288, sec. 2, p. 1032.]
Idaho Code § 28-7-205 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-205
28-7-205 TITLE UNDER WAREHOUSE RECEIPT DEFEATED IN CERTAIN CASES.
Status: in_force

PART 2.

WAREHOUSE RECEIPTS — SPECIAL PROVISIONS

28-7-205. Title under warehouse receipt defeated in certain cases. A buyer in ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling such goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable and has been duly negotiated.

History:

[28-7-205, added 2004, ch. 42, sec. 2, p. 84.]
Idaho Code § 28-41-204 — Idaho Code / Title 28 / Chapter 41 / Section 28-41-204
28-41-204 APPLICABILITY.
Status: in_force

PART 2.

SCOPE AND JURISDICTION

28-41-204. Applicability. This act shall apply only to credit transactions for a consumer purpose, except for the following parts, chapters and sections, which shall apply to credit transactions for any and all purposes:

(1) Part 1, chapter 41, title 28, Idaho Code;

(2) Section 28-41-202, Idaho Code;

(3) Section 28-41-203, Idaho Code;

(4) Section 28-41-204, Idaho Code;

(5) Part 3, chapter 41, title 28, Idaho Code;

(6) Part 2, chapter 42, title 28, Idaho Code;

(7) Section 28-42-308, Idaho Code;

(8) Part 4, chapter 42, title 28, Idaho Code;

(9) Section 28-45-109, Idaho Code; and

(10) Chapter 49, title 28, Idaho Code.

No provisions of this act other than those specified in subsections (1) through (10) of this section shall limit, expand or otherwise affect the powers, rights, duties or obligations of creditors or debtors in credit transactions for a business purpose.

History:

[28-41-204, added 1983, ch. 119, sec. 3, p. 268; am. 1994, ch. 185, sec. 5, p. 606.]
Idaho Code § 28-5-119 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-119
28-5-119 SAVINGS CLAUSE.
Status: in_force

28-5-119. Savings clause. A transaction arising out of or associated with a letter of credit that was issued before the effective date of this act and the rights, obligations, and interests flowing from that transaction are governed by any statute or other law amended or repealed by this act as if repeal or amendment had not occurred and may be terminated, completed, consummated, or enforced under that statute or other law.

History:

[28-5-119, added 1996, ch. 7, sec. 2, p. 18.]
Idaho Code § 28-7-505 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-505
28-7-505 INDORSER NOT GUARANTOR FOR OTHER PARTIES.
Status: in_force

PART 5.

WAREHOUSE RECEIPTS AND BILLS OF LADING — NEGOTIATION AND TRANSFER

28-7-505. Indorser not guarantor for other parties. The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or previous indorsers.

History:

[28-7-505, added 2004, ch. 42, sec. 2, p. 95.]
Idaho Code § 28-7-506 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-506
28-7-506 DELIVERY WITHOUT INDORSEMENT — RIGHT TO COMPEL INDORSEMENT.
Status: in_force

PART 5.

WAREHOUSE RECEIPTS AND BILLS OF LADING — NEGOTIATION AND TRANSFER

28-7-506. Delivery without indorsement — Right to compel indorsement. The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary indorsement, but the transfer becomes a negotiation only as of the time the indorsement is supplied.

History:

[28-7-506, added 2004, ch. 42, sec. 2, p. 95.]
Idaho Code § 28-7-302 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-302
28-7-302 THROUGH BILLS OF LADING AND SIMILAR DOCUMENTS OF TITLE.
Status: in_force

PART 3.

BILLS OF LADING — SPECIAL PROVISIONS

28-7-302. Through bills of lading and similar documents of title. (a) The issuer of a through bill of lading, or other document of title embodying an undertaking to be performed in part by a person acting as its agent or by a performing carrier, is liable to any person entitled to recover on the bill or other document for any breach by the other person or the performing carrier of its obligation under the bill or other document. However, to the extent that the bill or other document covers an undertaking to be performed overseas or in territory not contiguous to the continental United States or an undertaking including matters other than transportation, this liability for breach by the other person or the performing carrier may be varied by agreement of the parties.

(b) If goods covered by a through bill of lading or other document of title embodying an undertaking to be performed in part by a person other than the issuer are received by that person, the person is subject, with respect to its own performance while the goods are in its possession, to the obligation of the issuer. The person's obligation is discharged by delivery of the goods to another person pursuant to the bill or other document and does not include liability for breach by any other person or by the issuer.

(c) The issuer of a through bill of lading or other document of title described in subsection (a) of this section is entitled to recover from the performing carrier, or other person in possession of the goods when the breach of the obligation under the bill or other document occurred:

(1) The amount it may be required to pay to any person entitled to recover on the bill or other document for the breach, as may be evidenced by any receipt, judgment, or transcript of judgment; and

(2) The amount of any expense reasonably incurred by the issuer in defending any action commenced by any person entitled to recover on the bill or other document for the breach.

History:

[28-7-302, added 2004, ch. 42, sec. 2, p. 88.]
Idaho Code § 28-44-102 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-102
28-44-102 SCOPE — RELATION TO CREDIT INSURANCE ACT — APPLICABILITY TO PARTIES.
Status: in_force

PART 1.

INSURANCE IN GENERAL

28-44-102. Scope — Relation to Credit Insurance Act — Applicability to parties. (1) Except as provided in subsection (2) of this section, this chapter applies to insurance provided or to be provided in relation to a regulated consumer credit transaction, as defined in section 28-41-301, Idaho Code.

(2) The provision on cancellation by a creditor, section 28-44-304, Idaho Code, applies to loans the primary purpose of which is the financing of insurance. No other provision of this chapter applies to insurance so financed.

(3) This chapter supplements and does not repeal the credit insurance act, chapter 23, title 41, Idaho Code. The provisions of this act concerning administrative controls, liabilities, and penalties do not apply to persons acting as insurers, as defined by title 41, Idaho Code, or rules prescribed by the director of the department of insurance.

History:

[28-44-102, added 1983, ch. 119, sec. 3, p. 287; am. 2013, ch. 54, sec. 11, p. 120.]
Idaho Code § 28-1-106 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-106
28-1-106 USE OF SINGULAR AND PLURAL — GENDER.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-1-106. Use of singular and plural — Gender. In the uniform commercial code, unless the statutory context otherwise requires:

(1) Words in the singular number include the plural, and those in the plural include the singular; and

(2) Words of any gender also refer to any other gender.

History:

[28-1-106, added 2004, ch. 43, sec. 8, p. 139.]
Idaho Code § 28-46-407 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-407
28-46-407 SUSPENSION OR REVOCATION OF LICENSE.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-407. Suspension or revocation of license. (1) The administrator may, after notice and hearing, suspend or revoke any license if the administrator finds that the licensee:

(a) Has knowingly or through the lack of due care failed to pay any fee imposed by the administrator under the authority of this act;

(b) Has committed any fraud, engaged in any dishonest activities or made any misrepresentations;

(c) Has violated any provision of this act or any rule or order lawfully made pursuant to this act or has violated any other law in the course of the licensee's dealing as a licensee;

(d) Has made a materially false statement in the application for the license or failed to give a true reply to a question in the application; or

(e) Has demonstrated incompetence or untrustworthiness to act as a licensee.

(2) If the reason for revocation or suspension of a licensee's license at any one (1) location is of general application to all locations operated by a licensee, the administrator may revoke or suspend all licenses issued to a licensee.

History:

[28-46-407, added 2003, ch. 182, sec. 1, p. 493; am. 2006, ch. 122, sec. 15, p. 355.]
Idaho Code § 28-9-516 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-516
28-9-516 WHAT CONSTITUTES FILING — EFFECTIVENESS OF FILING.
Status: in_force

PART 5.

FILING

28-9-516. What constitutes filing — Effectiveness of filing. (a) Except as otherwise provided in subsection (b) of this section, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing.

(b) Filing does not occur with respect to a record that a filing office refuses to accept because:

(1) The record is not communicated by a method or medium of communication authorized by the filing office;

(2) An amount equal to or greater than the applicable filing fee is not tendered;

(3) The filing office is unable to index the record because:

(A) in the case of an initial financing statement, the record does not provide a name for the debtor;

(B) in the case of an amendment or information statement, the record:

(i) does not identify the initial financing statement as required by section 28-9-512 or 28-9-518, Idaho Code, as applicable; or

(ii) identifies an initial financing statement whose effectiveness has lapsed under section 28-9-515, Idaho Code;

(C) in the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or

(D) in the case of a record filed, or recorded, in the filing office described in section 28-9-501(a)(1), Idaho Code, the record does not provide a sufficient description of the real property to which it relates;

(4) In the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record;

(5) In the case of an initial financing statement or an amendment that provides a name of a debtor which was not previously provided in the financing statement to which the amendment relates, except for financing statements covering farm products and amendments of such financing statements, the record does not:

(A) provide a mailing address for the debtor; or

(B) indicate whether the name provided as the name of the debtor is the name of an individual or an organization;

(6) In the case of an assignment reflected in an initial financing statement under section 28-9-514(a), Idaho Code, or an amendment filed under section 28-9-514(b), Idaho Code, the record does not provide a name and mailing address for the assignee;

(7) In the case of a continuation statement, the record is not filed within the six (6) month period prescribed by section 28-9-515(d), Idaho Code;

(8) In the case of a financing statement covering farm products, the financing statement does not contain all of the information specified in section 28-9-502(e), Idaho Code, and does not conform to the official form for farm products financing statements published by the secretary of state; or

(9) In the case of an amendment or correction statement relating to a financing statement covering farm products, the amendment or correction statement does not conform to the official form for amendment or correction statements relating to financing statements covering farm products published by the secretary of state.

(10) The filing office is prohibited from accepting the filing pursuant to the provisions of section 28-9-516A, Idaho Code.

(c) For purposes of subsection (b) of this section:

(1) A record does not provide information if the filing office is unable to read or decipher the information; and

(2) A record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by section 28-9-512, 28-9-514 or 28-9-518, Idaho Code, is an initial financing statement.

(d) A record that is communicated to the filing office with tender of the filing fee, but which the filing office refuses to accept for a reason other than one set forth in subsection (b) of this section, is effective as a filed record except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files.

History:

[28-9-516, added 2001, ch. 208, sec. 2, p. 769; am. 2004, ch. 304, sec. 1, p. 852; am. 2012, ch. 145, sec. 14, p. 402.]
Idaho Code § 28-23-110 — Idaho Code / Title 28 / Chapter 23 / Section 28-23-110
28-23-110 PENALTY FOR FAILURE TO GIVE NOTICE OR OBTAIN CONSENT.
Status: in_force

28-23-110. Penalty for failure to give notice or obtain consent. In the event that any manufacturer, wholesaler or distributor of farm implements, equipment, machinery, attachments and repair parts fails to give notice or obtain consent pursuant to section 28-23-108, Idaho Code, or fails or refuses to comply with section 28-23-109, Idaho Code, the guaranty or security agreement thereby affected will be deemed cancelled and terminated.

History:

[28-23-110, added 1975, ch. 97, sec. 10, p. 197; am. 2011, ch. 270, sec. 9, p. 734.]
Idaho Code § 28-50-113 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-113
28-50-113 ADMISSIBILITY IN EVIDENCE.
Status: in_force

28-50-113. Admissibility in evidence. In a proceeding, evidence of a record or signature may not be excluded solely because it is in electronic form.

History:

[28-50-113, added 2000, ch. 286, sec. 1, p. 965.]
Idaho Code § 28-42-101 — Idaho Code / Title 28 / Chapter 42 / Section 28-42-101
28-42-101 SHORT TITLE.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-42-101. Short title. This chapter shall be known and may be cited as the Idaho Credit Code — Finance Charges and Related Provisions.

History:

[28-42-101, added 1983, ch. 119, sec. 3, p. 275.]
Idaho Code § 28-3-505 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-505
28-3-505 EVIDENCE OF DISHONOR.
Status: in_force

PART 5.

PRESENTMENT, NOTICE OF DISHONOR AND PROTEST

28-3-505. Evidence of dishonor. (1) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated:

(a) A document regular in form as provided in subsection (2) of this section which purports to be a protest;

(b) A purported stamp or writing of the drawee, payor bank or presenting bank on or accompanying the instrument stating that acceptance or payment has been refused unless reasons for the refusal are stated and the reasons are not consistent with dishonor;

(c) A book or record of the drawee, payor bank or collecting bank, kept in the usual course of business which shows dishonor, even if there is no evidence of who made the entry.

(2) A protest is a certificate of dishonor made by a United States consul or vice consul, or a notary public or other person authorized to administer oaths by the law of the place where dishonor occurs. It may be made upon information satisfactory to that person. The protest must identify the instrument and certify either that presentment has been made or, if not made, the reason why it was not made, and that the instrument has been dishonored by nonacceptance or nonpayment. The protest may also certify that notice of dishonor has been given to some or all parties.

History:

[28-3-505, added 1993, ch. 288, sec. 2, p. 1050.]
Idaho Code § 28-9-707 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-707
28-9-707 AMENDMENT OF PREEFFECTIVE-DATE FINANCING STATEMENT.
Status: in_force

PART 7.

TRANSITION

28-9-707. Amendment of preeffective-date financing statement. A person may file an initial financing statement or a continuation statement under this part if:

(a) In this section, "preeffective-date financing statement" means a financing statement filed before July 1, 2001.

(b) After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in part 3. However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.

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

(1) The preeffective-date financing statement and an amendment are filed in the office specified in section 28-9-501;

(2) An amendment is filed in the office specified in section 28-9-501, concurrently with, or after the filing in that office of, an initial financing statement that satisfies the provisions of subsection (c) of section 28-9-706; or

(3) An initial financing statement that provides the information as amended and satisfies the provisions of subsection (c) of section 28-9-706, is filed in the office specified in section 28-9-501.

(d) If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only pursuant to the provisions of subsections (d) and (f) of section 28-9-705, or section 28-9-706.

(e) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this state may be terminated by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies the provisions of subsection (c) of section 28-9-706, has been filed in the office specified by the law of the jurisdiction governing perfection as provided in part 3 as the office in which to file a financing statement.

History:

[28-9-707, added 2001, ch. 208, sec. 2, p. 799; am. 2004, ch. 304, sec. 2, p. 854.]
Idaho Code § 28-9-808 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-808
28-9-808 PERSON ENTITLED TO FILE INITIAL FINANCING STATEMENT OR CONTINUATION STATEMENT.
Status: in_force

PART 8.

TRANSITION PROVISIONS FOR 2011 AMENDMENTS

28-9-808. person entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this part if:

(1) The secured party of record authorizes the filing; and

(2) The filing is necessary under this part:

(A) to continue the effectiveness of a financing statement filed before this act takes effect; or

(B) to perfect or continue the perfection of a security interest.

History:

[28-9-808, added 2012, ch. 145, sec. 20, p. 412.]
Idaho Code § 28-4-211 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-211
28-4-211 WHEN BANK GIVES VALUE FOR PURPOSES OF HOLDER IN DUE COURSE.
Status: in_force

PART 2.

COLLECTION OF ITEMS — DEPOSITARY AND COLLECTING BANKS

28-4-211. When bank gives value for purposes of holder in due course. For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of section 28-3-302 on what constitutes a holder in due course.

History:

[(28-4-211) 1967, ch. 161, sec. 4-209, p. 351; am. and redesig. 1993, ch. 288, sec. 26, p. 1063.]
Idaho Code § 28-9-339 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-339
28-9-339 PRIORITY SUBJECT TO SUBORDINATION.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-339. Priority subject to subordination. This article does not preclude subordination by agreement by a person entitled to priority.

History:

[28-9-339, added 2001, ch. 208, sec. 2, p. 755.]
Idaho Code § 28-24-104C — Idaho Code / Title 28 / Chapter 24 / Section 28-24-104C
28-24-104C AUDIT OF WARRANTY CLAIMS.
Status: in_force

PART 1.

AGREEMENTS BETWEEN SUPPLIERS AND DEALERS OF FARM EQUIPMENT

28-24-104C. Audit of warranty claims. A supplier may not audit a dealer's records with respect to any warranty claim submitted more than two (2) years before the date of the audit.

History:

[28-24-104C, added 2005, ch. 238, sec. 9, p. 740.]
Idaho Code § 28-2-603 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-603
28-2-603 MERCHANT BUYER'S DUTIES AS TO RIGHTFULLY REJECTED GOODS.
Status: in_force

PART 6.

BREACH, REPUDIATION AND EXCUSE

28-2-603. Merchant buyer's duties as to rightfully rejected goods. (1) Subject to any security interest in the buyer (subsection (3) of section 28-2-711), when the seller has no agent or place of business at the market of rejection a merchant buyer is under a duty after rejection of goods in his possession or control to follow any reasonable instructions received from the seller with respect to the goods and in the absence of such instructions to make reasonable efforts to sell them for the seller's account if they are perishable or threaten to decline in value speedily. Instructions are not reasonable if on demand indemnity for expenses is not forthcoming.

(2) When the buyer sells goods under subsection (1), he is entitled to reimbursement from the seller or out of the proceeds for reasonable expenses of caring for and selling them, and if the expenses include no selling commission then to such commission as is usual in the trade or if there is none to a reasonable sum not exceeding ten per cent (10%) on the gross proceeds.

(3) In complying with this section the buyer is held only to good faith and good faith conduct hereunder is neither acceptance nor conversion nor the basis of an action for damages.

History:

[28-2-603, added 1967, ch. 161, sec. 2-603, p. 351.]
Idaho Code § 28-4-405 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-405
28-4-405 DEATH OR INCOMPETENCE OF CUSTOMER.
Status: in_force

PART 4.

RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER

28-4-405. Death or incompetence of customer. (1) A payor or collecting bank's authority to accept, pay or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it.

(2) Even with knowledge, a bank may for ten (10) days after the date of death pay or certify checks drawn on or before that date unless ordered to stop payment by a person claiming an interest in the account.

History:

[28-4-405, added 1967, ch. 161, sec. 4-405, p. 351; am. 1993, ch. 288, sec. 39, p. 1070.]
Idaho Code § 28-8-510 — Idaho Code / Title 28 / Chapter 8 / Section 28-8-510
28-8-510 RIGHTS OF PURCHASER OF SECURITY ENTITLEMENT FROM ENTITLEMENT HOLDER.
Status: in_force

PART 5.

SECURITY ENTITLEMENTS

28-8-510. Rights of purchaser of security entitlement from entitlement holder. (1) In a case not covered by the priority rules in chapter 9, title 28, Idaho Code, or the rules stated in subsection (3) of this section, an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest therein, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.

(2) If an adverse claim could not have been asserted against an entitlement holder under section 28-8-502, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder.

(3) In a case not covered by the priority rules in chapter 9, title 28, Idaho Code, a purchaser for value of a security entitlement, or an interest therein, who obtains control has priority over a purchaser of a security entitlement, or an interest therein, who does not obtain control. Except as otherwise provided in subsection (4) of this section, purchasers who have control rank according to priority in time of:

(a) The purchaser's becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under section 28-8-106(4)(a);

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

(c) If the purchaser obtained control through another person under section 28-8-106(4)(c), the time on which priority would be based under this subsection if the other person were the secured party.

(4) A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary.

History:

[28-8-510, added 1995, ch. 272, sec. 2, p. 899; am. 2001, ch. 208, sec. 19, p. 815.]
Idaho Code § 28-3-402 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-402
28-3-402 SIGNATURE BY REPRESENTATIVE.
Status: in_force

PART 4.

LIABILITY OF PARTIES

28-3-402. Signature by representative. (1) If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent the represented person would be bound if the signature were on a simple contract. If the represented person is bound, the signature of the representative is the "authorized signature of the represented person" and the represented person is liable on the instrument, whether or not identified in the instrument.

(2) If a representative signs the name of the representative to an instrument and the signature is an authorized signature of the represented person, the following rules apply:

(a) If the form of the signature shows unambiguously that the signature is made on behalf of the represented person who is identified in the instrument, the representative is not liable on the instrument.

(b) Subject to subsection (3) of this section, if (i) the form of the signature does not show unambiguously that the signature is made in a representative capacity, or (ii) the represented person is not identified in the instrument, the representative is liable on the instrument to a holder in due course that took the instrument without notice that the representative was not intended to be liable on the instrument. With respect to any other person, the representative is liable on the instrument unless the representative proves that the original parties did not intend the representative to be liable on the instrument.

(3) If a representative signs the name of the representative as drawer of a check without indication of the representative status and the check is payable from an account of the represented person who is identified on the check, the signer is not liable on the check if the signature is an authorized signature of the represented person.

History:

[28-3-402, added 1993, ch. 288, sec. 2, p. 1038.]
Idaho Code § 28-24-101 — Idaho Code / Title 28 / Chapter 24 / Section 28-24-101
28-24-101 LEGISLATIVE FINDINGS AND INTENT.
Status: in_force

PART 1.

AGREEMENTS BETWEEN SUPPLIERS AND DEALERS OF FARM EQUIPMENT

28-24-101. Legislative findings and intent. The legislature of this state finds that the retail distribution and sale of agricultural equipment, outdoor power equipment, industrial equipment and construction equipment utilizing independent retail businesses operating under agreements with the manufacturers and distributors thereof, vitally affects the general economy of the state, public interests and public welfare and that it is necessary to regulate the business relations between independent dealers and the equipment manufacturers, wholesalers and distributors.

History:

[28-24-101, added 1990, ch. 267, sec. 1, p. 750; am. 2011, ch. 270, sec. 13, p. 734.]
Idaho Code § 28-50-119 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-119
28-50-119 INTEROPERABILITY.
Status: in_force

28-50-119. Interoperability. The governmental agency of this state which adopts standards pursuant to section 28-50-118, Idaho Code, may encourage and promote consistency and interoperability with similar requirements adopted by other governmental agencies of this and other states and the federal government and nongovernmental persons interacting with governmental agencies of this state. If appropriate, those standards may specify differing levels of standards from which governmental agencies of this state may choose in implementing the most appropriate standard for a particular application.

History:

[28-50-119, added 2000, ch. 286, sec. 1, p. 968.]
Idaho Code § 28-5-105 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-105
28-5-105 CONSIDERATION.
Status: in_force

28-5-105. Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.

History:

[28-5-105, added 1996, ch. 7, sec. 2, p. 11.]
Idaho Code § 28-9-606 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-606
28-9-606 TIME OF DEFAULT FOR AGRICULTURAL LIEN.
Status: in_force

PART 6.

DEFAULT

28-9-606. Time of default for agricultural lien. For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.

History:

[28-9-606, added 2001, ch. 208, sec. 2, p. 782.]
Idaho Code § 28-12-217 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-217
28-12-217 IDENTIFICATION.
Status: in_force

PART 2.

FORMATION AND CONSTRUCTION OF LEASE CONTRACT

28-12-217. Identification. Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement, identification occurs:

(1) When the lease contract is made, if the lease contract is for a lease of goods that are existing and identified;

(2) When the goods are shipped, marked or otherwise designated by the lessor as goods to which the lease contract refers, if the lease contract is for a lease of goods that are not existing and identified; or

(3) When the young are conceived, if the lease contract is for a lease of unborn young of animals.

History:

[28-12-217, added 1993, ch. 287, sec. 1, p. 988.]
Idaho Code § 28-50-116 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-116
28-50-116 TRANSFERABLE RECORD.
Status: in_force

28-50-116. Transferable record. (a) In this section, "transferable record" means an electronic record that:

(1) Would be a note under chapter 3, title 28, Idaho Code (uniform commercial code — negotiable instruments) or a document under chapter 7, title 28, Idaho Code (uniform commercial code — documents of title) if the electronic record were in writing; and

(2) The issuer of the electronic record expressly has agreed is a transferable record.

(b) A person has control of a transferable record if a system employed for evidencing the transfer of interests in the transferable record reliably establishes that person as the person to which the transferable record was issued or transferred.

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

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

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

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

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

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

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

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

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

(d) Except as otherwise agreed, a person having control of a transferable record is the holder, as defined in section 28-1-201(b)(21), Idaho Code, of the transferable record and has the same rights and defenses as a holder of an equivalent record or writing under chapters 1 through 12, title 28, Idaho Code (uniform commercial code), including, if the applicable statutory requirements under section 28-3-302(1), 28-7-501 or 28-9-330, Idaho Code, are satisfied, the rights and defenses of a holder in due course, a holder to which a negotiable document of title has been duly negotiated, or a purchaser, respectively. Delivery, possession and indorsement are not required to obtain or exercise any of the rights under this subsection.

(e) Except as otherwise agreed, an obligor under a transferable record has the same rights and defenses as an equivalent obligor under equivalent records or writings under chapters 1 through 12, title 28, Idaho Code (uniform commercial code).

(f) If requested by a person against which enforcement is sought, the person seeking to enforce the transferable record shall provide reasonable proof that the person is in control of the transferable record. Proof may include access to the authoritative copy of the transferable record and related business records sufficient to review the terms of the transferable record and to establish the identity of the person having control of the transferable record.

History:

[28-50-116, added 2000, ch. 286, sec. 1, p. 966; am. 2001, ch. 208, sec. 24, p. 823; am. 2004, ch. 42, sec. 35, p. 134; am. 2004, ch. 43, sec. 44, p. 164.]
Idaho Code § 28-9-515 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-515
28-9-515 DURATION AND EFFECTIVENESS OF FINANCING STATEMENT — EFFECT OF LAPSED FINANCING STATEMENT.
Status: in_force

PART 5.

FILING

28-9-515. Duration and effectiveness of financing statement — Effect of lapsed financing statement. (a) Except as otherwise provided in section 28-9-705(g), Idaho Code, and subsections (b), (e), (f) and (g) of this section, a filed financing statement is effective for a period of five (5) years after the date of filing.

(b) Except as otherwise provided in subsections (e), (f) and (g) of this section, an initial financing statement filed in connection with a public finance transaction or manufactured home transaction is effective for a period of thirty (30) years after the date of filing if it indicates that it is filed in connection with a public finance transaction or manufactured home transaction.

(c) The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (d) of this section. Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.

(d) Except as otherwise provided in section 28-9-705(g), Idaho Code, a continuation statement may be filed only within six (6) months before the expiration of the five (5) year period specified in subsection (a) of this section or the thirty (30) year period specified in subsection (b) of this section, whichever is applicable.

(e) Except as otherwise provided in sections 28-9-510 and 28-9-705(g), Idaho Code, upon timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of five (5) years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the five (5) year period, the financing statement lapses in the same manner as provided in subsection (c) of this section, unless, before the lapse, another continuation statement is filed pursuant to subsection (d) of this section. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.

(f) If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed.

(g) A record of a mortgage that is effective as a financing statement filed as a fixture filing under section 28-9-502(c), Idaho Code, remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.

History:

[28-9-515, added 2001, ch. 208, sec. 2, p. 768; am. 2002, ch. 107, sec. 4, p. 302; am. 2012, ch. 145, sec. 13, p. 401.]
Idaho Code § 28-12-102 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-102
28-12-102 SCOPE.
Status: in_force

PART 1.

GENERAL PROVISIONS

28-12-102. Scope. This chapter applies to any transaction, regardless of form, that creates a lease.

History:

[28-12-102, added 1993, ch. 287, sec. 1, p. 978.]
Idaho Code § 28-5-117 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-117
28-5-117 SUBROGATION OF ISSUER, APPLICANT, AND NOMINATED PERSON.
Status: in_force

28-5-117. Subrogation of issuer, applicant, and nominated person. (1) An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issuer were the secondary obligor of the underlying obligation owed to the applicant.

(2) An applicant that reimburses an issuer is subrogated to the rights of the issuer against any beneficiary, presenter, or nominated person to the same extent as if the applicant were the secondary obligor of the obligations owed to the issuer and has the rights of subrogation of the issuer to the rights of the beneficiary stated in subsection (1) of this section.

(3) A nominated person who pays or gives value against a draft or demand presented under a letter of credit is subrogated to the rights of:

(a) the issuer against the applicant to the same extent as if the nominated person were a secondary obligor of the obligation owed to the issuer by the applicant,

(b) the beneficiary to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the beneficiary, and

(c) the applicant to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the applicant.

(4) Notwithstanding any agreement or term to the contrary, the rights of subrogation stated in subsections (1) and (2) of this section do not arise until the issuer honors the letter of credit or otherwise pays and the rights in subsection (3) of this section do not arise until the nominated person pays or otherwise gives value. Until then, the issuer, nominated person, and the applicant do not derive under this section present or prospective rights forming the basis of a claim, defense, or excuse.

History:

[28-5-117, added 1996, ch. 7, sec. 2, p. 18.]
Idaho Code § 28-41-106 — Idaho Code / Title 28 / Chapter 41 / Section 28-41-106
28-41-106 WAIVER — AGREEMENT TO FORGO RIGHTS — SETTLEMENT OF CLAIMS.
Status: in_force

PART 1.

SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS

28-41-106. Waiver — Agreement to forgo rights — Settlement of claims. (1) Except as otherwise provided in this act, a debtor may not waive or agree to forgo rights or benefits under this act.

(2) A claim by a debtor against a creditor for an excess charge, other violation of this act, or civil penalty, or a claim against a debtor for default or breach of a duty imposed by this act, if disputed in good faith, may be settled by agreement.

(3) A claim, whether or not disputed, against a debtor may be settled for less value than the amount claimed.

(4) A settlement in which the debtor waives or agrees to forgo rights or benefits under this act is invalid if the court, as a matter of law, finds the settlement to have been unconscionable at the time it was made. The competence of the debtor, any deception or coercion practiced upon him, the nature and extent of the legal advice received by him, and the value of the consideration are relevant to the issue of unconscionability.

(5) Title 41, Idaho Code, shall not apply to an agreement by a creditor or lessor, with or without consideration, to forgive or waive all or any part of a debt or lease obligation following a partial or total loss of the property that is the subject of a loan, credit sale or lease transaction and the forgiveness shall not be considered the transaction of insurance for the purposes of the Idaho credit code.

History:

[28-41-106, added 1983, ch. 119, sec. 3, p. 265; am. 2000, ch. 175, sec. 1, p. 443; am. 2015, ch. 244, sec. 15, p. 1016.]
Idaho Code § 28-7-102 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-102
28-7-102 DEFINITIONS AND INDEX OF DEFINITIONS.
Status: in_force

PART 1.

GENERAL

28-7-102. Definitions and index of definitions. (a) In this chapter, unless the context otherwise requires:

(1) "Bailee" means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them.

(2) "Carrier" means a person that issues a bill of lading.

(3) "Consignee" means a person named in a bill of lading to which or to whose order the bill promises delivery.

(4) "Consignor" means a person named in a bill of lading as the person from which the goods have been received for shipment.

(5) "Delivery order" means a record that contains an order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading.

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

(7) "Goods" means all things that are treated as movable for the purposes of a contract for storage or transportation.

(8) "Issuer" means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. The term includes a person for which an agent or employee purports to act in issuing a document if the agent or employee has real or apparent authority to issue documents, even if the issuer did not receive any goods, the goods were misdescribed, or in any other respect the agent or employee violated the issuer's instructions.

(9) "Person entitled under the document" means the holder, in the case of a negotiable document of title, or the person to which delivery of the goods is to be made by the terms of, or pursuant to instructions in a record under, a nonnegotiable document of title.

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

(11) "Sign" means, with present intent to authenticate or adopt a record:

(A) To execute or adopt a tangible symbol; or

(B) To attach to or logically associate with the record an electronic sound, symbol, or process.

(12) "Shipper" means a person that enters into a contract of transportation with a carrier.

(13) "Warehouse" means a person engaged in the business of storing goods for hire.

(b) Definitions in other chapters applying to this chapter and the sections in which they appear are:

(1) "Contract for sale," section 28-2-106.

(2) "Lessee in ordinary course," section 28-12-103.

(3) "Receipt" of goods, section 28-2-103.

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

History:

[28-7-102, added 2004, ch. 42, sec. 2, p. 80.]
Idaho Code § 28-9-405 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-405
28-9-405 MODIFICATION OF ASSIGNED CONTRACT.
Status: in_force

PART 4.

RIGHTS OF THIRD PARTIES

28-9-405. Modification of assigned contract. (a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (b) through (d) of this section.

(b) Subsection (a) of this section applies to the extent that:

(1) The right to payment or a part thereof under an assigned contract has not been fully earned by performance; or

(2) The right to payment or a part thereof has been fully earned by performance and the account debtor has not received notification of the assignment under section 28-9-406(a).

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

(d) This section does not apply to an assignment of a health care insurance receivable.

History:

[28-9-405, added 2001, ch. 208, sec. 2, p. 757.]
Idaho Code § 28-9-323 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-323
28-9-323 FUTURE ADVANCES.
Status: in_force

PART 3.

PERFECTION AND PRIORITY

28-9-323. Future advances. (a) Except as otherwise provided in subsection (c) of this section, for purposes of determining the priority of a perfected security interest under section 28-9-322(a)(1), perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:

(1) Is made while the security interest is perfected only:

(A) under section 28-9-309 when it attaches; or

(B) temporarily under section 28-9-312(e), (f) or (g); and

(2) Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under section 28-9-309 or 28-9-312(e), (f) or (g).

(b) Except as otherwise provided in subsection (c) of this section, a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than forty-five (45) days after the person becomes a lien creditor unless the advance is made:

(1) Without knowledge of the lien; or

(2) Pursuant to a commitment entered into without knowledge of the lien.

(c) Subsections (a) and (b) of this section do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.

(d) Except as otherwise provided in subsection (e) of this section, a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:

(1) The time the secured party acquires knowledge of the buyer's purchase; or

(2) Forty-five (45) days after the purchase.

(e) Subsection (d) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the forty-five (45) day period.

(f) Except as otherwise provided in subsection (g) of this section, a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:

(1) The time the secured party acquires knowledge of the lease; or

(2) Forty-five (45) days after the lease contract becomes enforceable.

(g) Subsection (f) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five (45) day period.

History:

[28-9-323, added 2001, ch. 208, sec. 2, p. 746.]
Idaho Code § 28-50-101 — Idaho Code / Title 28 / Chapter 50 / Section 28-50-101
28-50-101 SHORT TITLE.
Status: in_force

28-50-101. Short title. This act may be cited as the "Uniform Electronic Transactions Act."

History:

[28-50-101, added 2000, ch. 286, sec. 1, p. 960.]
Idaho Code § 28-2-107 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-107
28-2-107 GOODS TO BE SEVERED FROM REALTY — RECORDING.
Status: in_force

PART 1.

SHORT TITLE, GENERAL CONSTRUCTION AND SUBJECT MATTER

28-2-107. Goods to be severed from realty — Recording. (1) A contract for the sale of minerals or the like (including oil and gas) or a structure or its materials to be removed from realty is a contract for the sale of goods within this chapter if they are to be severed by the seller but until severance a purported present sale thereof which is not effective as a transfer of an interest in land is effective only as a contract to sell.

(2) A contract for the sale apart from the land of growing crops or other things attached to realty and capable of severance without material harm thereto but not described in subsection (1) or of timber to be cut is a contract for the sale of goods within this chapter whether the subject matter is to be severed by the buyer or by the seller even though it forms part of the realty at the time of contracting, and the parties can by identification effect a present sale before severance.

(3) The provisions of this section are subject to any third party rights provided by the law relating to realty records, and the contract for sale may be executed and recorded as a document transferring an interest in land and shall then constitute notice to third parties of the buyer's rights under the contract for sale.

History:

[28-2-107, added 1967, ch. 161, sec. 2-107, p. 351; am. 1979, ch. 299, sec. 2, p. 787.]
Idaho Code § 28-3-117 — Idaho Code / Title 28 / Chapter 3 / Section 28-3-117
28-3-117 OTHER AGREEMENTS AFFECTING INSTRUMENT.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-3-117. Other agreements affecting instrument. Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented or nullified by an agreement under this section, the agreement is a defense to the obligation.

History:

[28-3-117, added 1993, ch. 288, sec. 2, p. 1028.]
Idaho Code § 28-46-408 — Idaho Code / Title 28 / Chapter 46 / Section 28-46-408
28-46-408 REPORTS TO ADMINISTRATOR.
Status: in_force

PART 4.

PAYDAY LOANS

28-46-408. Reports to administrator. Within fifteen (15) days of the occurrence of any of the events listed below, a licensee shall file a written report with the administrator describing such events and their expected impact on the activities of the licensee in the state:

(1) The filing for bankruptcy or reorganization by the licensee;

(2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority;

(3) Any felony indictment of the licensee and, if the licensee is an entity, of any of its members, partners, directors, senior officers or twenty-five percent (25%) or more equity owners;

(4) Any felony conviction of the licensee and, if the licensee is an entity, of any of its members, partners, directors, senior officers or twenty-five percent (25%) or more equity owners; and

(5) Such other events as the administrator may determine and identify by rule.

History:

[28-46-408, added 2003, ch. 182, sec. 1, p. 493.]
Idaho Code § 28-2-713 — Idaho Code / Title 28 / Chapter 2 / Section 28-2-713
28-2-713 BUYER'S DAMAGES FOR NONDELIVERY OR REPUDIATION.
Status: in_force

PART 7.

REMEDIES

28-2-713. Buyer's damages for nondelivery or repudiation. (1) Subject to the provisions of this chapter with respect to proof of market price (section 28-2-723), the measure of damages for nondelivery or repudiation by the seller is the difference between the market price at the time when the buyer learned of the breach and the contract price together with any incidental and consequential damages provided in this chapter (section 28-2-715), but less expenses saved in consequence of the seller's breach.

(2) Market price is to be determined as of the place for tender or, in cases of rejection after arrival or revocation of acceptance, as of the place of arrival.

History:

[28-2-713, added 1967, ch. 161, sec. 2-713, p. 351.]
Idaho Code § 28-7-704 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-704
28-7-704 SAVINGS CLAUSE.
Status: in_force

PART 7.

MISCELLANEOUS PROVISIONS

28-7-704. Savings clause. A document of title issued or a bailment that arises before July 1, 2004, and the rights, obligations, and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this act as if amendment or repeal had not occurred and may be terminated, completed, consummated, or enforced under that statute or other rule.

History:

[28-7-704, added 2004, ch. 42, sec. 2, p. 97.]
Idaho Code § 28-9-609 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-609
28-9-609 SECURED PARTY'S RIGHT TO TAKE POSSESSION AFTER DEFAULT.
Status: in_force

PART 6.

DEFAULT

28-9-609. Secured party's right to take possession after default. (a) After default, a secured party:

(1) May take possession of the collateral; and

(2) Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under section 28-9-610.

(b) A secured party may proceed under subsection (a) of this section:

(1) Pursuant to judicial process; or

(2) Without judicial process, if it proceeds without breach of the peace.

(c) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.

History:

[28-9-609, added 2001, ch. 208, sec. 2, p. 784.]
Idaho Code § 28-12-510 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-510
28-12-510 INSTALLMENT LEASE CONTRACTS — REJECTION AND DEFAULT.
Status: in_force

PART 5.

DEFAULT

28-12-510. Installment lease contracts — Rejection and default. (1) Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defect in the required documents; but if the nonconformity does not fall within the provisions of subsection (2) of this section and the lessor or the supplier gives adequate assurance of its cure, the lessee must accept that delivery.

(2) Whenever nonconformity or default with respect to one (1) or more deliveries substantially impairs the value of the installment lease contract as a whole there is a default with respect to the whole. But, the aggrieved party reinstates the installment lease contract as a whole if the aggrieved party accepts a nonconforming delivery without seasonably notifying of cancellation or brings an action with respect only to past deliveries or demands performance as to future deliveries.

History:

[28-12-510, added 1993, ch. 287, sec. 1, p. 1003.]
Idaho Code § 28-12-306 — Idaho Code / Title 28 / Chapter 12 / Section 28-12-306
28-12-306 PRIORITY OF CERTAIN LIENS ARISING BY OPERATION OF LAW.
Status: in_force

PART 3.

EFFECT OF LEASE CONTRACT

28-12-306. Priority of certain liens arising by operation of law. If a person in the ordinary course of his business furnishes services or materials with respect to goods subject to a lease contract, a lien upon those goods in the possession of that person given by statute or rule of law for those materials or services takes priority over any interest of the lessor or lessee under the lease contract or this chapter unless the lien is created by statute and the statute provides otherwise or unless the lien is created by rule of law and the rule of law provides otherwise.

History:

[28-12-306, added 1993, ch. 287, sec. 1, p. 993.]
Idaho Code § 28-4-205 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-205
28-4-205 DEPOSITARY BANK HOLDER OF UNINDORSED ITEM.
Status: in_force

PART 2.

COLLECTION OF ITEMS — DEPOSITARY AND COLLECTING BANKS

28-4-205. Depositary bank holder of unindorsed item. If a customer delivers an item to a depositary bank for collection:

(1) The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer indorses the item, and, if the bank satisfies the other requirements of section 28-3-302, it is a holder in due course; and

(2) The depositary bank warrants to collecting banks, the payor bank or other payor, and the drawer that the amount of the item was paid to the customer or deposited to the customer's account.

History:

[28-4-205, added 1967, ch. 161, sec. 4-205, p. 351; am. 1993, ch. 288, sec. 19, p. 1060.]
Idaho Code § 28-11-102 — Idaho Code / Title 28 / Chapter 11 / Section 28-11-102
28-11-102 ARTIST-ART DEALER RELATIONSHIP.
Status: in_force

PART 1.

ARTIST AND ART DEALER

28-11-102. Artist-art dealer relationship. Notwithstanding any custom, practice or usage of the trade to the contrary, whenever an artist delivers or causes to be delivered a work of fine art of the artist's own creation to an art dealer in this state for the purpose of exhibition and sale on a commission, fee, or other basis of compensation, the delivery to and acceptance of the work of fine art by the art dealer constitutes a consignment, unless the delivery to the art dealer is pursuant to an outright sale for which the artist receives upon delivery or has received prior to delivery full compensation for the work of fine art.

History:

[28-11-102, added 1987, ch. 127, sec. 1, p. 258.]
Idaho Code § 28-1-310 — Idaho Code / Title 28 / Chapter 1 / Section 28-1-310
28-1-310 SUBORDINATED OBLIGATIONS.
Status: in_force

PART 3.

TERRITORIAL APPLICABILITY AND GENERAL RULES

28-1-310. Subordinated obligations. An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated. Subordination does not create a security interest as against either the common debtor or a subordinated creditor.

History:

[28-1-310, added 2004, ch. 43, sec. 28, p. 152.]
Idaho Code § 28-9-627 — Idaho Code / Title 28 / Chapter 9 / Section 28-9-627
28-9-627 DETERMINATION OF WHETHER CONDUCT WAS COMMERCIALLY REASONABLE.
Status: in_force

PART 6.

DEFAULT

28-9-627. Determination of whether conduct was commercially reasonable. (a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition or acceptance was made in a commercially reasonable manner.

(b) A disposition of collateral is made in a commercially reasonable manner if the disposition is made:

(1) In the usual manner on any recognized market;

(2) At the price current in any recognized market at the time of the disposition; or

(3) Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.

(c) A collection, enforcement, disposition or acceptance is commercially reasonable if it has been approved:

(1) In a judicial proceeding;

(2) By a bona fide creditors' committee;

(3) By a representative of creditors; or

(4) By an assignee for the benefit of creditors.

(d) Approval under subsection (c) of this section need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition or acceptance is not commercially reasonable.

History:

[28-9-627, added 2001, ch. 208, sec. 2, p. 795.]
Idaho Code § 28-4-107 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-107
28-4-107 SEPARATE OFFICE OF A BANK.
Status: in_force

PART 1.

GENERAL PROVISIONS AND DEFINITIONS

28-4-107. Separate office of a bank. A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notices or orders must be given under this chapter and under chapter 3.

History:

[(28-4-107) 1967, ch. 161, sec. 4-106, p. 351; am. and redesig. 1993, ch. 288, sec. 9, p. 1056.]
Idaho Code § 28-7-702 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-702
28-7-702 REPEALS.
Status: in_force

PART 7.

MISCELLANEOUS PROVISIONS

28-7-702. Repeals. Existing chapter 7, title 28, Idaho Code, and section 28-10-104, Idaho Code, are repealed.

History:

[28-7-702, added 2004, ch. 42, sec. 2, p. 97.]
Idaho Code § 28-7-501 — Idaho Code / Title 28 / Chapter 7 / Section 28-7-501
28-7-501 FORM OF NEGOTIATION AND REQUIREMENTS OF DUE NEGOTIATION.
Status: in_force

PART 5.

WAREHOUSE RECEIPTS AND BILLS OF LADING — NEGOTIATION AND TRANSFER

28-7-501. Form of negotiation and requirements of due negotiation. (a) The following rules apply to a negotiable tangible document of title:

(1) If the document's original terms run to the order of a named person, the document is negotiated by the named person's indorsement and delivery. After the named person's indorsement in blank or to bearer, any person may negotiate the document by delivery alone.

(2) If the document's original terms run to bearer, it is negotiated by delivery alone.

(3) If the document's original terms run to the order of a named person and it is delivered to the named person, the effect is the same as if the document had been negotiated.

(4) Negotiation of the document after it has been indorsed to a named person requires indorsement by the named person and delivery.

(5) A document is duly negotiated if it is negotiated in the manner stated in this subsection to a holder that purchases it in good faith, without notice of any defense against or claim to it on the part of any person, and for value, unless it is established that the negotiation is not in the regular course of business or financing or involves receiving the document in settlement or payment of a monetary obligation.

(b) The following rules apply to a negotiable electronic document of title:

(1) If the document's original terms run to the order of a named person or to bearer, the document is negotiated by delivery of the document to another person. Indorsement by the named person is not required to negotiate the document.

(2) If the document's original terms run to the order of a named person and the named person has control of the document, the effect is the same as if the document had been negotiated.

(3) A document is duly negotiated if it is negotiated in the manner stated in this subsection to a holder that purchases it in good faith, without notice of any defense against or claim to it on the part of any person, and for value, unless it is established that the negotiation is not in the regular course of business or financing or involves taking delivery of the document in settlement or payment of a monetary obligation.

(c) Indorsement of a nonnegotiable document of title neither makes it negotiable nor adds to the transferee's rights.

(d) The naming in a negotiable bill of lading of a person to be notified of the arrival of the goods does not limit the negotiability of the bill or constitute notice to a purchaser of the bill of any interest of that person in the goods.

History:

[28-7-501, added 2004, ch. 42, sec. 2, p. 93.]
Idaho Code § 28-45-102 — Idaho Code / Title 28 / Chapter 45 / Section 28-45-102
28-45-102 SCOPE.
Status: in_force

PART 1.

LIMITATIONS ON CREDITORS' REMEDIES

28-45-102. Scope. This part applies to actions or other proceedings to enforce rights arising from regulated consumer credit transactions, to extortionate extensions of credit, section 28-45-109, Idaho Code, and to unconscionability, section 28-45-106, Idaho Code.

History:

[28-45-102, added 1983, ch. 119, sec. 3, p. 294.]
Idaho Code § 28-44-108 — Idaho Code / Title 28 / Chapter 44 / Section 28-44-108
28-44-108 REFUND OR CREDIT REQUIRED — AMOUNT.
Status: in_force

PART 1.

INSURANCE IN GENERAL

28-44-108. Refund or credit required — Amount. (1) Upon prepayment in full of a regulated consumer credit sale or regulated consumer loan by the proceeds of credit insurance, the debtor or his estate is entitled to a refund of any portion of a separate charge for insurance which by reason of prepayment is retained by the creditor or returned to him by the insurer, unless the charge was computed from time to time on the basis of the balances of the debtor's account.

(2) This chapter does not require a creditor to grant a refund or credit to the debtor if all refunds and credits due to the debtor under this chapter amount to less than five dollars ($5.00), and except as provided in subsection (1) of this section, does not require the creditor to account to the debtor for any portion of a separate charge for insurance because:

(a) The insurance is terminated by performance of the insurer's obligation;

(b) The creditor pays or accounts for premiums to the insurer in amounts and at times determined by the agreement between them; or

(c) The creditor receives directly or indirectly under any policy of insurance a gain or advantage not prohibited by law, or regulations prescribed by the director of the department of insurance.

(3) Except as provided in subsection (2) of this section, the creditor shall promptly make or cause to be made an appropriate refund or credit to the debtor with respect to any separate charge made to him for insurance if:

(a) The insurance is not provided or is provided for a shorter term than that for which the charge to the debtor for insurance was computed; or

(b) The insurance terminates prior to the end of the term for which it was written because of prepayment in full or otherwise.

(4) A refund or credit required by subsection (3) of this section is appropriate as to amount if it is computed according to a method prescribed or approved by the director of the department of insurance or a formula filed by the insurer with the director of the department of insurance at least thirty (30) days before the debtor's right to a refund or credit becomes determinable, unless the method or formula is employed after the director of the department of insurance notifies the insurer that he disapproves it.

History:

[28-44-108, added 1983, ch. 119, sec. 3, p. 289; am. 1993, ch. 42, sec. 1, p. 114.]
Idaho Code § 28-23-112 — Idaho Code / Title 28 / Chapter 23 / Section 28-23-112
28-23-112 JURISDICTION — VENUE.
Status: in_force

28-23-112. jurisdiction — venue. (1) The courts of this state shall have jurisdiction over any legal dispute between a wholesaler, manufacturer or distributor of farm implements or equipment, machinery, repair parts, stock parts and attachments located in or outside this state and an equipment dealer located in this state. The laws of the state of Idaho shall exclusively apply to such disputes.

(2) Venue for a dispute as provided in subsection (1) of this section shall be in the judicial district wherein the dealer's principal place of business is located.

History:

[28-23-112, added 2011, ch. 270, sec. 10, p. 734.]
Idaho Code § 28-5-107 — Idaho Code / Title 28 / Chapter 5 / Section 28-5-107
28-5-107 CONFIRMER, NOMINATED PERSON, AND ADVISER.
Status: in_force

28-5-107. Confirmer, nominated person, and adviser. (1) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the letter of credit at the request and for the account of the issuer.

(2) A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation.

(3) A person requested to advise may decline to act as an adviser. An adviser that is not a confirmer is not obligated to honor or give value for a presentation. An adviser undertakes to the issuer and to the beneficiary accurately to advise the terms of the letter of credit, confirmation, amendment, or advice received by that person and undertakes to the beneficiary to check the apparent authenticity of the request to advise. Even if the advice is inaccurate, the letter of credit, confirmation, or amendment is enforceable as issued.

(4) A person who notifies a transferee beneficiary of the terms of a letter of credit, confirmation, amendment, or advice has the rights and obligations of an adviser under subsection (3) of this section. The terms in the notice to the transferee beneficiary may differ from the terms in any notice to the transferor beneficiary to the extent permitted by the letter of credit, confirmation, amendment, or advice received by the person who so notifies.

History:

[28-5-107, added 1996, ch. 7, sec. 2, p. 12.]
Idaho Code § 28-4-404 — Idaho Code / Title 28 / Chapter 4 / Section 28-4-404
28-4-404 BANK NOT OBLIGATED TO PAY CHECK MORE THAN SIX MONTHS OLD.
Status: in_force

PART 4.

RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER

28-4-404. Bank not obligated to pay check more than six months old. A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six (6) months after its date, but it may charge its customer's account for a payment made thereafter in good faith.

History:

[28-4-404, added 1967, ch. 161, sec. 4-404, p. 351.]