Idaho Code § 14-5-602
This is the official text of Idaho Code § 14-5-602, part of Idaho’s Code — part of the compiled statutory law of Idaho, published by the state as "Code." Browse the sections below, each linked to its official government source.
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14-5-602 DORMANCY CHARGE.
Official statutory text
PART 6
TAKING CUSTODY OF PROPERTY BY ADMINISTRATOR
14-5-602. DORMANCY CHARGE. (1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if:
(a) A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and
(b) The holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
(2) A holder may not deduct an escheat fee or other similar charges imposed solely by virtue of the property being presumed abandoned.
(3) The amount of the deduction under this section is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner's property and any services received by the apparent owner.
History:
[14-5-602, added 2024, ch. 27, sec. 2, p. 199.]
TAKING CUSTODY OF PROPERTY BY ADMINISTRATOR
14-5-602. DORMANCY CHARGE. (1) A holder may deduct a dormancy charge from property required to be paid or delivered to the administrator if:
(a) A valid contract between the holder and the apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and
(b) The holder regularly imposes the charge and regularly does not reverse or otherwise cancel the charge.
(2) A holder may not deduct an escheat fee or other similar charges imposed solely by virtue of the property being presumed abandoned.
(3) The amount of the deduction under this section is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner's property and any services received by the apparent owner.
History:
[14-5-602, added 2024, ch. 27, sec. 2, p. 199.]
Status: in_force · Read it on the official government site
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