41-3712 — INVESTMENT OF TRUST FUND

Code Resources

Idaho Resources
Idaho Website
Idaho Governor
Idaho Legislature
Idaho Courts

Search this Code
in Google Scholar

on the Web
Google Web Search
MSN Web Search
Yahoo! Web Search

in the News
Google News Search
Google News Archive Search
Yahoo! News Search

in the Blogs
BlawgSearch.com Search
Google Blog Search
Technorati Blog Search

in other Databases
Google Book Search 

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 37
                      IDAHO HOSPITAL LIABILITY TRUST ACT
    41-3712.  INVESTMENT OF TRUST FUND. (1) The trustee may invest reserves
and other funds available for the purpose in the trust fund of a hospital
trust in the following kinds of investments only:
    (a)  General obligations of the United States government, or of any state,
    district, commonwealth, or territory of the United States, or of any
    municipality, county, or other political subdivision or agency thereof.
    (b)  Obligations, the payment of principal and interest of which is
    guaranteed by any such government or agency.
    (c)  Corporate bonds and similar obligations meeting the requirements
    specified for investment of funds of insurers under section 41-711, Idaho
    Code.
    (d)  Collateral loans, payment of principal and interest of which is
    adequately secured by securities in which the trust fund could lawfully
    invest direct.
    (e)  Deposits, savings accounts, and share accounts in established banks
    and savings and loan associations located in the United States.
    (2)  The trustee is expressly prohibited from investing trust fund moneys
in:
    (a)  Any loan to or security of any member of the trust.
    (b)  Real estate or loans thereon.
    (c)  Any personal loan, other than a collateral loan referred to in
    subsection (1)(d) above.[,] but subject to subdivision (a) of this
    subsection (2).
    (3)  All such investments shall be  made and held in the name of the trust
fund, and the interest and yield thereon shall inure to the account of the
trust fund.
    (4)  No investment shall be made unless authorized in writing by the
trustee and so shown in the records of the trust fund.
    (5)  Any person who authorizes any investment of trust fund moneys in
violation of this section shall, in addition to other penalty therefor, be
liable for all loss suffered by the trust fund on account of the investment.
    (6)  No investment made in violation of this section shall constitute an
"asset" in any determination of the financial condition of the trust fund.