Idaho Code 14-525 – Claim of Another State to Recover Property — Procedure
Current as of: 2023 | Check for updates
|
Other versions
(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;
(b) The last known address of the apparent owner or other person entitled to the property, as reflected by the records of the holder, is in the other state and under the laws of that state the property has escheated to or become subject to a claim of abandonment by that state;
(c) The records of the holder were erroneous in that they did not accurately reflect the actual owner of the property and the last known address of the actual owner is in the other 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(3)(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.
Terms Used In Idaho Code 14-525
- 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
- Domicile: means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person. See Idaho Code 14-501
- Holder: means a person, wherever organized or domiciled, who is:
Idaho Code 14-501Last 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
(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.