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H0491aaS........................................................by BUSINESS
TRUST DEEDS - Amends existing law relating to trust deeds to revise the
definition of "real property."
02/08 House intro - 1st rdg - to printing
02/11 Rpt prt - to Bus
02/22 Rpt out - rec d/p - to 2nd rdg
02/25 2nd rdg - to 3rd rdg
02/28 3rd rdg - PASSED - 64-1-5
AYES -- Anderson, Andrus, Barrett, Bayer, Bedke, Bell, Bilbao, Black,
Block, Bock, Boe, Bolz, Bowers, Brackett, Bradford, Chadderdon,
Chavez, Chew, Clark, Collins, Crane, Eskridge, Hart, Harwood,
Henbest, Henderson, Jaquet, Killen, King, Kren, Labrador, LeFavour,
Loertscher, Luker, Marriott, Mathews, McGeachin, Mortimer, Moyle,
Nielsen, Nonini, Pasley-Stuart, Patrick, Pence, Raybould, Ringo,
Roberts, Ruchti, Rusche, Sayler, Schaefer, Shepherd(08), Shirley,
Shively, Smith(24), Smith(30)(Stanek), Snodgrass, Stevenson, Thayn,
Thomas, Trail, Vander Woude, Wood(27), Mr. Speaker
NAYS -- Durst
Absent and excused -- Hagedorn, Lake, Shepherd(02), Wills, Wood(35)
Floor Sponsor - Patrick
Title apvd - to Senate
02/29 Senate intro - 1st rdg - to Com/HuRes
03/14 Rpt out - to 14th Ord
03/17 Rpt out amen - to 1st rdg as amen
03/18 1st rdg - to 2nd rdg as amen
03/19 2nd rdg - to 3rd rdg as amen
Rls susp - PASSED - 34-0-1
AYES -- Andreason, Bair, Bastian, Bilyeu, Broadsword, Burkett,
Cameron, Coiner, Corder, Darrington, Davis, Fulcher, Geddes, Goedde,
Hammond, Heinrich, Hill, Jorgenson, Kelly, Keough, Langhorst, Little,
Lodge, Malepeai(Sagness), McGee, McKague, McKenzie, Pearce,
Richardson, Schroeder, Siddoway, Stegner, Stennett, Werk
NAYS -- None
Absent and excused -- Gannon
Floor Sponsor - Davis
Title apvd - to House
03/20 House concurred in Senate amens - to engros
Rpt engros - 1st rdg - to 2nd rdg as amen
03/21 2nd rdg - to 3rd rdg as amen
03/25 3rd rdg as amen - PASSED - 63-0-7
AYES -- Anderson, Andrus, Barrett, Bayer, Bell, Bilbao, Block, Bock,
Boe, Bolz, Bowers, Brackett, Bradford, Chadderdon, Chew, Clark,
Collins, Crane, Durst, Eskridge, Hagedorn, Hart, Harwood, Henbest,
Henderson, Jaquet, Killen, King, Kren, Labrador, Lake, LeFavour,
Loertscher, Luker, Marriott, Mathews, Mortimer, Nielsen, Nonini,
Pasley-Stuart, Patrick, Pence, Raybould, Ringo, Roberts, Rusche,
Sayler, Schaefer, Shepherd(02), Shepherd(08), Shirley, Shively,
Smith(30), Smith(24), Snodgrass, Stevenson, Thayn, Thomas, Trail,
Vander Woude, Wills, Wood(35), Mr. Speaker
NAYS -- None
Absent and excused -- Bedke, Black, Chavez, McGeachin, Moyle, Ruchti,
Wood(27)
Floor Sponsor - Patrick
Title apvd - to enrol - Rpt enrol - Sp/Pres signed
03/26 To Governor
04/01 Governor signed
Session Law Chapter 365
Effective: 07/01/08
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-ninth Legislature Second Regular Session - 2008IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 491 BY BUSINESS COMMITTEE 1 AN ACT 2 RELATING TO TRUST DEEDS; AMENDING SECTION 45-1502, IDAHO CODE, TO REVISE DEFI- 3 NITIONS. 4 Be It Enacted by the Legislature of the State of Idaho: 5 SECTION 1. That Section 45-1502, Idaho Code, be, and the same is hereby 6 amended to read as follows: 7 45-1502. DEFINITIONS -- TRUSTEE'S CHARGE. As used in this act: 8 (1) "Beneficiary" means the person named or otherwise designated in a 9 trust deed as the person for whose benefit a trust deed is given, or his suc- 10 cessor in interest, and who shall not be the trustee. 11 (2) "Grantor" means the person conveying real property by a trust deed as 12 security for the performance of an obligation. 13 (3) "Trust deed" means a deed executed in conformity with this act and 14 conveying real property to a trustee in trust to secure the performance of an 15 obligation of the grantor or other person named in the deed to a beneficiary. 16 (4) "Trustee" means a person to whom the legal title to real property is 17 conveyed by trust deed, or his successor in interest. 18 (5) "Real property" means any right, title, interest and claim in and to 19 real property owned by the grantor at the date of execution of the deed of 20 trust or acquired thereafter by said grantor or his successors in interest. 21 Provided, nevertheless, real property as so defined which may be transferred 22 in trust under this act shall be limited to either (a) any real property 23 located within an incorporated city or village at the time of the transfer, or 24 (b) any real property not exceedingfortyeighty (480) acres, regardless of 25 its location,.and in either event where the trust deed states that the real26property involved is within either of the above provisions, such statement27shall be binding upon all parties and conclusive as to compliance with the28provisions of this act relative to the power to make such transfer and trust29and power of sale conferred in this act.30 (6) The trustee shall be entitled to a reasonable charge for duties or 31 services performed pursuant to the trust deed and this chapter, including com- 32 pensation for reconveyance services notwithstanding any provision of a deed of 33 trust prohibiting payment of a reconveyance fee by the grantor or beneficiary, 34 or any provision of a deed of trust which limits or otherwise restricts the 35 amount of a reconveyance fee to be charged and collected by the trustee. A 36 trustee shall be entitled to refuse to reconvey a deed of trust until the 37 trustee's reconveyance fees and recording costs for recording the reconveyance 38 instruments are paid in full. The trustee shall not be entitled to a foreclo- 39 sure fee in the event of judicial foreclosure or work done prior to the 40 recording of a notice of default. If the default is cured prior to the time of 41 the last newspaper publication of the notice of sale, the trustee shall be 42 paid a reasonable fee.
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-ninth Legislature Second Regular Session - 2008Moved by Davis Seconded by Stegner IN THE SENATE SENATE AMENDMENT TO H.B. NO. 491 1 AMENDMENTS TO SECTION 1 2 On page 1 of the printed bill, in line 22, delete "either" and insert: ": 3either"; in line 23, following "transfer" delete ", or" and insert: ";, or"; 4 in line 25, delete ",." and insert: ","; and in line 29, delete "act." and 5 insert: "actprovided that such real property is not principally used for the 6 agricultural production of crops, livestock, dairy or aquatic goods; or (c) 7 any real property not exceeding forty (40) acres regardless of its use or 8 location.".
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-ninth Legislature Second Regular Session - 2008IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 491, As Amended in the Senate BY BUSINESS COMMITTEE 1 AN ACT 2 RELATING TO TRUST DEEDS; AMENDING SECTION 45-1502, IDAHO CODE, TO REVISE DEFI- 3 NITIONS. 4 Be It Enacted by the Legislature of the State of Idaho: 5 SECTION 1. That Section 45-1502, Idaho Code, be, and the same is hereby 6 amended to read as follows: 7 45-1502. DEFINITIONS -- TRUSTEE'S CHARGE. As used in this act: 8 (1) "Beneficiary" means the person named or otherwise designated in a 9 trust deed as the person for whose benefit a trust deed is given, or his suc- 10 cessor in interest, and who shall not be the trustee. 11 (2) "Grantor" means the person conveying real property by a trust deed as 12 security for the performance of an obligation. 13 (3) "Trust deed" means a deed executed in conformity with this act and 14 conveying real property to a trustee in trust to secure the performance of an 15 obligation of the grantor or other person named in the deed to a beneficiary. 16 (4) "Trustee" means a person to whom the legal title to real property is 17 conveyed by trust deed, or his successor in interest. 18 (5) "Real property" means any right, title, interest and claim in and to 19 real property owned by the grantor at the date of execution of the deed of 20 trust or acquired thereafter by said grantor or his successors in interest. 21 Provided, nevertheless, real property as so defined which may be transferred 22 in trust under this act shall be limited to:either(a) any real property 23 located within an incorporated city or village at the time of the transfer;,24or(b) any real property not exceedingfortyeighty (480) acres, regardless of 25 its location,and in either event where the trust deed states that the real26property involved is within either of the above provisions, such statement27shall be binding upon all parties and conclusive as to compliance with the28provisions of this act relative to the power to make such transfer and trust29and power of sale conferred in this actprovided that such real property is 30 not principally used for the agricultural production of crops, livestock, 31 dairy or aquatic goods; or (c) any real property not exceeding forty (40) 32 acres regardless of its use or location. 33 (6) The trustee shall be entitled to a reasonable charge for duties or 34 services performed pursuant to the trust deed and this chapter, including com- 35 pensation for reconveyance services notwithstanding any provision of a deed of 36 trust prohibiting payment of a reconveyance fee by the grantor or beneficiary, 37 or any provision of a deed of trust which limits or otherwise restricts the 38 amount of a reconveyance fee to be charged and collected by the trustee. A 39 trustee shall be entitled to refuse to reconvey a deed of trust until the 40 trustee's reconveyance fees and recording costs for recording the reconveyance 41 instruments are paid in full. The trustee shall not be entitled to a foreclo- 42 sure fee in the event of judicial foreclosure or work done prior to the 43 recording of a notice of default. If the default is cured prior to the time of 2 1 the last newspaper publication of the notice of sale, the trustee shall be 2 paid a reasonable fee.
STATEMENT OF PURPOSE
RS 17840
This legislation changes the size of real property that is
eligible to be financed with a deed of trust in Idaho from forty
(40) acres to eighty (80) acres, and clarifies the eighty (80)
acre limit.
FISCAL NOTE
There is no impact to the General Fund
CONTACT:
Representative Jim Patrick
(208) 332-1043
STATEMENT OF PURPOSE/FISCAL NOTE H 491