Idaho State Statutes - Idaho Attorney Directory

(1) Any
demand, savings, or matured time deposit with a banking or financial
organization, including a deposit that is automatically renewable, and any
funds paid toward the purchase of a share, a mutual investment certificate, or
any other interest in a banking or financial organization is presumed
abandoned unless the owner, within five (5) years, has:
(a) In the case of a deposit, increased or decreased its amount or
presented the passbook or other similar evidence of the deposit for the
crediting of interest;
(b) Communicated in writing with the banking or financial organization
concerning the property;
(c) Otherwise established that the owner is currently aware of his
interest in the property as evidenced by a memorandum or other record on
file prepared by an employee of the banking or financial organization
describing the activity of the owner which establishes that the owner is
currently aware of his interest in the property stating the date of such
activity and the address of the owner as of that date;
(d) Owned other property to which paragraph (a), (b) or (c) of this
subsection applies and if the banking or financial organization
communicates in writing with the owner with regard to the property that
would otherwise be presumed abandoned under this subsection at the address
to which communications regarding the other property regularly are sent;
or
(e) Had another relationship with the banking or financial organization
concerning which the owner has:
1. Communicated in writing with the banking or financial
organization; or
2. Otherwise established that the owner is currently aware of his
interest as evidenced by a memorandum or other record on file
prepared by an employee of the banking or financial organization
describing the activity of the owner which establishes that the owner
is currently aware of his interest, stating the date of such activity
and the address of the owner as of that date.
(2) For purposes of subsection (1) of this section, property includes
interest and dividends.
(3) A holder may not impose with respect to property described in
subsection (1) of this section any charge due to dormancy or inactivity or
cease payment of interest unless:
(a) There is an enforceable written contract between the holder and the
owner of the property pursuant to which the holder may impose a charge or
cease payment of interest;
(b) For property in excess of two dollars ($2.00), the holder, no more
than three (3) months before the initial imposition of those charges or
cessation of interest, has given written notice to the owner of the amount
of those charges at the last known address of the owner stating that those
charges will be imposed or that interest will cease, but the notice
provided in this section need not be given with respect to charges imposed
or interest ceased before the effective date of this chapter; and
(c) The holder regularly imposes such charges or ceases payment of
interest and does not regularly reverse or otherwise cancel them or
retroactively credit interest with respect to the property.
(4) Any property described in subsection (1) of this section that is
automatically renewable is matured for purposes of subsection (1) of this
section upon the expiration of its initial time period, but in the case of any
renewal to which the owner consents at or about the time of renewal by
communicating in writing with the banking or financial organization, the
property is matured upon the expiration of the last time period for which
consent was given. If, at the time provided for delivery in section 14-519,
Idaho Code, a penalty or forfeiture in the payment of interest would result
from the delivery of the property, the time for delivery is extended until the
time when no penalty or forfeiture would result.

Click here to visit the Official Idaho State Statutes