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S1314................................................by JUDICIARY AND RULES
DECEDENT - SUCCESSORS - Amends existing law to revise criteria to be set
forth in an affidavit made by or on behalf of a successor to a decedent to
reflect an increase in the maximum fair market value of estates qualified
to collect certain personal property by affidavit.
01/22 Senate intro - 1st rdg - to printing
01/23 Rpt prt - to Jud
02/04 Rpt out - rec d/p - to 2nd rdg
02/05 2nd rdg - to 3rd rdg
02/07 3rd rdg - PASSED - 30-0-5
AYES -- Andreason, Boatright, Branch(Bartlett), Bunderson,
Burtenshaw, Cameron, Davis, Deide, Dunklin, Frasure, Geddes, Goedde,
Hawkins, Hill, Ingram, Ipsen, Little, Lodge, Marley, Noh, Risch,
Sandy, Schroeder, Sims, Sorensen, Stegner, Stennett, Thorne, Wheeler,
Williams
NAYS -- None
Absent and excused -- Brandt, Darrington, Keough, King-Barrutia,
Richardson
Floor Sponsor - Lodge
Title apvd - to House
02/08 House intro - 1st rdg - to Jud
03/08 Rpt out - rec d/p - to 2nd rdg
03/11 2nd rdg - to 3rd rdg
03/12 3rd rdg - PASSED - 67-0-3
AYES -- Aikele, Barraclough, Barrett, Bedke, Bell, Bieter, Black,
Block, Boe, Bolz, Bradford, Bruneel, Callister, Campbell, Clark,
Collins, Crow, Cuddy, Denney, Ellis, Ellsworth, Eskridge, Field(13),
Field(20), Gagner, Gould, Hadley, Hammond, Harwood, Henbest, Higgins,
Hornbeck, Jaquet, Jones, Kellogg, Kendell, Kunz, Lake, Langford,
Loertscher, Mader, Martinez, McKague, Meyer, Montgomery, Mortensen,
Moyle, Pearce, Pomeroy, Raybould, Ridinger, Roberts, Robison, Sali,
Schaefer, Sellman, Shepherd, Smith(33), Smith(23), Smylie, Stevenson,
Stone, Tilman, Wheeler, Wood, Young, Mr. Speaker
NAYS -- None
Absent and excused -- Deal, Pischner, Trail
Floor Sponsor - Hammond
Title apvd - to Senate
03/13 To enrol
Rpt enrol - Pres signed
03/14 Sp signed - to Governor
03/22 Governor signed
Session Law Chapter 216
Effective: 07/01/02
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE SENATE
SENATE BILL NO. 1314
BY JUDICIARY AND RULES COMMITTEE
1 AN ACT
2 RELATING TO THE PROBATE OF WILLS AND ADMINISTRATION; AMENDING SECTION
3 15-3-1201, IDAHO CODE, TO REVISE CRITERIA TO BE SET FORTH IN AN AFFIDAVIT
4 MADE BY OR ON BEHALF OF A SUCCESSOR TO A DECEDENT TO REFLECT AN INCREASE
5 IN THE MAXIMUM FAIR MARKET VALUE OF ESTATES QUALIFIED TO COLLECT CERTAIN
6 PERSONAL PROPERTY BY AFFIDAVIT.
7 Be It Enacted by the Legislature of the State of Idaho:
8 SECTION 1. That Section 15-3-1201, Idaho Code, be, and the same is hereby
9 amended to read as follows:
10 15-3-1201. COLLECTION OF PERSONAL PROPERTY BY AFFIDAVIT. (a) Thirty (30)
11 days after the death of a decedent, any person indebted to the decedent or
12 having possession of tangible personal property or an instrument evidencing a
13 debt, obligation, stock or chose in action belonging to the decedent shall
14 make payment of the indebtedness or deliver the tangible personal property or
15 an instrument evidencing a debt, obligation, stock or chose in action to a
16 person or entity claiming to be the successor of the decedent upon being pre-
17 sented an affidavit made by or on behalf of the successor stating that:
18 (1) the fair market value of the entire estate of the decedent which is
19 subject to probate, wherever located, less liens and encumbrances, does
20 not exceed twentyseventy-five thousand dollars ($275,000);
21 (2) thirty (30) days have elapsed since the death of the decedent;
22 (3) no application or petition for the appointment of a personal repre-
23 sentative or for summary administration is pending or has been granted in
24 any jurisdiction; and
25 (4) the claiming successor is entitled to payment or delivery of the
26 property, including entitlement as a trust pursuant to a will of the dece-
27 dent.
28 (b) A transfer agent of any security shall change the registered owner-
29 ship on the books of a corporation from the decedent to the successor or suc-
30 cessors upon the presentation of an affidavit as provided in subsection (a) of
31 this section.
STATEMENT OF PURPOSE
RS 11688
Section 15-3-1201 allows the use of an affidavit to pass tangible
personal property and/or instruments evidencing a debt, an obligation,
a stock, or a chose in action which belong to a decedent. This method
is not available for real property and also cannot be used if there is
any pending or granted petition or application for either appointment
of a personal representative or for summary administration of the
estate. It is very useful when the only assets of a decedent are bank
accounts or stock accounts and the fair market value of the assets is
relatively low. However, the existing limit of $25,000 is quite low
compared to other states. In the states surrounding Idaho, the limit
runs from a low of $65,000 to a high of $100,000. This bill raises
the limit to $75,000, which should cover the foreseeable future. At
some point in time, an index factor should probably be placed on the
limit.
FISCAL NOTE
This bill will have no fiscal impact. It may lower overall costs by
lowering the number of probates required in court.
CONTACT: Robert L. Aldridge
209 North Eighth Street
Boise, Idaho 83702-4297
Telephone: office: (208) 336-9880 home: (208) 888-4668
Fax: (208) 336-9882
e-mail: rlaldridge@hotmail.com
STATEMENT OF PURPOSE/FISCAL NOTE S 1314