Idaho State Statutes - Idaho Attorney Directory

In this Part, unless the context otherwise
requires:
(1) "Account" means a contract of deposit of funds between a depositor
and a financial institution, and includes a checking account, savings account,
certificate of deposit, share account and other like arrangement;
(2) "Beneficiary" means a person named in a trust account as one for whom
a party to the account is named as trustee;
(3) "Financial institution" means any organization authorized to do
business under state or federal laws relating to financial institutions,
including, without limitation, banks and trust companies, savings banks,
building and loan associations, savings and loan companies or associations,
and credit unions;
(4) "Joint account" means an account payable on request to one (1) or
more of two (2) or more parties whether or not mention is made of any right of
survivorship;
(5) A "multiple-party account" is any of the following types of account:
(a) a joint account;
(b) a P.O.D. account; or
(c) a trust account. It does not include accounts established for deposit
of funds of a partnership, joint venture, or other association for business
purposes, or accounts controlled by one (1) or more persons as the duly
authorized agent or trustee for a corporation, unincorporated association,
charitable or civic organization or a regular fiduciary or trust account where
the relationship is established other than by deposit agreement;
(6) "Net contribution" of a party to a joint account as of any given time
is the sum of all deposits thereto made by or for him, less all withdrawals
made by or for him which have not been paid to or applied to the use of any
other party, plus a pro rata share of any interest or dividends included in
the current balance. The term includes, in addition, any proceeds of deposit
life insurance added to the account by reason of the death of the party whose
net contribution is in question;
(7) "Party" means a person who, by the terms of the account, has a
present right, subject to request, to payment from a multiple-party account. A
P.O.D. payee or beneficiary of a trust account is a party only after the
account becomes payable to him by reason of his surviving the original payee
or trustee. Unless the context otherwise requires, it includes a guardian,
conservator, personal representative, or assignee, including an attaching
creditor, of a party. It also includes a person identified as a trustee of an
account for another whether or not a beneficiary is named, but it does not
include any named beneficiary unless he has a present right of withdrawal;
(8) "Payment" of sums on deposit includes withdrawal, payment on check or
other directive of a party, and any pledge of sums on deposit by a party and
any set-off, or reduction or other disposition of all or part of an account
pursuant to a pledge;
(9) "Proof of death" includes a death certificate or record or report
which is prima facie proof of death under section 15-1-107 of this code;
(10) "P.O.D. account" means an account payable on request to one (1)
person during his lifetime and on his death to one (1) or more P.O.D. payees,
or to one (1) or more persons during their lifetimes and on the death of all
of them to one (1) or more P.O.D. payees;
(11) "P.O.D. payee" means a person designated on a P.O.D. account as one
to whom the account is payable on request after the death of one (1) or more
persons;
(12) "Request" means a proper request for withdrawal, or a check or order
for payment, which complies with all conditions of the account, including
special requirements concerning necessary signatures and regulations of the
financial institutions; but if the financial institution conditions withdrawal
or payment on advance notice, for purposes of this part the request for
withdrawal or payment is treated as immediately effective and a notice of
intent to withdraw is treated as a request for withdrawal;
(13) "Sums on deposit" means the balance payable on a multiple-party
account including interest, dividends, and in addition any deposit life
insurance proceeds added to the account by reason of the death of a party;
(14) "Trust account" means an account in the name of one (1) or more
parties as trustee for one (1) or more beneficiaries where the relationship is
established by the form of the account and the deposit agreement with the
financial institution and there is no subject of the trust other than the sums
on deposit in the account; it is not essential that payment to the beneficiary
be mentioned in the deposit agreement. A trust account does not include a
regular trust account under a testamentary trust or a trust agreement which
has significance apart from the account, or a fiduciary account arising from a
fiduciary relation such as attorney-client;
(15) "Withdrawal" includes payment to a third person pursuant to check or
other directive of a party.

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