2005 Idaho Code - 14-520 — CUSTODY BY STATE, HOLDER RELIEVED FROM LIABILITY -- REIMBURSEMENT OF HOLDER PAYING CLAIM -- RECLAIMING FOR OWNER -- DEFENSE OF HOLDER -- PAYMENT OF SAFE DEPOSIT BOX OR REPOSITORY CHARGES

                                  TITLE  14
                             ESTATES OF DECEDENTS
                                  CHAPTER 5
                            UNCLAIMED PROPERTY LAW
    14-520.  CUSTODY BY STATE, HOLDER RELIEVED FROM LIABILITY -- REIMBURSEMENT
OF HOLDER PAYING CLAIM -- RECLAIMING FOR OWNER -- DEFENSE OF HOLDER -- PAYMENT
OF SAFE DEPOSIT BOX OR REPOSITORY CHARGES. (1) Upon the payment or delivery of
property to the administrator, the state assumes custody and responsibility
for the safekeeping of the property. A person who pays or delivers property to
the administrator in good faith is relieved of all liability to the extent of
the value of the property paid or delivered for any claim then existing or
which thereafter may arise or be made in respect to the property.
    (2)  A holder who has paid money to the administrator pursuant to this
chapter may make payment to any person appearing to the holder to be entitled
to payment and, upon filing proof of payment and proof that the payee was
entitled thereto, the administrator shall promptly reimburse the holder for
the payment without imposing any fee or other charge. If reimbursement is
sought for a payment made on a negotiable instrument, including a travelers
check or money order, the holder must be reimbursed under this subsection upon
filing proof that the instrument was duly presented and that payment was made
to a person who appeared to the holder to be entitled to payment. The holder
must be reimbursed for payment made under this subsection even if the payment
was made to a person whose claim was barred under section 14-529, Idaho Code.
    (3)  A holder who has delivered property, including a certificate of any
interest in a business association, other than money to the administrator
pursuant to this chapter may reclaim the property if still in the possession
of the administrator, without paying any fee or other charge, upon filing
proof that the owner has claimed the property from the holder.
    (4)  The administrator may accept the holder's affidavit as sufficient
proof of the facts that entitle the holder to recover money and property under
this section.
    (5)  If the holder pays or delivers property to the administrator in good
faith and thereafter another person claims the property from the holder or
another state claims the money or property under its laws relating to escheat
or abandoned or unclaimed property, the administrator, upon written notice of
the claim, shall defend the holder against the claim and indemnify the holder
against any liability on the claim.
    (6)  For the purposes of this section, "good faith" means that:
    (a)  Payment or delivery was made in a reasonable attempt to comply with
    the provisions of this chapter;
    (b)  The person delivering the property was not a fiduciary then in breach
    of trust in respect to the property and had a reasonable basis for
    believing, based on the facts then known to him, that the property was
    abandoned for the purposes of this chapter; and
    (c)  There is no showing that the records pursuant to which the delivery
    was made did not meet reasonable commercial standards of practice in the
    industry.
    (7)  Property removed from a safe deposit box or other safekeeping
repository is received by the administrator subject to the holder's right
under this subsection to be reimbursed for the actual cost of the opening and
to any valid lien or contract providing for the holder to be reimbursed for
unpaid rent or storage charges. The administrator shall reimburse or pay the
holder out of the proceeds remaining after deducting the administrator's
selling cost.