Idaho State Statutes - Idaho Attorney Directory

(1) If any holder possessing unclaimed
property under this act sells out its business or stock of goods, the
purchaser of the business or stock of goods shall make inquiry of the
administrator and withhold from the purchase price any amount of unclaimed
property that may be due under this chapter until such time as the
administrator provides written notification stating that no amount is due.
(2) If the purchaser of a business or stock of goods fails to withhold
the amounts required by subsection (1) of this section from the purchase
price, he becomes personally liable for the payment of the amount required to
be withheld to the extent of the purchase price valued in money.
(3) The administrator shall, as soon as practicable after receiving
written inquiry as to any amounts due, and no later than thirty (30) days
after receipt of the inquiry or, if necessary, thirty (30) days from the date
the holder's records are made available for review under section 14-530, Idaho
Code, but in any event no later than sixty (60) days after receiving the
inquiry, issue a statement to the purchaser setting forth the amount due under
this chapter by the holder, if any. The administrator's failure to issue such
statement will release the purchaser from any obligation to withhold from the
purchase price the amounts as above required, or responsibility for the
reporting or delivery of any unclaimed property due and owing by the holder
under section 14-517, Idaho Code, and section 14-519, Idaho Code.

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