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Terms Used In Idaho Code 15-6-109

  • Account: means a contract of deposit of funds between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, share account and other like arrangement;
Idaho Code 15-6-101
  • Decedent: A deceased person.
  • Financial institution: means any organization authorized to do business under state or federal laws relating to financial institutions, including, without limitation, banks and trust companies, savings banks, building and loan associations, savings and loan companies or associations, and credit unions;
    • Idaho Code 15-6-101
  • Party: means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple-party account. See Idaho Code 15-6-101
  • Request: means a proper request for withdrawal, or a check or order for payment, which complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the financial institutions; but if the financial institution conditions withdrawal or payment on advance notice, for purposes of this part the request for withdrawal or payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for withdrawal;
    • Idaho Code 15-6-101
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
    • Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is demanded; but payment may not be made to the personal representative or heirs of a deceased party unless proofs of death are presented to the financial institution showing that the decedent was the last surviving party or unless there is no right of survivorship under section 15-6-104 of this Part.