Idaho Code 14-502 – Property Presumed Abandoned — General Rule
Current as of: 2023 | Check for updates
|
Other versions
(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.
Terms Used In Idaho Code 14-502
- 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. See Idaho Code 14-501
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Intangible property: includes :
Idaho Code 14-501Owner: 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
(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.