TITLE 14

ESTATES OF DECEDENTS

CHAPTER 5

REVISED UNCLAIMED PROPERTY ACT

PART 6

TAKING CUSTODY OF PROPERTY BY ADMINISTRATOR

14-5-603.  PAYMENT OR DELIVERY OF PROPERTY TO ADMINISTRATOR. (1) Except as otherwise provided in this section, upon filing a report required by section 14-5-401, Idaho Code, the holder shall pay or deliver to the administrator the property described in the report.

(2)  If property in a report required by section 14-5-401, Idaho Code, is an automatically renewable deposit and a penalty or forfeiture in the payment of interest would result from paying the deposit to the administrator at the time of the report, the date for payment of the property to the administrator shall be extended until a penalty or forfeiture would no longer result from payment, as long as the holder informs the administrator of the extended date.

(3)  Tangible property in a safe deposit box may not be delivered to the administrator until a date accepted by the administrator.

(4)  If property reported to the administrator under section 14-5-401, Idaho Code, is a security, the administrator may:

(a)  Make an endorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer, its transfer agent, or the securities intermediary to transfer the security; or

(b)  Dispose of the security pursuant to section 14-5-702, Idaho Code.

(5)  If the holder of property reported to the administrator under section 14-5-401, Idaho Code, is the issuer of a certificated security, the administrator may obtain a replacement certificate in physical or book entry form pursuant to section 28-8-405, Idaho Code, at no cost. An indemnity bond is not required.

(6)  The administrator shall establish procedures for the registration, issuance, method of delivery, transfer, and maintenance of securities delivered to the administrator by a holder.

(7)  An issuer, holder, transfer agent, or other person acting in good faith under this section under instructions of and on behalf of the issuer or holder is not liable to the apparent owner for a claim arising with respect to property after the property has been delivered to the administrator.

(8)  A holder is not required to deliver to the administrator a security identified by the holder as a non-freely transferable security in a report filed under section 14-5-401, Idaho Code. If the administrator or holder determines that a security is no longer a non-freely transferable security, the holder shall deliver the security on the next regular date prescribed for delivery of securities under this chapter. The holder shall make a determination annually whether a security identified in a report filed under section 14-5-401, Idaho Code, as a non-freely transferable security is no longer a non-freely transferable security.

(9)  Virtual currency shall be liquidated by the holder prior to filing the report required under section 14-5-401, Idaho Code. An owner shall have no recourse against either a holder who has acted in good faith or the administrator for any gain in value after liquidation.

History:

[14-5-603, added 2024, ch. 27, sec. 2, p. 200.]