Idaho Code § 14-506 Bank Deposits and Funds In Financial Organizations

• Library: Idaho Statutes
• Edition: 2023
• Currency: Current through the 2023 Regular Legislative Session
• Year: 2023
• Citation: Idaho Code § 14-506

(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.