Source: http://abandonedproperty.uslegal.com/unclaimed-property-law/idaho-disposition-of-unclaimed-property-law/
Timestamp: 2015-07-03 02:33:47
Document Index: 606415377

Matched Legal Cases: ['§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14', '§14']

Idaho Disposition of Unclaimed Property Law - Unclaimed Property Law - Abandoned Property
USLegal » Abandoned Property Home » Unclaimed Property Law » Idaho Disposition of Unclaimed Property Law
Idaho Disposition of Unclaimed Property Law
Idaho Law Summary
CHAPTER 5 UNCLAIMED PROPERTY LAW
(1) “Administrator” means the state tax commission or its duly authorized agents or employees.
(3) “Attorney general” means the chief legal officer of this state.
(4) “Banking organization” means a bank, trust company, savings bank, industrial bank, land bank, safe deposit company, private banker, or any organization defined by other law as a bank or banking organization.
(5) “Business association” means a nonpublic corporation, limited liability company, joint stock company, investment company, business trust, partnership, or association for business purposes of two (2) or more individuals, whether or not for profit, including, but not limited to, a banking organization, financial organization, insurance company, or utility.
(7) “Financial organization” means a savings and loan association, cooperative bank, building and loan association, investment company, or credit union.
(8) “Holder” means a person, wherever organized or domiciled, who is
(9) “Insurance company” means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life, including endowments and annuities, malpractice, marine, mortgage, surety, and wage protection insurance.
(10) “Intangible property” includes
(b) Credit balances, customer overpayments, gift certificates, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances;
(d) Amounts paid for tickets, passes or vouchers to gain entrance to a scheduled event where the scheduled event was cancelled and not rescheduled, and the owner of the tickets, passes or vouchers is entitled to a refund in cash, services or merchandise;
(e) Monies deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;
(f) Amounts due and payable under the terms of insurance policies;
(g) Amounts distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits; and
(h) Any interest created by a judgment entered in any court of competent jurisdiction in favor of persons who are members of a class of persons defined by the court entering the judgment.
(12) “Owner” means a depositor in the case of a deposit, a beneficiary in case of a trust other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this act or his legal representative.
(13) “Person” means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two (2) or more persons having a joint or common interest, or any other legal or commercial entity.
(15) “Utility” means a person who owns or operates for public use any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas. Title 14, Chap. 5, §14-501.
(1) Except as otherwise provided by this chapter, all intangible property, including any income or increment derived therefrom, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder’s business and has remained unclaimed by the owner for more than five (5) years after it became payable or distributable is presumed abandoned.
(2) Notwithstanding subsection (1) of this section, the following items shall not constitute abandoned property for the purposes of this act
(a) Amounts withheld by a business association as a penalty or forfeiture or as damages in the event a person who has reserved the services of the business association fails to make use of and pay for the service;
(b) Gift certificates with an expiration date prominently displayed on their face;
(c) Nonrefundable airline tickets;
(d) Any certificate, pass, voucher or other evidence of a right or privilege which is nonrefundable or which is nonredeemable due to the passage of time;
(e) Any intangible property as defined in section 14-501, Idaho Code, with a value of fifty dollars ($50.00) or less.
(3) Property is payable or distributable for the purpose of this chapter notwithstanding the owner’s failure to make demand or to present any instrument or document required to receive payment. Title 14, Chap. 5, §14-502.
Unless otherwise provided in this chapter or by other statute of this state, intangible property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under sections 14-502 and 14-505 through 14-516, Idaho Code, are satisfied and:
1. The last known address of the apparent owner or other person entitled to the property is unknown, or
(b) The holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property. Title 14, Chap. 5, §14-503.
(1) Subject to subsection (4) of this section, any sum payable on a travelers check that has been outstanding for more than fifteen (15) years after its issuance is presumed abandoned unless the owner, within fifteen (15) years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.
(2) Subject to subsection (4) of this section, any sum payable on a money order or similar written instrument, other than a third-party bank check, that has been outstanding for more than seven (7) years after its issuance is presumed abandoned unless the owner, within seven (7) years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.
(4) No sum payable on a travelers check, money order, or similar written instrument, other than a third-party bank check, described in subsections (1) and (2) of this section may be subjected to the custody of this state as unclaimed property unless
(c) The issuer has its principal place of business in this state, the records of the issuer show the state in which the travelers check, money order, or similar written instrument was purchased and the laws of the state of purchase do not provide for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property. Title 14, Chap. 5, §14-504.
CHECKS, DRAFTS AND SIMILAR INSTRUMENTS ISSUED OR CERTIFIED BY BANKING AND FINANCIAL ORGANIZATIONS.
(1) Any sum payable on a check, draft, or similar instrument, except those subject to section 14-504, Idaho Code, on which a banking or financial organization is directly liable, including a cashier’s check and a certified check, which has been outstanding for more than seven (7) years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within seven (7) years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee thereof.
(2) A holder may not deduct from the amount of any instrument subject to this section any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose a charge, and the holder regularly imposes such charges and does not regularly reverse or otherwise cancel them. Title 14, Chap. 5, §14-505.
(1) Any demand, savings, or matured time deposit with a banking or financial organization, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, a mutual investment certificate, or any other interest in a banking or financial organization is presumed abandoned unless the owner, within seven (7) years, has:
(d) Owned other property to which paragraph (a), (b), or (c) applies and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subsection at the address to which communications regarding the other property regularly are sent; or
(4) Any property described in subsection (1) of this section that is automatically renewable is matured for purposes of subsection (1) upon the expiration of its initial time period, but in the case of any renewal to which the owner consents at or about the time of renewal by communicating in writing with the banking or financial organization, the property is matured upon the expiration of the last time period for which consent was given. If, at the time provided for delivery in section 14-519, Idaho Code, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result. Title 14, Chap. 5, §14-506.
(1) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than five (5) years after the funds become due and payable as established from the records of the insurance company holding or owing the funds, but property described in subsection (3)(b) of this section is presumed abandoned if unclaimed for more than two (2) years.
1. The insured has attained, or would have attained if he were living, the limiting age under the mortality table on which the reserve is based;
(c) The relationship of each beneficiary to the insured. Title 14, Chap. 5, §14-507.
(1) A deposit, including any interest thereon, made by a subscriber with a utility to secure payment or any sum paid in advance for utility services to be furnished, less any lawful deductions, that remains unclaimed by the owner for more than one (1) year after termination of services for which the deposit or advance payment was made is presumed abandoned.
(2) The public utilities commission may certify that a utility is participating in a financial assistance program which assists the utility’s low income and disadvantaged customers with their utility bills. Upon certification to the administrator, the utility shall pay the funds which would have been presumed to be abandoned under subsection (1) of this section to the financial assistance program certified by the public utilities commission. The utility shall remain obligated to file its report of such abandoned property as required by section 14-517, Idaho Code. Title 14, Chap. 5, §14-508.
REFUND HELD BY BUSINESS ASSOCIATIONS.
Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency which has remained unclaimed by the owner for more than one (1) year after it became payable in accordance with the final determination or order providing for the refund, whether or not the final determination or order requires any person entitled to a refund to make a claim for it, is presumed abandoned. Title 14, Chap. 5, §14-509.
(1) Except as provided in subsections (2) and (5) of this section, stock or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if a dividend, distribution, or other sum payable as a result of the interest has remained unclaimed by the owner for five (5) years and the owner, within five (5) years, has not communicated in writing with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest.
(2) At the expiration of a five (5) year period following the failure of the owner to claim a dividend, distribution, or other sum payable to the owner as a result of the interest, the interest is not presumed abandoned unless there have been at least five (5) dividends, distributions, or other sums paid during the period, none of which has been claimed by the owner. If five (5) dividends, distributions, or other sums are paid during the five (5) year period, the period leading to a presumption of abandonment commences on the date payment of the first such unclaimed dividend, distribution, or other sum became due and payable. If five (5) dividends, distributions, or other sums are not paid during the presumptive period, the period continues to run until there have been five (5) dividends, distributions, or other sums that have not been claimed by the owner.
(3) The running of the five (5) year period of abandonment ceases immediately upon the occurrence of a communication referred to in subsection (1) of this section. If any future dividend, distribution, or other sum payable to the owner as a result of the interest is subsequently not claimed by the owner, a new period of abandonment commences and relates back to the time a subsequent dividend, distribution, or other sum became due and payable.
(5) This chapter does not apply to any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest unless the records available to the administrator of the plan show, that the owner has not within five (5) years communicated in any manner described in subsection (1) of this section. The holder shall maintain the record of such communications. Title 14, Chap. 5, §14-510.
Intangible property distributable in the course of a dissolution of a business association which remains unclaimed by the owner will be remitted as unclaimed property on the date of final distribution. Title 14, Chap. 5, §14-511.
(1) Intangible property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within seven (7) years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, or communicated concerning the property.
(2) Amounts due and payable from property in an individual retirement account, defined benefit plan, or other account or plan that is qualified for tax deferral under the income tax laws of the United States, is presumed abandoned three (3) years after the earlier of the date of the required distribution as stated in the documents governing the account or plan, or the date, if determinable by the holder, specified in the income tax law of the United States by which distribution of the property must begin in order to avoid a tax penalty, but excluding property in any such account or plan if the documents governing the account or plan provide a method for the treatment of the account balance of an account holder or plan participant or beneficiary who cannot be located.
(3) For the purposes of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless the agreement between him and the business association provides otherwise.
(4) For the purposes of this chapter, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned. Title 14, Chap. 5, §14-512.
(1) Intangible property held for the owner by a court, state or other government, governmental subdivision or agency, public corporation, or public authority which remains unclaimed by the owner for more than one (1) year after becoming payable or distributable is presumed abandoned.
(2) If witness and juror fees or mileage payments are not claimed by the owner within one (1) year of the date of issuance of a check or warrant, the fees or mileage payments shall remain the property of the county and shall be remitted to the district court fund. Title 14, Chap. 5, §14-513.
(1) A gift certificate without an expiration date prominently displayed on its face or a credit memo issued in the ordinary course of an issuer’s business which remains unclaimed by the owner for more than five (5)years after becoming payable or distributable is presumed abandoned.
(2) In the case of a gift certificate without an expiration date prominently displayed on its face, the amount presumed abandoned is the price paid by the purchaser for the gift certificate. In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo. Title 14, Chap. 5, §14-514.
Unpaid wages, including wages represented by unpresented payroll checks, owing in the ordinary course of the holder’s business which remain unclaimed by the owner for more than one (1) year after becoming payable are presumed abandoned. Title 14, Chap. 5, §14-515.
All tangible and intangible property held in a safe deposit box or any other safekeeping repository in this state in the ordinary course of the holder’s business and proceeds resulting from the sale of the property permitted by other law, which remain unclaimed by the owner for more than seven (7) years after the lease or rental period on the box or other repository has expired, are presumed abandoned. Title 14, Chap. 5, §14-516.
(1) A person holding property tangible or intangible, presumed abandoned and subject to custody as unclaimed property under this chapter shall report to the administrator concerning the property as provided in this section.
(2) The report must be verified and must include
(a) Except with respect to travelers checks and money orders, the name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of property presumed abandoned under this chapter;
(b) In the case of unclaimed funds of fifty dollars ($50.00) or more held or owing under any life or endowment insurance policy or annuity contract, the full name and last known address of the insured or annuitant and of the beneficiary according to the records of the insurance company holding or owing the funds;
(4) The report must be filed before November 1 of each year as of June 30 next preceding, but the report of any insurance company must be filed before May 1 of each year as of December 31 next preceding. On written request by any person required to file a report, the administrator may postpone the reporting date.
(9) A report filed pursuant to this section shall be presumed accurate if the holder has maintained adequate records sufficient to establish by a preponderance of evidence that each item on the report is accurate and correct. Title 14, Chap. 5, §14-517.
(1) The administrator shall cause a notice to be published annually each year, at least once a week for two (2) consecutive weeks in newspapers of general circulation, or in a published notice distributed, one (1) time only, concurrently with a newspaper of general circulation in the county of this state in which is located the last known address of any person to be named in the notice. If no address is listed or the address is outside this state, the notice must be published in a newspaper which has general circulation, or in a published notice distributed concurrently with a newspaper which has general circulation in the county in which the holder of the property has its principal place of business within this state. Provided however, the names and addresses located in a state which will receive the accounts because of reciprocal agreements as permitted by section 14-535, Idaho Code, need not be published. In the case of a notice which is distributed concurrently with a newspaper, the provisions of section 60-105, Idaho Code, relating to rates for official notices shall not apply.
(2) The published notice must be entitled “Notice of Names of Persons Appearing to be Owners of Abandoned Property” and contain
(a) The names in alphabetical order and last known address, if any, of persons listed in the report and entitled to notice;
(b) A statement that information concerning the property may be obtained by any person possessing an interest in the property by addressing an inquiry to the administrator;
(c) A statement that the property is in the custody of the administrator and all claims must be directed to the administrator; and
(d) A statement that the property shall escheat to the state of Idaho and become the property of the state of Idaho if not claimed within ten (10) years after notice is published pursuant to this section.
(3) The administrator is not required to publish in the notice any items of less than fifty dollars ($50.00) unless the administrator considers their publication to be in the public interest.
(4) This section is not applicable to sums payable on travelers checks, money orders, and other written instruments presumed abandoned under section 14-504, Idaho Code. Title 14, Chap. 5, §14-518.
(1) Except as otherwise provided in this section, and subsection (2)of section 14-508, Idaho Code, a person who is required to file a report under section 14-517, Idaho Code, shall pay or deliver to the administrator all abandoned property together with the report required under section 14-517, Idaho Code.
(3) The holder of an interest under section 14-510, Idaho Code, shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the administrator. Upon delivery of a duplicate certificate to the administrator, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with the provisions of section 14-520, Idaho Code, to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the administrator, for any losses or damages resulting to any person by the issuance and delivery to the administrator of the duplicate certificate. Title 14, Chap. 5, §14-519.
CUSTODY BY STATE, HOLDER RELIEVED FROM LIABILITY — REIMBURSEMENT OF HOLDER PAYING CLAIM — RECLAIMING FOR OWNER — DEFENSE OF HOLDER — PAYMENT OF SAFE DEPOSIT BOX OR REPOSITORY CHARGES.
(1) Upon the payment or delivery of property to the administrator, the state assumes custody and responsibility for the safekeeping of the property. A person who pays or delivers property to the administrator in good faith is relieved of all liability to the extent of the value of the property paid or delivered for any claim then existing or which thereafter may arise or be made in respect to the property.
(7) Property removed from a safe deposit box or other safekeeping repository is received by the administrator subject to the holder’s right under this subsection to be reimbursed for the actual cost of the opening and to any valid lien or contract providing for the holder to be reimbursed for unpaid rent or storage charges. The administrator shall reimburse or pay the holder out of the proceeds remaining after deducting the administrator’s selling cost. Title 14, Chap. 5, §14-520.
Whenever property other than money is paid or delivered to the administrator under this chapter, the owner is entitled to receive from the administrator any dividends, interest, or other increments realized or accruing on the property at or before liquidation or conversion thereof into money. Title 14, Chap. 5, §14-521.
(1) The administrator, within three (3) years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city affords in the judgment of the administrator, the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if in the judgment of the administrator, the bid is insufficient. If in the judgment of the administrator, the probable cost of sale exceeds the value of the property, it need not be offered for sale. Any sale held under this section must be preceded by a single publication of notice, at least three (3) weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.
(3) A person making a claim under this chapter is entitled to receive either the securities delivered to the administrator by the holder, if they still remain in the hands of the administrator, or the proceeds received from the sale, less any amounts deducted pursuant to section 14-523(2), Idaho Code, but no person has any claim under this chapter against the state, the holder, any transfer agent, registrar, or other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the administrator.
(4) The purchaser of property at any sale conducted by the administrator pursuant to this chapter takes the property free of all claims of the owner or previous holder thereof and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of ownership. Title 14, Chap. 5, §14-522.
DISPOSITION OF MONEY RECEIVED.
(1) All money received under this chapter, including the proceeds from the sale of property under section 14-522, Idaho Code, shall be deposited in the unclaimed property account.
(2) All money in the unclaimed property account is hereby continuously appropriated to the state tax commission, without regard to fiscal years, for expenditure in accordance with law in carrying out and enforcing the provisions of this chapter, including, but not limited to, the following purposes
(a) For payment of claims allowed by the state tax commission under the provisions of this chapter.
(c) For payment of the cost of appraisals incurred by the state tax commission covering property held in the name of the account.
(d) For payment of the cost incurred by the state tax commission for the purchase of lost instrument indemnity bonds, or for payment to the person entitled thereto, for any unpaid lawful charges or costs which arose from holding any specific property or any specific funds which were delivered or paid to the state tax commission, or which arose from complying with this chapter with respect to such property or funds.
(g) For transfer to the general account as provided in subsection (3) of this section.
(h) For transfer to the inheritance tax account of the amount of any inheritance taxes determined to be due and payable to the state by any claimant with respect to any property claimed by him under the provisions of this chapter.
(3) At the end of each month, or more often, if it deems it advisable, the state tax commission shall transfer all money in the unclaimed property account in excess of two hundred fifty thousand dollars ($250,000) to the general account. Before making this transfer, it shall record the name and last known address, if available, of each person appearing from the holder’s report to be entitled to the property. The record shall be available for public inspection at all reasonable business hours.
(4) All money received under this chapter, including the proceeds from the sale of property under section 14-522, Idaho Code, deposited in the general account shall be retained by the state of Idaho for the purposes of this section and administered pursuant to this section for a period of ten (10) years. At the end of such period, those moneys which have not been claimed and paid over or delivered as an allowed claim under this section and section 14-524, Idaho Code, shall become due and payable by escheat to the state of Idaho and become the property of the state of Idaho without further action on the part of the administrator. Title 14, Chap. 5, §14-523.
FILING OF CLAIM WITH ADMINISTRATOR.
(1) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator, may file a claim on a form prescribed by the administrator and verified by the claimant.
(2) The administrator shall consider each claim within ninety (90)days after it is filed and give written notice to the claimant if the claim is denied in whole or in part. The notice may be given by mailing it to the last address, if any, stated in the claim as the address to which notices are to be sent. If no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. No notice of denial need be given if the claim fails to state either the last address to which notices are to be sent or the address of the claimant.
(3) If a claim is allowed, the administrator shall pay over or deliver to the claimant the property or the amount the administrator actually received or the net proceeds, if it has been sold by the administrator, together with any additional amount required by section 14-521, Idaho Code. If the property claimed was interest-bearing to the owner on the date of surrender by the holder, the administrator also shall pay interest at a rate of five percent (5%) a year or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the property is delivered to the administrator and ceases on the earlier of the expiration of ten (10) years after delivery or the date on which payment is made to the owner.
(4) Any holder who pays the owner for property that has been delivered to the state and which, if claimed from the administrator, would be subject to the provisions of subsection (3) of this section, shall add interest as provided in subsection (3). The added interest must be repaid to the holder by the administrator in the same manner as the principal.
(5) A person claiming an abandoned utility deposit under section 14-508(1), Idaho Code, who is entitled thereto under this section, which was not deposited with the administrator under section 14-508(2), Idaho Code, may file a claim on a form prescribed by the administrator and verified by the claimant. The administrator will forward the claim to the utility company, who shall remit such payment to the claimant upon receipt of the claim. Title 14, Chap. 5, §14-524.
CLAIM OF ANOTHER STATE TO RECOVER PROPERTY — PROCEDURE.
(1) At any time after property has been paid or delivered to the administrator under this chapter, another state may recover the property if:
(a) The property was subjected to custody by this state because the records of the holder did not reflect the last known address of the apparent owner when the property was presumed abandoned under this chapter, and the other state establishes that the last known address of the apparent owner or other person entitled to the property was in that state and under the laws of that state, the property escheated to or was subject to a claim of abandonment by that state;
(d) The property was subjected to custody by this state under section 14-503(b), Idaho Code, and under the laws of the state of domicile of the holder the property has escheated to or become subject to a claim of abandonment by that state; or
(e) The property is the sum payable on a travelers check, money order, or other similar instrument that was subjected to custody by this state under section 14-504, Idaho Code, and the instrument was purchased in the other state, and under the laws of that state the property escheated to or became subject to a claim of abandonment by that state.
(2) The claim of another state to recover escheated or abandoned property must be presented in a form prescribed by the administrator, who shall decide the claim within ninety (90) days after it is presented. The administrator shall allow the claim if he determines that the other state is entitled to the abandoned property under subsection (1) of this section.
(3) The administrator shall require a state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim for the property. Title 14, Chap. 5, §14-525.
ACTION TO ESTABLISH CLAIM.
A person aggrieved by a decision of the administrator or whose claim has not been acted upon within ninety (90) days after its filing may obtain review as provided in section 63-3049(a) and (c), Idaho Code. Title 14, Chap. 5, §14-526.
(1) The administrator may decline to receive any property reported under the provisions of this chapter which it considers to have a value less than the expense of giving notice and of sale. If the administrator elects not to receive custody of the property, the holder shall be notified within one hundred twenty (120) days after filing the report required under section 14-517, Idaho Code.
(2) A holder, with the written consent of the administrator and upon conditions and terms prescribed by him, may report and deliver property before the property is presumed abandoned. Property delivered under this subsection must be held by the administrator and is not presumed abandoned until such time as it otherwise would be presumed abandoned under this chapter. Title 14, Chap. 5, §14-527.
DESTRUCTION OR DISPOSITION OF PROPERTY HAVING INSUBSTANTIAL COMMERCIAL VALUE — IMMUNITY FROM LIABILITY.
If the administrator determines after investigation that any delivered property has insubstantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. No action or proceeding may be maintained against the state or any officer or against the holder for or on account of any action taken by the administrator pursuant to this section. Title 14, Chap. 5, §14-528.
(1) The expiration, before or after the effective date of this act, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned or affect any duty to file a report or to pay or deliver abandoned property to the administrator as required in this chapter except as provided in subsection (2) of this section.
(2) Where a holder has filed a report as required by section 14-517, Idaho Code, the administrator may commence any action or proceeding with respect to any duty of a holder to report and deliver unclaimed property under this act within three (3) years after the time for the filing of a report concerning the property as required by section 14-517, Idaho Code.
(3) Where a holder violates section 14-517, Idaho Code, by failing to file a report, the administrator may commence any action or proceeding with respect to any duty of a holder to report and deliver unclaimed property under this act within seven (7) years after the time for the filing of a report concerning the property as required by section 14-517, Idah Code. Title 14, Chap. 5, §14-529.
REQUESTS FOR REPORTS AND EXAMINATION OF RECORDS.
(1) The administrator may require any person who has not filed a report to file a verified report stating whether or not the person is holding any unclaimed property reportable or deliverable under this chapter.
(2) The administrator, at reasonable times and upon reasonable notice, may examine the records of any person to determine whether the person has complied with the provisions of this chapter. The administrator may conduct the examination even if the person believes it is not in possession of any property reportable or deliverable under the provisions of this chapter.
(3) If a person is treated under section 14-512, Idaho Code, as the holder of the property only insofar as the interest of the business association in the property is concerned, the administrator, pursuant to subsection (2) of this section, may examine the records of the person if the administrator has given the notice required by subsection (2) to both the person and the business association at least ninety (90) days before the examination.
(4) If a holder fails to maintain the records required by section 14-531, Idaho Code, and the records of the holder available for the periods subject to this chapter and insufficient to permit the preparation of a report, the administrator may require the holder to report and pay such amounts as may reasonably be estimated from any available records. Title 14, Chap. 5, §14-530.
(1) Every holder of unclaimed property under this chapter as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for seven (7) years after the year in which the property becomes unclaimed, except to the extent that a shorter time as provided in subsection (2) of this section or by rule of the administrator.
(2) Any business association that sells in this state its travelers checks, money orders, or other similar written instruments, other than third-party bank checks on which the business association is directly liable, or that provides such instruments to others for sale in this state, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for three (3) years after the year in which the property becomes unclaimed. Title 14, Chap. 5, §14-531.
ENFORCEMENT — ACTIONS TO ENFORCE UNCLAIMED PROPERTY LAW.
The collection and enforcement procedures provided by the Idaho income tax act, sections 63-3038, 63-3039, and 63-3042 through 63-3065A, Idaho Code, shall apply and be available to the state tax commission for enforcement of the provisions of this chapter and collection of any property required to be transferred shall be treated in the same manner as taxes due the state of Idaho, and wherever liens or any other proceedings are defined as income tax liens or proceedings, they shall, when applied in enforcement of this chapter, be described as unclaimed property liens and proceedings. Title 14, Chap. 5, §14-532.
(1) Upon the administrator’s showing by a preponderance of evidence that a holder has failed to pay or deliver property within the time prescribed in this chapter shall pay to the administrator interest at the annual rate of twelve percent (12%) on the property or value thereof from the date the property should have been paid or delivered until actual delivery is made.
(2) Upon the administrator’s showing by a preponderance of evidence that a holder has negligently failed to pay or deliver property within the time prescribed in this chapter shall pay to the administrator a penalty at the annual rate of five percent (5%) on the property or value thereof from the date the property should have been paid or delivered until actual delivery is made unless the holder demonstrates to the satisfaction of the administrator that the failure was due to reasonable cause and not neglect.
(3) A holder who willfully refuses after written demand by the administrator to pay or deliver property as required under this chapter shall be guilty of a misdemeanor and upon conviction may be punished by a fine of not less than three hundred dollars ($300) nor by more than three thousand dollars ($3,000). Title 14, Chap. 5, §14-533.
STATE HISTORICAL SOCIETY USE OF PROPERTY.
The director of the state historical society may examine any tangible personal property delivered to the state tax commission under this chapter for purposes of determining whether such property is of sufficient historical value that it should be preserved. If he so determines, the state tax commission may deliver such property to the state historical society for preservation and display, until such time as the owner shall make claim for return of such property. Title 14, Chap. 5, §14-534.
INTERSTATE AGREEMENTS AND COOPERATION — JOINT AND RECIPROCAL ACTIONS WITH OTHER STATES.
(1) The administrator may enter into agreements with other states to exchange information needed to enable this or another state to audit or otherwise determine unclaimed property that it or another state may be entitled to subject to a claim of custody. The administrator by rule may require the reporting of information needed to enable compliance with agreements made pursuant to this section and prescribe the form for reporting.
(2) To avoid conflicts between the administrator’s procedures and the procedures of administrators in other jurisdictions that enact the uniform unclaimed property act, the administrator, so far as is consistent with the purposes, policies, and provisions of this chapter, before adopting, amending or repealing rules.