Idaho Code 30-27-128 – Winding Up and Termination
Current as of: 2023 | Check for updates
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Winding up and termination of an unincorporated nonprofit association must proceed in accordance with the following rules:
(1) All known debts and liabilities must be paid or adequately provided for.
Terms Used In Idaho Code 30-27-128
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Donor: The person who makes a gift.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- person: includes a corporation as well as a natural person;
Idaho Code 73-114Property: includes both real and personal property. See Idaho Code 73-114
(2) Any property subject to a condition requiring return to the person designated by the donor must be transferred to that person.
(3) Any property subject to a trust must be distributed in accordance with the trust agreement.
(4) Any remaining property must be distributed as follows:
(A) As required by law other than this chapter that requires assets of an association to be distributed to another person with similar nonprofit purposes;
(B) In accordance with the association’s governing principles or in the absence of applicable governing principles, to the members of the association per capita or as the members direct; or
(C) If neither paragraph (A) nor (B) of this subsection apply, as provided in chapter 5, title 14, Idaho Code.