Idaho Code > Title 15 > Chapter 6 – Nonprobate Transfers
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Idaho Code > Title 15 > Chapter 6 - Nonprobate Transfers
- 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 15-6-101Administrator: means the director of the Idaho department of finance or his designee. See Idaho Code 30-14-102 Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths. Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court. Agent: means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or who represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. See Idaho Code 30-14-102 Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it. Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense. Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant. Appraisal: A determination of property value. Arrest: Taking physical custody of a person by lawful authority. Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed. Beneficiary: means a person named in a trust account as one for whom a party to the account is named as trustee;
Idaho Code 15-6-101Beneficiary: 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 Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Idaho Code 30-14-102 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Continuance: Putting off of a hearing ot trial until a later time. Contract: A legal written agreement that becomes binding when signed. Conviction: A judgement of guilt against a criminal defendant. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Decedent: A deceased person. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Dependent: A person dependent for support upon another. Devise: To gift property by will. Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Fiduciary: A trustee, executor, or administrator. Filing: means the receipt under this chapter of a record by the administrator or a designee of the administrator. See Idaho Code 30-14-102 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 15-6-101Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Fraud: Intentional deception resulting in injury to another. Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies. Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Intestate: Dying without leaving a will. Investment adviser: means a person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See Idaho Code 30-14-102 Investment adviser representative: means an individual employed by or associated with an investment adviser or federal covered investment adviser who makes any recommendations or otherwise gives investment advice regarding securities, manages accounts or portfolios of clients, determines which recommendation or advice regarding securities should be given, provides investment advice or holds herself or himself out as providing investment advice, receives compensation to solicit, offer, or negotiate for the sale of or for selling investment advice, or supervises employees who perform any of the foregoing. See Idaho Code 30-14-102 Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor. Joint account: means an account payable on request to one (1) or more of two (2) or more parties whether or not mention is made of any right of survivorship;
Idaho Code 15-6-101Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants. Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Month: means a calendar month, unless otherwise expressed. See Idaho Code 73-114 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgagee: The person to whom property is mortgaged and who has loaned the money. multiple-party account: is a ny of the following types of account:
Idaho Code 15-6-101Oath: A promise to tell the truth. 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. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. 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 Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor person: includes a corporation as well as a natural person;
Idaho Code 73-114Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See Idaho Code 30-14-102 Personal property: includes money, goods, chattels, things in action, evidences of debt and general intangibles as defined in the uniform commercial code — secured transactions. See Idaho Code 73-114 Personal property: All property that is not real property. Plaintiff: The person who files the complaint in a civil lawsuit. Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer. Probate: Proving a will Proof 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 15-6-101Property: includes both real and personal property. See Idaho Code 73-114 Quorum: The number of legislators that must be present to do business. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. 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 15-6-101Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners. Sale: includes every contract of sale, contract to sell, or disposition of, a security or interest in a security for value. See Idaho Code 30-14-102 seal: includes an impression of such seal upon the paper, alone, as well as upon wax or a wafer affixed thereto; or, alternatively, the seal may be the mark of a rubber stamp providing substantially the same information as the impression. See Idaho Code 73-111 Security: means a note; stock; treasury stock; security future; bond; debenture; evidence of indebtedness; certificate of interest or participation in a profit-sharing agreement; collateral trust certificate; preorganization certificate or subscription; transferable share; investment contract; voting trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas or other mineral rights; put, call, straddle, option or privilege on a security, certificate of deposit, or group or index of securities, including an interest therein or based on the value thereof; put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or, in general, an interest or instrument commonly known as a "security"; or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. See Idaho Code 30-14-102 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it. State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Idaho Code 30-14-102 State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114 Statute: A law passed by a legislature. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Summons: Another word for subpoena used by the criminal justice system. Sums on deposit: means the balance payable on a multiple-party account including interest, dividends, and in addition any deposit life insurance proceeds added to the account by reason of the death of a party;
Idaho Code 15-6-101Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trust account: means an account in the name of one (1) or more parties as trustee for one (1) or more beneficiaries where the relationship is established by the form of the account and the deposit agreement with the financial institution and there is no subject of the trust other than the sums on deposit in the account; it is not essential that payment to the beneficiary be mentioned in the deposit agreement. See Idaho Code 15-6-101 Trustee: A person or institution holding and administering property in trust. Verdict: The decision of a petit jury or a judge. Withdrawal: includes payment to a third person pursuant to check or other directive of a party. See Idaho Code 15-6-101 Writ: A formal written command, issued from the court, requiring the performance of a specific act. Writ: signifies an order or precept in writing, issued in the name of the people, or of a court or judicial officer, and the word "process" a writ or summons issued in the course of judicial proceedings. See Idaho Code 73-114