Idaho State Statutes - Idaho Attorney Directory

(1) All money received under this
chapter, including the proceeds from the sale of property under section
14-522, Idaho Code, shall be deposited in the unclaimed property account.
(2) All money in the unclaimed property account is hereby continuously
appropriated to the state tax commission, without regard to fiscal years, for
expenditure in accordance with law in carrying out and enforcing the
provisions of this chapter, including, but not limited to, the following
purposes:
(a) For payment of claims allowed by the state tax commission under the
provisions of this chapter.
(b) For refund, to the person making such deposit of amounts, including
overpayments, deposited in error in such account.
(c) For payment of the cost of appraisals incurred by the state tax
commission covering property held in the name of the account.
(d) For payment of the cost incurred by the state tax commission for the
purchase of lost instrument indemnity bonds, or for payment to the person
entitled thereto, for any unpaid lawful charges or costs which arose from
holding any specific property or any specific funds which were delivered
or paid to the state tax commission, or which arose from complying with
this chapter with respect to such property or funds.
(e) For payment of amounts required to be paid by the state as trustee,
bailee, or successor in interest to the preceding owner.
(f) For payment of costs of official advertising in connection with the
sale of property held in the name of the account.
(g) For transfer to the general account as provided in subsection (3) of
this section.
(h) For transfer to the inheritance tax account of the amount of any
inheritance taxes determined to be due and payable to the state by any
claimant with respect to any property claimed by him under the provisions
of this chapter.
(3) At the end of each month, or more often, if it deems it advisable,
the state tax commission shall transfer all money in the unclaimed property
account in excess of two hundred fifty thousand dollars ($250,000) to the
general account. Within sixty (60) days of making this transfer, it shall
record the name and last known address, if available, of each person appearing
from the holder's report to be entitled to the property. The record shall be
available for public inspection at all reasonable business hours.
(4) All money received under this chapter, including the proceeds from
the sale of property under section 14-522, Idaho Code, deposited in the
general account shall be retained by the state of Idaho for the purposes of
this section and administered pursuant to this section for a period of ten
(10) years. At the end of such period, those moneys which have not been
claimed and paid over or delivered as an allowed claim under this section and
section 14-524, Idaho Code, shall become due and payable by escheat to the
state of Idaho and become the property of the state of Idaho without further
action on the part of the administrator.

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