Bulletin: ID000007

Dear Associates:

You are cautioned that your state requires compliance with the Uniform Unclaimed Property Act by all persons who may be holding unclaimed property for the benefit of others.

Definition

Unclaimed Property: Intangible property, including, but not limited to money, checks, drafts, credit balances, unidentified remittances, etc. that have been deposited by the owner or depositor, sometimes for the benefit of another person.

Department:

Idaho: Department of Revenue and Taxation

Apparent owner:

The person(s) whose name(s) appears on the records of the depository as being entitled to the unclaimed property.

Statutory Period:

Idaho: 15 years. IC §14-507

Filing Date and Period:

Idaho: Before November 1 of each year for the period ending June 30 of the preceding year.

General Rule

Any intangible property that may have been deposited with an escrow agent, settlement agent, or title agent, including the income or interest that may have accrued upon such property, less lawful charges that has remained unclaimed for the statutory period becomes the property of the respective state. Typical intangible property included are checks delivered, but remaining undeposited by the payee, monies held for repairs or water bills, refunds tendered to the title agent, but due the apparent owner, monies and documents held in connections with a long term collection arrangement or escrow.

Reports Required to be Filed

In each case an escrow agent, settlement agent, or title agent should be making the appropriate filing with their department giving such information on the filing as the apparent owner, last known address, amount of money or other type of property being held. These reports, like any other tax return, must be filed by the appropriate date.

Delivery of Intangible Property to State

Following the statutory period and the notices required to be made by the depository, the depository is required to deliver up the property to the department. The property must be delivered with the appropriate reports and evidence of compliance that may be determined from a review of the each department's rules and regulations.

Each escrow agent, settlement agent or title agent should make an investigation as their compliance with the applicable statutes of their state regarding unclaimed property.