TITLE 14

ESTATES OF DECEDENTS

CHAPTER 5

REVISED UNCLAIMED PROPERTY ACT

PART 2

PRESUMPTION OF ABANDONMENT

14-5-201.  WHEN PROPERTY PRESUMED ABANDONED. (1) Subject to the provisions of section 14-5-210, Idaho Code, the following property is presumed abandoned if it is unclaimed by the apparent owner during the specified period:

(a)  A traveler’s check, fifteen (15) years after issuance;

(b)  A money order, seven (7) years after issuance;

(c)  A corporate bond, bearer bond, or original issue discount bond, five (5) years after the earliest of the date the bond matures or is called or the obligation to pay the principal of the bond arises;

(d)  A demand savings or time deposit, including a deposit that is automatically renewable, five (5) years after the later of the date of maturity, if applicable, or the date of the last indication of interest in the property by the apparent owner. However, a deposit that is automatically renewable is deemed matured on its initial date of maturity plus one (1) annual renewal;

(e)  Money or a credit owed to a customer as a result of a retail business transaction, other than in-store credit for returned merchandise, five (5) years after the obligation arose;

(f)  An amount owed by an insurance company on a life or endowment insurance policy or an annuity contract that has matured or terminated, five (5) years after the obligation to pay arose under the terms of the policy or contract or, if a policy or contract for which an amount is owed on proof of death has not matured by proof of the death of the insured or annuitant, as follows:

(i)   With respect to an amount owed on a life or endowment insurance policy, five (5) years after the earlier of the date:

1.  The insurance company has knowledge of the death of the insured; or

2.  The insured has attained, or would have attained if living, the limiting age under the mortality table on which the reserve for the policy is based; and

(ii)  With respect to an amount owed on an annuity contract, five (5) years after the date the insurance company has knowledge of the death of the annuitant;

(g)  Property distributable by a business association in the course of dissolution, one (1) year after the property becomes distributable;

(h)  Property held by a court, including property received as proceeds of a class action, one (1) year after the property becomes distributable;

(i)  Property held by a government or governmental subdivision, agency, or instrumentality, including municipal bond interest and unredeemed principal under the administration of a paying agent or indenture trustee, one (1) year after the property becomes distributable;

(j)  Wages, commissions, bonuses, or reimbursements to which an employee is entitled or other compensation for personal services, other than a payroll card converted balance as defined in section 14-5-102, Idaho Code, one (1) year after the amount becomes payable;

(k)  A deposit or refund owed to a subscriber by a utility, one (1) year after the deposit or refund becomes payable;

(l)  Funds on deposit or held in trust for the prepayment of a funeral or other funeral-related expenses other than burial rights, the earliest of:

(i)   Two (2) years after the date of death of the beneficiary;

(ii)  One (1) year after the date the beneficiary has attained, or would have attained if living, the age of one hundred five (105) years where the holder does not know whether the beneficiary is deceased; or

(iii) Thirty (30) years after the contract for prepayment was executed.

(m)  Funds from the termination of a defined contribution or other retirement plan where the apparent owner is a missing participant and the plan fiduciary is unable to or elects not to distribute missing participant benefits into an individual retirement account, as soon as administratively feasible after the date of plan termination; and

(n)  Property not specified in this section or sections 14-5-202 through 14-5-208, Idaho Code, the earlier of five (5) years after the owner first has a right to demand the property or the obligation to pay or distribute the property arises.

(2)  Notwithstanding the provisions of subsection (1) of this section, and subject to the provisions of section 14-5-209, Idaho Code:

(a)  If the holder has imposed a charge against property for reason of inactivity or the failure of the owner to claim the property within a specified period of time, and the abandonment period for the property pursuant to subsection (1) of this section is greater than five (5) years, the property shall instead be presumed abandoned five (5) years from the owner’s last indication of interest in the property; and

(b)  A deceased owner cannot indicate interest in the owner’s property. If the owner is deceased, and the abandonment period for the owner’s property as specified in subsection (1) of this section is greater than two (2) years, the property shall instead be presumed abandoned two (2) years from the date of the owner’s last indication of interest in the property.

History:

[14-5-201, added 2024, ch. 27, sec. 2, p. 187.]