2005 Idaho Code - 72-302 — REGULATION OF DEPOSIT WITH STATE TREASURER

                                  TITLE  72
                      WORKER'S COMPENSATION AND RELATED
                        LAWS -- INDUSTRIAL COMMISSION
                                  CHAPTER 3
                          SECURITY FOR COMPENSATION
    72-302.  REGULATION OF DEPOSIT WITH STATE TREASURER. The securities so
deposited with the state treasurer shall be an exclusive trust for the benefit
of the employees of the employers whose compensation liability is so secured,
to remain with the treasurer in trust to answer any default of any employer,
self-insured employer or surety upon any such obligation established by final
judgment upon which execution may lawfully be issued against the employer or
surety; the surety, however, at all times shall have the right to collect the
interest, dividends and profits upon the securities, and from time to time to
withdraw the securities or a portion thereof, substituting therefor others of
equally good character and value, to the satisfaction of the commission, and
the securities shall not be sold under any process against the surety until
after thirty (30) days' notice to the surety, supplying the date, place and
manner of sale, and the process under which and the purpose for which the sale
is to be made, accompanied by a copy of the process. The surety shall not be
permitted to withdraw from the state treasurer the deposits of money or bonds
or permit the surety bonds to lapse for a period of one (1) year after
discontinuing business within this state, or while any suit is pending or
while any judgment against the surety in this state, or award against an
employer whose compensation liability is secured by the surety, shall remain
unpaid. Securities which are used to satisfy the requirements of this chapter
may be held in the federal reserve book-entry system, as defined in section
41-2870(4), Idaho Code, and interests in such securities may be transferred by
bookkeeping entry in the federal reserve book-entry system without physical
delivery of certificates representing such securities.