Idaho Code 32-1605 – Receipt and Acceptance of Asset Withholding Order
Current as of: 2023 | Check for updates
|
Other versions
(1) When an asset withholding order is received by a financial institution pursuant to this chapter, the financial institution shall immediately freeze the asset subject to the withholding order up to the maximum amount as set forth in section 32-1601(6), Idaho Code. Financial institutions shall accept the asset withholding order at any office of the financial institution located in this state, or at a particular office in this state or another state designated by the financial institution for the service of attachment, execution and garnishment papers pursuant to section 11-703(2), Idaho Code.
If the financial institution has designated a particular office for service of attachment, execution and garnishment papers pursuant to section 11-703(2), Idaho Code, and the asset withholding order is received by another office of the financial institution, it is within the discretion of the financial institution to accept the order and promptly forward the order to the designated office; not accept the order and promptly forward the order to the designated office; or promptly return it to the department. If a financial institution has chosen to accept the order at a nondesignated office, the financial institution’s duties pursuant to section 32-1608(1), Idaho Code, shall be effective upon acceptance at that office, and the time periods for the financial institution’s duties pursuant to subsections (2) and (3) of section 32-1608, Idaho Code, shall begin to run upon receipt of the order at the designated office.
Terms Used In Idaho Code 32-1605
- Asset: means cash or cash value in or of a demand deposit account, checking or negotiable withdrawal order account, savings account, share account, share draft account, time deposit account or money market mutual fund account; and/or negotiable instruments including stocks and bonds, annuities, investment accounts or funds, and the cash value of insurance. See Idaho Code 32-1602
- Asset withholding order: means an administrative order issued by the department of health and welfare to a financial institution requiring the freezing and surrender of an asset in which an obligor has an interest. See Idaho Code 32-1602
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Co-owner: means a person having withdrawal rights on a multiple party account. See Idaho Code 32-1602
- Department: means the Idaho department of health and welfare. See Idaho Code 32-1602
- Financial institution: means a bank, credit union or other depository institution, benefit association, insurance company, safe deposit company, money market mutual fund and other entities defined in 42 U. See Idaho Code 32-1602
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Obligor: means any person obligated by support order to pay child or spousal support. See Idaho Code 32-1602
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(2) Unless otherwise notified by the department pursuant to this chapter, the financial institution shall release the asset to the obligor on the seventy-sixth day after the financial institution receives the asset withholding order.
(3) The department shall provide the financial institution with copies of the order and notice required by section 32-1607, Idaho Code, to forward to the obligor and any co-owner.