Idaho State Statutes - Idaho Attorney Directory

(a) In this chapter:
(1) "Accession" means goods that are physically united with other goods
in such a manner that the identity of the original goods is not lost.
(2) "Account," except as used in "account for," means a right to payment
of a monetary obligation, whether or not earned by performance: (i) for
property that has been or is to be sold, leased, licensed, assigned, or
otherwise disposed of; (ii) for services rendered or to be rendered; (iii)
for a policy of insurance issued or to be issued; (iv) for a secondary
obligation incurred or to be incurred; (v) for energy provided or to be
provided; (vi) for the use or hire of a vessel under a charter or other
contract; (vii) arising out of the use of a credit or charge card or
information contained on or for use with the card; or (viii) as winnings
in a lottery or other game of chance operated or sponsored by a state,
governmental unit of a state, or a person licensed or authorized to
operate the game by a state or governmental unit of a state. The term
includes health care insurance receivables. The term does not include: (i)
rights to payment evidenced by chattel paper or an instrument; (ii)
commercial tort claims; (iii) deposit accounts; (iv) investment property;
(v) letter of credit rights or letters of credit; or (vi) rights to
payment for money or funds advanced or sold, other than rights arising out
of the use of a credit or charge card or information contained on or for
use with the card.
(3) "Account debtor" means a person obligated on an account, chattel
paper, or general intangible. The term does not include persons obligated
to pay a negotiable instrument, even if the instrument constitutes part of
chattel paper.
(4) "Accounting," except as used in "accounting for," means a record:
(A) authenticated by a secured party;
(B) indicating the aggregate unpaid secured obligations as of a date
not more than thirty-five (35) days earlier or thirty-five (35) days
later than the date of the record; and
(C) identifying the components of the obligations in reasonable
detail.
(5) "Agricultural lien" means an interest, other than a security
interest, in farm products:
(A) which secures payment or performance of an obligation for:
(i) goods or services furnished in connection with a debtor's
farming operation; or
(ii) rent on real property leased by a debtor in connection
with its farming operation;
(B) which is created by statute in favor of a person that:
(i) in the ordinary course of its business furnished goods or
services to a debtor in connection with a debtor's farming
operation; or
(ii) leased real property to a debtor in connection with the
debtor's farming operation; and
(C) whose effectiveness does not depend on the person's possession
of the personal property.
(6) "As-extracted collateral" means:
(A) oil, gas, or other minerals that are subject to a security
interest that:
(i) is created by a debtor having an interest in the minerals
before extraction; and
(ii) attaches to the minerals as extracted; or
(B) accounts arising out of the sale at the wellhead or minehead of
oil, gas, or other minerals in which the debtor had an interest
before extraction.
(7) "Authenticate" means:
(A) to sign; or
(B) to execute or otherwise adopt a symbol, or encrypt or similarly
process a record in whole or in part, with the present intent of the
authenticating person to identify the person and adopt or accept a
record.
(8) "Bank" means an organization that is engaged in the business of
banking. The term includes savings banks, savings and loan associations,
credit unions and trust companies.
(9) "Cash proceeds" means proceeds that are money, checks, deposit
accounts, or the like.
(10) "Certificate of title" means a certificate of title with respect to
which a statute provides for the security interest in question to be
indicated on the certificate as a condition or result of the security
interest's obtaining priority over the rights of a lien creditor with
respect to the collateral.
(11) "Chattel paper" means a record or records that evidence both a
monetary obligation and a security interest in specific goods, a security
interest in specific goods and software used in the goods, a security
interest in specific goods and license of software used in the goods, a
lease of specific goods, or a lease of specific goods and license of
software used in the goods. In this paragraph, "monetary obligation" means
a monetary obligation secured by the goods or owed under a lease of the
goods and includes a monetary obligation with respect to software used in
the goods. The term does not include: (i) charters or other contracts
involving the use or hire of a vessel; or (ii) records that evidence a
right to payment arising out of the use of a credit or charge card or
information contained on or for use with the card. If a transaction is
evidenced by records that include an instrument or series of instruments,
the group of records taken together constitutes chattel paper.
(12) "Collateral" means the property subject to a security interest or
agricultural lien. The term includes:
(A) proceeds to which a security interest attaches;
(B) accounts, chattel paper, payment intangibles, and promissory
notes that have been sold; and
(C) goods that are the subject of a consignment.
(13) "Commercial tort claim" means a claim arising in tort with respect to
which:
(A) the claimant is an organization; or
(B) the claimant is an individual and the claim:
(i) arose in the course of the claimant's business or
profession; and
(ii) does not include damages arising out of personal injury to
or the death of an individual.
(14) "Commodity account" means an account maintained by a commodity
intermediary in which a commodity contract is carried for a commodity
customer.
(15) "Commodity contract" means a commodity futures contract, an option on
a commodity futures contract, a commodity option, or another contract if
the contract or option is:
(A) traded on or subject to the rules of a board of trade that has
been designated as a contract market for such a contract pursuant to
federal commodities laws; or
(B) traded on a foreign commodity board of trade, exchange, or
market, and is carried on the books of a commodity intermediary for a
commodity customer.
(16) "Commodity customer" means a person for which a commodity
intermediary carries a commodity contract on its books.
(17) "Commodity intermediary" means a person that:
(A) is registered as a futures commission merchant under federal
commodities law; or
(B) in the ordinary course of its business provides clearance or
settlement services for a board of trade that has been designated as
a contract market pursuant to federal commodities law.
(18) "Communicate" means:
(A) to send a written or other tangible record;
(B) to transmit a record by any means agreed upon by the persons
sending and receiving the record; or
(C) in the case of transmission of a record to or by a filing
office, to transmit a record by any means prescribed by filing office
rule.
(19) "Consignee" means a merchant to which goods are delivered in a
consignment.
(20) "Consignment" means a transaction, regardless of its form, in which a
person delivers goods to a merchant for the purpose of sale and:
(A) the merchant:
(i) deals in goods of that kind under a name other than the
name of the person making delivery;
(ii) is not an auctioneer; and
(iii) is not generally known by its creditors to be
substantially engaged in selling the goods of others;
(B) with respect to each delivery, the aggregate value of the goods
is one thousand dollars ($1,000) or more at the time of delivery;
(C) the goods are not consumer goods immediately before delivery;
and
(D) the transaction does not create a security interest that secures
an obligation.
(21) "Consignor" means a person that delivers goods to a consignee in a
consignment.
(22) "Consumer debtor" means a debtor in a consumer transaction.
(23) "Consumer goods" means goods that are used or bought for use
primarily for personal, family or household purposes.
(24) "Consumer goods transaction" means a consumer transaction in which:
(A) an individual incurs an obligation primarily for personal,
family or household purposes; and
(B) a security interest in consumer goods secures the obligation.
(25) "Consumer obligor" means an obligor who is an individual and who
incurred the obligation as part of a transaction entered into primarily
for personal, family or household purposes.
(26) "Consumer transaction" means a transaction in which: (i) an
individual incurs an obligation primarily for personal, family or
household purposes; (ii) a security interest secures the obligation; and
(iii) the collateral is held or acquired primarily for personal, family or
household purposes. The term includes consumer goods transactions.
(27) "Continuation statement" means an amendment of a financing statement
which:
(A) identifies, by its file number, the initial financing statement
to which it relates; and
(B) indicates that it is a continuation statement for, or that it is
filed to continue the effectiveness of, the identified financing
statement.
(28) "Debtor" means:
(A) a person having an interest, other than a security interest or
other lien, in the collateral, whether or not the person is an
obligor;
(B) a seller of accounts, chattel paper, payment intangibles or
promissory notes; or
(C) a consignee.
(29) "Deposit account" means a demand, time, savings, passbook, or similar
account maintained with a bank. The term does not include investment
property or accounts evidenced by an instrument.
(30) "Document" means a document of title or a receipt of the type
described in section 28-7-201(b).
(31) "Electronic chattel paper" means chattel paper evidenced by a record
or records consisting of information stored in an electronic medium.
(32) "Encumbrance" means a right, other than an ownership interest, in
real property. The term includes mortgages and other liens on real
property.
(33) "Equipment" means goods other than inventory, farm products or
consumer goods.
(34) "Farm products" means goods, other than standing timber, with respect
to which the debtor is engaged in a farming operation and which are:
(A) crops grown, growing, or to be grown, including:
(i) crops produced on trees, vines and bushes; and
(ii) aquatic goods produced in aquacultural operations;
(B) livestock, born or unborn, including aquatic goods produced in
aquacultural operations;
(C) supplies used or produced in a farming operation; or
(D) products of crops or livestock in their unmanufactured states.
(35) "Farming operation" means raising, cultivating, propagating,
fattening, grazing, or any other farming, livestock, or aquacultural
operation.
(36) "File number" means the number assigned to an initial financing
statement pursuant to section 28-9-519(a).
(37) "Filing office" means an office designated in section 28-9-501 as the
place to file a financing statement.
(38) "Filing office rule" means a rule adopted pursuant to section
28-9-526.
(39) "Financing statement" means a record or records composed of an
initial financing statement and any filed record relating to the initial
financing statement.
(40) "Fixture filing" means the filing of a financing statement covering
goods that are or are to become fixtures and satisfying section
28-9-502(a) and (b). The term includes the filing of a financing statement
covering goods of a transmitting utility which are or are to become
fixtures.
(41) "Fixtures" means goods that have become so related to particular real
property that an interest in them arises under real property law.
(42) "General intangible" means any personal property, including things in
action, other than accounts, chattel paper, commercial tort claims,
deposit accounts, documents, goods, instruments, investment property,
letter of credit rights, letters of credit, money, and oil, gas, or other
minerals before extraction. The term includes payment intangibles and
software.
(43) "Good faith" means honesty in fact and the observance of reasonable
commercial standards of fair dealing.
(44) "Goods" means all things that are movable when a security interest
attaches. The term includes: (i) fixtures; (ii) standing timber that is to
be cut and removed under a conveyance or contract for sale; (iii) the
unborn young of animals; (iv) crops grown, growing, or to be grown, even
if the crops are produced on trees, vines or bushes; and (v) manufactured
homes. The term also includes a computer program embedded in goods and any
supporting information provided in connection with a transaction relating
to the program if: (i) the program is associated with the goods in such a
manner that it customarily is considered part of the goods; or (ii) by
becoming the owner of the goods, a person acquires a right to use the
program in connection with the goods. The term does not include a computer
program embedded in goods that consist solely of the medium in which the
program is embedded. The term also does not include accounts, chattel
paper, commercial tort claims, deposit accounts, documents, general
intangibles, instruments, investment property, letter of credit rights,
letters of credit, money, or oil, gas, or other minerals before
extraction.
(45) "Governmental unit" means a subdivision, agency, department, county,
parish, municipality, or other unit of the government of the United
States, a state, or a foreign country. The term includes an organization
having a separate corporate existence if the organization is eligible to
issue debt on which interest is exempt from income taxation under the laws
of the United States.
(46) "Health care insurance receivable" means an interest in or claim
under a policy of insurance which is a right to payment of a monetary
obligation for health care goods or services provided or to be provided.
(47) "Instrument" means a negotiable instrument or any other writing that
evidences a right to the payment of a monetary obligation, is not itself a
security agreement or lease, and is of a type that in the ordinary course
of business is transferred by delivery with any necessary indorsement or
assignment. The term does not include: (i) investment property; (ii)
letters of credit; or (iii) writings that evidence a right to payment
arising out of the use of a credit or charge card or information contained
on or for use with the card.
(48) "Inventory" means goods, other than farm products, which:
(A) are leased by a person as lessor;
(B) are held by a person for sale or lease or to be furnished under
a contract of service;
(C) are furnished by a person under a contract of service; or
(D) consist of raw materials, work in process, or materials used or
consumed in a business.
(49) "Investment property" means a security, whether certificated or
uncertificated, security entitlement, securities account, commodity
contract or commodity account.
(50) "Jurisdiction of organization," with respect to a registered
organization, means the jurisdiction under whose law the organization is
organized.
(51) "Letter of credit right" means a right to payment or performance
under a letter of credit, whether or not the beneficiary has demanded or
is at the time entitled to demand payment or performance. The term does
not include the right of a beneficiary to demand payment or performance
under a letter of credit.
(52) "Lien creditor" means:
(A) a creditor that has acquired a lien on the property involved by
attachment, levy, or the like;
(B) an assignee for benefit of creditors from the time of
assignment;
(C) a trustee in bankruptcy from the date of the filing of the
petition; or
(D) a receiver in equity from the time of appointment.
(53) "Manufactured home" means a structure, transportable in one (1) or
more sections, which, in the traveling mode, is eight (8) body feet or
more in width or forty (40) body feet or more in length, or, when erected
on site, is three hundred twenty (320) or more square feet, and which is
built on a permanent chassis and designed to be used as a dwelling with or
without a permanent foundation when connected to the required utilities,
and includes the plumbing, heating, air conditioning, and electrical
systems contained therein. The term includes any structure that meets all
of the requirements of this paragraph except the size requirements and
with respect to which the manufacturer voluntarily files a certification
required by the United States secretary of housing and urban development
and complies with the standards established under title 42 of the United
States Code.
(54) "Manufactured home transaction" means a secured transaction:
(A) that creates a purchase-money security interest in a
manufactured home, other than a manufactured home held as inventory;
or
(B) in which a manufactured home, other than a manufactured home
held as inventory, is the primary collateral.
(55) "Mortgage" means a consensual interest in real property, including
fixtures, which secures payment or performance of an obligation.
(56) "New debtor" means a person that becomes bound as debtor under
section 28-9-203(d) by a security agreement previously entered into by
another person.
(57) "New value" means: (i) money; (ii) money's worth in property,
services or new credit; or (iii) release by a transferee of an interest in
property previously transferred to the transferee. The term does not
include an obligation substituted for another obligation.
(58) "Noncash proceeds" means proceeds other than cash proceeds.
(59) "Obligor" means a person that, with respect to an obligation secured
by a security interest in or an agricultural lien on the collateral: (i)
owes payment or other performance of the obligation; (ii) has provided
property other than the collateral to secure payment or other performance
of the obligation; or (iii) is otherwise accountable in whole or in part
for payment or other performance of the obligation. The term does not
include issuers or nominated persons under a letter of credit.
(60) "Original debtor," except as used in section 28-9-310(c), means a
person that, as debtor, entered into a security agreement to which a new
debtor has become bound under section 28-9-203(d).
(61) "Payment intangible" means a general intangible under which the
account debtor's principal obligation is a monetary obligation.
(62) "Person related to," with respect to an individual, means:
(A) the spouse of the individual;
(B) a brother, brother-in-law, sister, or sister-in-law of the
individual;
(C) an ancestor or lineal descendant of the individual or the
individual's spouse; or
(D) any other relative, by blood or marriage, of the individual or
the individual's spouse who shares the same home with the individual.
(63) "Person related to," with respect to an organization, means:
(A) a person directly or indirectly controlling, controlled by, or
under common control with the organization;
(B) an officer or director of, or a person performing similar
functions with respect to, the organization;
(C) an officer or director of, or a person performing similar
functions with respect to, a person described in subparagraph (A) of
this paragraph;
(D) the spouse of an individual described in subparagraph (A), (B)
or (C) of this paragraph; or
(E) an individual who is related by blood or marriage to an
individual described in subparagraph (A), (B), (C) or (D) of this
paragraph and shares the same home with the individual.
(64) "Proceeds" means the following property:
(A) whatever is acquired upon the sale, lease, license, exchange or
other disposition of collateral;
(B) whatever is collected on, or distributed on account of,
collateral;
(C) rights arising out of collateral;
(D) to the extent of the value of collateral, claims arising out of
the loss, nonconformity, or interference with the use of, defects or
infringement of rights in, or damage to, the collateral; or
(E) to the extent of the value of collateral and to the extent
payable to the debtor or the secured party, insurance payable by
reason of the loss or nonconformity of, defects or infringement of
rights in, or damage to, the collateral.
(65) "Promissory note" means an instrument that evidences a promise to pay
a monetary obligation, does not evidence an order to pay, and does not
contain an acknowledgment by a bank that the bank has received for deposit
a sum of money or funds.
(66) "Proposal" means a record authenticated by a secured party which
includes the terms on which the secured party is willing to accept
collateral in full or partial satisfaction of the obligation it secures
pursuant to sections 28-9-620, 28-9-621 and 28-9-622.
(67) "Public-finance transaction" means a secured transaction in
connection with which:
(A) debt securities are issued;
(B) all or a portion of the securities issued have an initial stated
maturity of at least twenty (20) years; and
(C) the debtor, obligor, secured party, account debtor or other
person obligated on collateral, assignor or assignee of a secured
obligation, or assignor or assignee of a security interest is a state
or a governmental unit of a state.
(68) "Pursuant to commitment," with respect to an advance made or other
value given by a secured party, means pursuant to the secured party's
obligation, whether or not a subsequent event of default or other event
not within the secured party's control has relieved or may relieve the
secured party from its obligation.
(69) "Record," except as used in "for record," "of record," "record or
legal title," and "record owner," means information that is inscribed on a
tangible medium or which is stored in an electronic or other medium and is
retrievable in perceivable form.
(70) "Registered organization" means an organization organized solely
under the law of a single state or the United States and as to which the
state or the United States must maintain a public record showing the
organization to have been organized.
(71) "Secondary obligor" means an obligor to the extent that:
(A) the obligor's obligation is secondary; or
(B) the obligor has a right of recourse with respect to an
obligation secured by collateral against the debtor, another obligor,
or property of either.
(72) "Secured party" means:
(A) a person in whose favor a security interest is created or
provided for under a security agreement, whether or not any
obligation to be secured is outstanding;
(B) a person that holds an agricultural lien;
(C) a consignor;
(D) a person to which accounts, chattel paper, payment intangibles
or promissory notes have been sold;
(E) a trustee, indenture trustee, agent, collateral agent, or other
representative in whose favor a security interest or agricultural
lien is created or provided for; or
(F) a person that holds a security interest arising under section
28-2-401, 28-2-505, 28-2-711(3), 28-4-210, 28-5-120 or 28-12-508(5).
(73) "Security agreement" means an agreement that creates or provides for
a security interest.
(74) "Send," in connection with a record or notification, means:
(A) to deposit in the mail, deliver for transmission, or transmit by
any other usual means of communication, with postage or cost of
transmission provided for, addressed to any address reasonable under
the circumstances; or
(B) to cause the record or notification to be received within the
time that it would have been received if properly sent under
subparagraph (A) of this paragraph.
(75) "Software" means a computer program and any supporting information
provided in connection with a transaction relating to the program. The
term does not include a computer program that is included in the
definition of goods.
(76) "State" means a state of the United States, the District of Columbia,
Puerto Rico, the United States Virgin Islands, or any territory or insular
possession subject to the jurisdiction of the United States.
(77) "Supporting obligation" means a letter of credit right or secondary
obligation that supports the payment or performance of an account, chattel
paper, a document, a general intangible, an instrument or investment
property.
(78) "Tangible chattel paper" means chattel paper evidenced by a record or
records consisting of information that is inscribed on a tangible medium.
(79) "Termination statement" means an amendment of a financing statement
which:
(A) identifies, by its file number, the initial financing statement
to which it relates; and
(B) indicates either that it is a termination statement or that the
identified financing statement is no longer effective.
(80) "Transmitting utility" means a person primarily engaged in the
business of:
(A) operating a railroad, subway, street railway, or trolley bus;
(B) transmitting communications electrically, electromagnetically or
by light;
(C) transmitting goods by pipeline or sewer; or
(D) transmitting or producing and transmitting electricity, steam,
gas or water.
(b) "Control" as provided in section 28-7-106 and the following
definitions in other chapters apply to this chapter:
"Applicant" section 28-5-102.
"Beneficiary" section 28-5-102.
"Broker" section 28-8-102.
"Certificated security" section 28-8-102.
"Check" section 28-3-104.
"Clearing corporation" section 28-8-102.
"Contract for sale" section 28-2-106.
"Customer" section 28-4-104.
"Entitlement holder" section 28-8-102.
"Financial asset" section 28-8-102.
"Holder in due course" section 28-3-302.
"Issuer" (with respect to a letter of credit
or letter of credit right) section 28-5-102.
"Issuer" (with respect to a security) section 28-8-201.
"Issuer" (with respect to documents of title) section 28-7-102.
"Lease" section 28-12-103.
"Lease agreement" section 28-12-103.
"Lease contract" section 28-12-103.
"Leasehold interest" section 28-12-103.
"Lessee" section 28-12-103.
"Lessee in ordinary course of business" section 28-12-103.
"Lessor" section 28-12-103.
"Lessor's residual interest" section 28-12-103.
"Letter of credit" section 28-5-102.
"Merchant" section 28-2-104.
"Negotiable instrument" section 28-3-104.
"Nominated person" section 28-5-102.
"Note" section 28-3-104.
"Proceeds of a letter of credit" section 28-5-114.
"Prove" section 28-3-103.
"Sale" section 28-2-106.
"Securities account" section 28-8-501.
"Securities intermediary" section 28-8-102.
"Security" section 28-8-102.
"Security certificate" section 28-8-102.
"Security entitlement" section 28-8-102.
"Uncertificated security" section 28-8-102.
(c) Chapter 1, title 28, contains general definitions and principles of
construction and interpretation applicable throughout this chapter.

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