Idaho Code 18-5629 – Disposition of Property
Current as of: 2023 | Check for updates
|
Other versions
On the motion of a party and after notice to any persons who are known to have an interest in the property and an opportunity to be heard, the court may order property that has been seized for forfeiture sold, leased, rented or operated to satisfy an interest of any interest holder who has timely filed a proper claim or to preserve the interests of any party. The court may order a sale or any other disposition of the property if the property may perish, waste, be foreclosed on or otherwise be significantly reduced in value or if the expenses of maintaining the property are or will become greater than its fair market value. If the court orders a sale, the court shall designate a third party or state property manager to dispose of the property by public sale or other commercially reasonable method and shall distribute the proceeds in the following order of priority:
(1) Payment of reasonable expenses incurred in connection with the sale.
Terms Used In Idaho Code 18-5629
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Property: includes both real and personal property. See Idaho Code 73-114
(2) Satisfaction of exempt interests in the order of their priority.
(3) Preservation of the balance, if any, in the actual or constructive custody of the court in an interest-bearing account, subject to further proceedings under the provisions of this chapter. When property is forfeited under this chapter, the attorney general or appropriate prosecuting attorney may:
(a) Retain it for official use; and/or