Idaho Code 55-2009F – Disposition of Proceeds
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(1) The proceeds of a lien sale shall be disbursed as follows:
(a) To discharge the lien; then to actual costs of selling the property. The cost of selling shall be the actual cost, not to exceed two hundred dollars ($200), for each abandoned home;
(b) The balance, if any, shall be forwarded to the department within five (5) days of the sale for payment to the legal owner of any unpaid obligation or for deposit in the abandoned vehicle trust account.
(2) Any person claiming an interest in the abandoned home may file a claim with the department for any portion of the funds from the lien sale that were forwarded to the department. Upon determination by the department that the claimant is entitled to some amount, the department shall pay an amount that in no case shall exceed the amount forwarded to the department in connection with the sale of the abandoned home. The department shall not honor any claim not filed within two (2) years of the sale.
Terms Used In Idaho Code 55-2009F
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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 Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC