2005 Idaho Code - 54-2043 — INTEREST-BEARING TRUST ACCOUNTS

                                  TITLE  54
                    PROFESSIONS, VOCATIONS, AND BUSINESSES
                                  CHAPTER 20
                        IDAHO REAL ESTATE LICENSE LAW
    54-2043.  INTEREST-BEARING TRUST ACCOUNTS. The broker may deposit funds in
a separate, interest-bearing trust account for a single transaction if
directed in writing by both parties to the transaction, and only if the
following additional requirements are met:
    (1)  The interest-bearing trust account must be established in accordance
with all requirements in section 54-2042, Idaho Code. However, the
interest-bearing trust account shall be created at an approved depository.
    (2)  The deposit shall be made in the name of the broker, as described
above, and each such account shall contain only the funds relating to one (1)
transaction.
    (3)  The interest-bearing trust account, when created for this purpose,
must allow for withdrawal of the funds upon the broker's demand, unless all
parties direct the broker in writing to do otherwise.
    (4)  There must be a written agreement signed by both the buyer and the
seller stating who is to receive the interest accrued from the deposit. This
agreement is to be retained by the responsible broker in the transaction file
with a copy given to the buyer and the seller.