14-502. PROPERTY PRESUMED ABANDONED — GENERAL RULE. (1) Except as otherwise provided by this chapter, all intangible property, including any income or increment derived therefrom, less any lawful charges, that is held, issued, or owing in the ordinary course of a holder’s business and has remained unclaimed by the owner for more than five (5) years after it became payable or distributable is presumed abandoned.
(2) Notwithstanding subsection (1) of this section, the following items shall not constitute abandoned property for the purposes of this act:
(a) Amounts withheld by a business association as a penalty or forfeiture or as damages in the event a person who has reserved the services of the business association fails to make use of and pay for the service;
(b) Gift certificates with an expiration date prominently displayed on their face;
(c) Nonrefundable airline tickets;
(d) Any certificate, pass, voucher or other evidence of a right or privilege which is nonrefundable or which is nonredeemable due to the passage of time;
(e) Any intangible property as defined in section 14-501, Idaho Code, with a value of fifty dollars ($50.00) or less.
(3) Property is payable or distributable for the purpose of this chapter notwithstanding the owner’s failure to make demand or to present any instrument or document required to receive payment.
History:
[14-502, added 1983, ch. 209, sec. 2, p. 565; am. 1992, ch. 21, sec. 1, p. 67; am. 1997, ch. 399, sec. 3, p. 1264.]
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