Idaho Code 15-6-111 – Financial Institution Protection — Payment of Trust Account
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 15-6-111
- 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 15-6-101Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC Beneficiary: means a person named in a trust account as one for whom a party to the account is named as trustee;
Idaho Code 15-6-101Decedent: A deceased person. Dependent: A person dependent for support upon another. 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 15-6-101Proof of death: includes a death certificate or record or report which is prima facie proof of death under section 15-1-107 of this code;
Idaho Code 15-6-101Request: 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 15-6-101Trustee: A person or institution holding and administering property in trust.
Any trust account may be paid, on request, to any trustee. Unless the financial institution has received written notice that the beneficiary has a vested interest not dependent upon his surviving the trustee, payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the financial institution showing that his decedent was the survivor of all other persons named on the account either as trustee or beneficiary. Payment may be made, on request, to the beneficiary upon presentation to the financial institution of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees.