TITLE 14

ESTATES OF DECEDENTS

CHAPTER 5

REVISED UNCLAIMED PROPERTY ACT

PART 6

TAKING CUSTODY OF PROPERTY BY ADMINISTRATOR

14-5-608.  ADMINISTRATOR’S OPTIONS AS TO CUSTODY. (1) The administrator may decline to take custody of property reported under section 14-5-401, Idaho Code, if the administrator determines that:

(a)  The property has a value less than the estimated expenses of notice and sale of the property; or

(b)  Taking custody of the property would be unlawful.

(2)  A holder may pay or deliver property to the administrator before the property is presumed abandoned under this chapter if the holder:

(a)  Sends the apparent owner of the property notice required by section 14-5-501, Idaho Code, and provides the administrator evidence of the holder’s compliance with this paragraph;

(b)  Includes with the payment or delivery a report regarding the property conforming to section 14-5-402, Idaho Code; and

(c)  First obtains the administrator’s consent in a record to accept payment or delivery.

(3)  A holder’s request for the administrator’s consent under subsection (2)(c) of this section must be in a record. If the administrator fails to respond to the request within thirty (30) days after receipt of the request, the administrator is deemed to consent to the payment or delivery of the property and the payment or delivery is considered to have been made in good faith.

(4)  Upon payment or delivery of property under subsection (2) of this section, the property is presumed abandoned.

History:

[14-5-608, added 2024, ch. 27, sec. 2, p. 202.]