Idaho Code 15-6-112 – Financial Institution Protection — Discharge
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 15-6-112
- 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 15-6-101Financial 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 15-6-101Party: 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 person: includes a corporation as well as a natural person;
Idaho Code 73-114Request: 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 15-6-101Withdrawal: includes payment to a third person pursuant to check or other directive of a party. See Idaho Code 15-6-101
Payment made pursuant to sections 15-6-108, 15-6-109, 15-6-110 or 15-6-111 of this Part discharges the financial institution from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees, or beneficiaries, or their successors. The protection here given does not extend to payments made after a financial institution has received written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in any demand for withdrawal if the financial institution is to be protected under this section. No other notice or any other information shown to have been available to a financial institution shall affect its right to the protection provided here. The protection here provided shall have no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts.