TITLE 14

ESTATES OF DECEDENTS

CHAPTER 5

REVISED UNCLAIMED PROPERTY ACT

PART 2

PRESUMPTION OF ABANDONMENT

14-5-207.  WHEN SECURITY PRESUMED ABANDONED. (1) Subject to the provisions of section 14-5-210, Idaho Code, a security is presumed abandoned five (5) years after:

(a)  The date a second consecutive communication sent by the holder by first class United States mail to the apparent owner is returned to the holder undelivered by the United States postal service; or

(b)  If the second communication is made later than thirty (30) days after the first communication is returned, the date the first communication is returned undelivered to the holder by the United States postal service.

(2)  If the holder does not send communications to the apparent owner of a security by first class United States mail, the holder shall attempt to confirm the apparent owner’s interest in the security by sending the apparent owner an electronic mail communication. However, the holder promptly shall attempt to contact the apparent owner by first class United States mail if:

(a)  The holder does not have information needed to send the apparent owner an electronic mail communication or the holder believes that the apparent owner’s electronic mail address in the holder’s records is not valid;

(b)  The holder receives notification that the electronic mail communication was not received; or

(c)  The apparent owner does not respond to the electronic mail communication within thirty (30) days after the communication was sent.

(3)  If first class United States mail sent is returned to the holder undelivered by the United States postal service, the security is presumed abandoned five (5) years after the date the mail is returned.

History:

[14-5-207, added 2024, ch. 27, sec. 2, p. 190.]