(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)  Moneys in the unclaimed property account are subject to redemption by the owner as follows:
(a)  All moneys designated by law for escheatment to the public school permanent endowment fund created pursuant to section 4, article IX, of the constitution of the state of Idaho may be redeemed by the owner, upon satisfaction of the requirements for redemption established in rule by the administrator, if claimed within a period of ten (10) years from the date the property is subject to the custody of the state under this chapter. Upon the conclusion of such redemption period, unredeemed moneys shall escheat to the public school permanent endowment fund.
(b)  Moneys submitted from unnamed owners may be designated as unredeemable after a period of ten (10) years upon satisfaction of the requirements for designation as unredeemable established in rule by the administrator.
(c)  All other moneys in the unclaimed property account may be redeemed by the owner upon satisfaction of the requirements for redemption established in rule by the administrator.
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Terms Used In Idaho Code 14-523

  • Administrator: means the state treasurer or his or her duly authorized agents or employees. See Idaho Code 14-501
  • Apparent owner: means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder. See Idaho Code 14-501
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. See Idaho Code 14-501
  • 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. See Idaho Code 14-501
  • 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. See Idaho Code 14-501
  • Property: includes both real and personal property. See Idaho Code 73-114
  • State: means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States. See Idaho Code 14-501
  • Trustee: A person or institution holding and administering property in trust.
(3)   Moneys in the unclaimed property account shall be distributed as follows:
(a)  All moneys designated by law for distribution to the public school permanent endowment fund shall be transferred from the unclaimed property account to the public school permanent endowment fund upon the expiration of the period provided in this section for the owner to redeem such moneys.
(b)  The state treasurer shall transfer all moneys designated as unredeemable to the general fund at the end of each fiscal year.
(4)  All money in the unclaimed property account is hereby continuously appropriated to the state treasurer, 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 treasurer under the provisions of this chapter.
(b)  For refund, to the person making such deposit of amounts, including overpayments, deposited in error in such account.
(c)  For payment of the cost of appraisals incurred by the state treasurer covering property held in the name of the account.
(d)  For payment of the cost incurred by the state treasurer 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 treasurer, or which arose from complying with this chapter with respect to such property or funds.
(e)  For payment of amounts required to be paid by the state as trustee, bailee, or successor in interest to the preceding owner.
(f)  For payment of costs of official advertising in connection with the sale of property held in the name of the account.
(g)  For transfer to the general fund as provided in subsection (3) of this section.
(h)  For transfer to the public school permanent endowment fund as provided in subsection (3) of this section.
(5)  At the end of each fiscal year, or more often, if he or she deems it advisable, the state treasurer shall transfer all money in the unclaimed property account in excess of two hundred fifty thousand dollars ($250,000) to the general fund. Within sixty (60) days of making this transfer or of receiving a report of unclaimed property, whichever is earlier, the administrator shall record the name and last known address, if available, of each person identified as the apparent owner of the unclaimed property in the unclaimed property account or transferred to the general fund. The record shall be available for public review on the state treasurer’s website.