Title 68 — TRUSTS AND FIDUCIARIES

68-507. Investment costs. In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.

68-508. Reviewing compliance. Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight.

68-509. Delegation of investment and management functions. (1) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in:…

68-510. Language invoking standard of act. The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this act: "investments permissible by law for investment of trust funds,…

68-511. Application to existing trusts. This act applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective dates, this act governs only decisions or actions occurring after that date.

68-512. Uniformity of application and construction. This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among the states enacting it.

68-513. Short title. This act may be cited as the "Idaho Uniform Prudent Investor Act."

68-514. Guardians and conservators. The provisions of this act shall apply to and govern any bank, trust company or individual authorized and duly appointed by a court of competent jurisdiction, to act as a guardian or conservator under the laws of the state of Idaho.

68-601. Establishment of nominee registration. Any bank or trust company acting as a fiduciary, whether alone or jointly with an individual or individuals, may, with the consent of the individual fiduciary or fiduciaries, if any (who are hereby authorized to give such consent), c…

68-602. Corporation’s duty to inquire into a transfer. A corporation and its transfer agent shall be under no obligation to inquire into the propriety of a transfer of any stock or security held in a nominee’s name unless the corporation or transfer agent has actual knowledge of …

68-603. Short title. This act may be cited as the Nominee Registration Act.

68-701. Establishment of common trust funds. (1) Any bank or trust company, state or national, qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, to an affiliated bank or trust company as …

68-702. Uniformity of interpretation. This act shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.

68-703. Short title. This act may be cited as the Uniform Common Trust Fund Act.

68-801. Definitions. As used in this chapter: (1) "Adult" means an individual who has attained the age of twenty-one (21) years. (2) "Benefit plan" means an employer’s plan for the benefit of an employee or partner. (3) "Broker" means a person lawfully engaged in the business of …

68-802. Scope and jurisdiction. (1) This chapter applies to a transfer that refers to this chapter in the designation under section 68-809(1), Idaho Code, by which the transfer is made, if at the time of the transfer, the transferor, the minor, or the custodian is a resident of t…

68-803. Nomination of custodian. (1) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming t…

68-804. Transfer by gift or exercise of power of appointment. A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to section 68-809, Idaho Code.

68-805. Transfer authorized by will or trust. (1) A personal representative or trustee may make an irrevocable transfer pursuant to section 68-809, Idaho Code, to a custodian for the benefit of a minor as authorized in the governing will or trust. (2) If the testator or settlor h…

68-806. Other transfer by fiduciary. (1) Subject to subsection (3) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 68-809, Idaho Code, in the absen…

68-807. Transfer by obligor. (1) Subject to subsections (2) and (3), a person not subject to the provisions of either section 68-805 or 68-806, Idaho Code, who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a cu…

68-808. Receipt for custodial property. A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter.

68-809. Manner of creating custodial property and effecting transfer — Designation of initial custodian — Control. (1) Custodial property is created and a transfer is made whenever: (a) An uncertificated security or a certificated security in registered form is either: 1. registe…

68-810. Single custodianship. A transfer may be made only for one (1) minor, and only one (1) person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.

68-811. Validity and effect of transfer. (1) The validity of a transfer made in a manner prescribed in this chapter is not affected by: (a) Failure of the transferor to comply with section 68-809(3), Idaho Code, concerning possession and control; (b) Designation of an ineligible …

68-812. Care of custodial property. (1) A custodian shall: (a) Take control of custodial property; (b) Register or record title to custodial property if appropriate; and (c) Collect, hold, manage, invest, and reinvest custodial property. (2) In dealing with custodial property, a …

68-813. Powers of custodian. (1) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capac…

68-814. Use of custodial property. (1) A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to (i) the duty…

68-815. Custodian’s expenses, compensation, and bond. (1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. (2) Except for one who is a transferor under section 68-804, Idaho Code, a cus…

68-816. Exemption of third person from liability. A third person, in good faith and without court order, may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowl…

68-817. Liability to third persons. (1) A claim based on (i) a contract entered into by a custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or control of custodial property, or (iii) a tort committed during the custodianship, may be asserted …

68-818. Renunciation, resignation, death, or removal of custodian — Designation of successor custodian. (1) A person nominated under section 68-803, Idaho Code, or designated under section 68-809, Idaho Code, as custodian may decline to serve by delivering a valid disclaimer to t…

68-819. Accounting by and determination of liability of custodian. (1) A minor who has attained the age of fourteen (14) years, the minor’s guardian of the person or legal representative, an adult member of the minor’s family, a transferor, or a transferor’s legal representative …

68-820. Termination of custodianship. The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: (1) The minor’s attainment of twenty-one (21) years of age with respect to custodial property transferred …

68-821. Applicability. The provisions of this chapter apply to a transfer within the scope of section 68-802, Idaho Code, made after its effective date if: (1) The transfer purports to have been made under the Uniform Gifts to Minors Act of Idaho; or (2) The instrument by which t…

68-822. Effect on existing custodianships. (1) Any transfer of custodial property as now defined in this chapter made before July 1, 1984, is validated, notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of Idaho, for the coverage of custodial…

68-823. Uniformity of application and construction. The provisions of this chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.

68-824. Short title. This chapter may be cited as the "Idaho Uniform Transfers to Minors Act."

68-825. Severability. The provisions of this chapter are hereby declared to be severable and if any provision of this chapter or the application of such provision to any person or circumstance is declared invalid for any reason, such declaration shall not affect the validity of r…

68-901. Definitions. In this act, unless the context otherwise requires: (a) "Assignment" includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer. (b) "Claim of beneficial interest" includes a claim of any interest b…

68-902. Registration in the name of a fiduciary. A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relati…

68-903. Assignment by a fiduciary. Except as otherwise provided in this act, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary (a) may assume without inquiry that the assignment even though to the fiduciary himself or to his …

68-904. Evidence of appointment or incumbency. A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency: (a) In the case of a fiduciary appointed or …

68-905. Adverse claims. (a) A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on not…

68-906. Nonliability of corporation and transfer agent. A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this act.

68-907. Nonliability of third persons. (a) No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, (is liable for participation in any breach of fiduci…

68-908. Territorial application. (a) The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction unde…

68-909. Tax obligations. This act does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of this state.

68-910. Uniformity of interpretation. This act shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.

68-911. Short title. This act may be cited as the Uniform Act for the Simplification of Fiduciary Security Transfers.