2005 Idaho Code - 14-512 — PROPERTY HELD BY AGENTS AND FIDUCIARIES

                                  TITLE  14
                             ESTATES OF DECEDENTS
                                  CHAPTER 5
                            UNCLAIMED PROPERTY LAW
    14-512.  PROPERTY HELD BY AGENTS AND FIDUCIARIES. (1) Intangible property
and any income or increment derived therefrom held in a fiduciary capacity for
the benefit of another person is presumed abandoned unless the owner, within
five (5) years after it has become payable or distributable, has increased or
decreased the principal, accepted payment of principal or income, or
communicated concerning the property.
    (2)  Amounts due and payable from property in an individual retirement
account, defined benefit plan, or other account or plan that is qualified for
tax deferral under the income tax laws of the United States, is presumed
abandoned three (3) years after the earlier of the date of the required
distribution as stated in the documents governing the account or plan, or the
date, if determinable by the holder, specified in the income tax law of the
United States by which distribution of the property must begin in order to
avoid a tax penalty, but excluding property in any such account or plan if the
documents governing the account or plan provide a method for the treatment of
the account balance of an account holder or plan participant or beneficiary
who cannot be located.
    (3)  For the purposes of this section, a person who holds property as an
agent for a business association is deemed to hold the property in a fiduciary
capacity for that business association alone, unless the agreement between him
and the business association provides otherwise.
    (4)  For the purposes of this chapter, a person who is deemed to hold
property in a fiduciary capacity for a business association alone is the
holder of the property only insofar as the interest of the business
association in the property is concerned, and the business association is the
holder of the property insofar as the interest of any other person in the
property is concerned.