by Doreen Martel

Created on: November 14, 2011   Last Updated: November 16, 2011

People who change jobs, move out of state or forget about safe deposit boxes, stock certificates or other financial instruments should be aware of the unclaimed property laws in Idaho.  Unlike most states that allow claims to be placed on property by the original owner, heirs or estate of the owner, Idaho unclaimed property carries a statute of limitations.

Abandoned property that is excluded

Real estate, contents of apartments that are abandoned or physical property like boats, cars or storage area contents are not covered under unclaimed property laws. Typical abandoned property includes wages, safe deposit box contents and stocks and bonds. Other types of property covered under abandoned property laws include dividend checks, utility deposits and life insurance benefits.

Idaho use of funds

Idaho unclaimed property laws are explained in Idaho Statutes Title 14 Chapter 5.  The laws explain that the state is allowed to use a portion of the assets in the unclaimed property funds in the public school budget. Any balances are transferred to the State of Idaho General Fund with the exception of $250,000 to be held for claims. Until the statute of limitations expires, claimants may file a claim and expect it to be fully processed and paid within 90 days provided that all documents are provided.

Holder requirements

Business entities, government entities and others who are holding property that is deemed to be abandoned must report such property to the State of Hawaii. However, before doing so, they must make every possible attempt to reach the account owner. Account holders are required to review all accounts on an annual basis and review the laws as they apply to the specific property. All property that is valued in excess of $50 is covered by the abandoned property laws. In addition, all account holders must be notified by mail, at their last known address, at least 120 days prior to reporting the property to the State of Idaho.  Once this is done, the property is reported to the state as abandoned and subsequently turned over to the state.

Sale of property

The State of Idaho sells any physical property believed to have value is sold on the open market three years after it is transferred to the state. This property is typically the type that is held in safe deposit boxes. Securities are sold at the market value three years after the property is turned over to the state under the unclaimed property laws in Idaho.

Statute of limitations

While most states hold assets in perpetuity for the account holder, heirs or estate, the State of Idaho has placed a statute of limitations on unclaimed property. Once the state has held property for 10 years, the original owner, heirs or estate no longer has a claim on funds. The funds generated from these lost claims are used in the Idaho general fund.

Due to the unusual statute of limitations, anyone who has lived in Idaho or had family members who lived in Idaho in the last 10 years should review the unclaimed property is urged to contact the State of Idaho State Treasurer’s Office for information on claiming property that may have been abandoned.

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