Notwithstanding any other provision of this act, a person does not engage in the trust business or in any other business in a manner requiring a charter under this act, or in an unauthorized trust activity by:
(1)  Acting in a manner authorized by law and in the scope of authority as an agent of a trust institution with respect to an activity which is not an unauthorized trust activity;

Terms Used In Idaho Code 26-3205

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Fiduciary: A trustee, executor, or administrator.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • person: includes a corporation as well as a natural person;
Idaho Code 73-114
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
  • Trustee: A person or institution holding and administering property in trust.
    • (2)  Obtaining trust business as a result of an existing attorney-client relationship or certified public accountant-client relationship;
    (3)  Acting as trustee under a deed of trust delivered only as security for the payment of money or for the performance of another act;
    (4)  Receiving and distributing rents and proceeds of sale as a licensed real estate broker on behalf of a principal in a manner authorized by the Idaho real estate commission;
    (5)  Engaging in a securities transaction or providing an investment advisory service as a licensed and registered broker-dealer, investment advisor or registered representative thereof, provided the activity is regulated by the Idaho department of finance or the securities and exchange commission;
    (6)  Engaging in the sale and administration of an insurance product by an insurance company or agent licensed by the Idaho department of insurance to the extent that the activity is regulated by the Idaho department of insurance;
    (7)  Engaging in the lawful sale of prepaid funeral contracts under a permit issued by the Idaho board of morticians or engaging in the lawful business of a perpetual care cemetery under the Idaho endowment care cemetery act;
    (8)  Acting as trustee under a voting trust as provided by the Idaho business corporation act;
    (9)  Acting as trustee by a public, private, or independent institution of higher education or a university system, including its affiliated foundations or corporations, with respect to endowment funds or other funds owned, controlled, provided to or otherwise made available to such institution with respect to its educational or research purposes;
    (10) Engaging in other activities expressly excluded from the application of this act, by rule of the director;
    (11) Acting as a fiduciary for relatives;
    (12) Provided the company is a trust institution and is not barred by order of the director from engaging in a trust business in this state pursuant to section 26-1115, Idaho Code:
    (a)  Marketing or soliciting in this state through the mails, telephone, any electronic means or in person with respect to acting or proposing to act as a fiduciary outside of this state;
    (b)  Delivering money or other intangible assets and receiving the same from a client or other person in this state; or
    (c)  Accepting or executing outside of this state a trust of any client or otherwise acting as a fiduciary outside of this state for any client;
    (13) Acting pursuant to court appointment as:
    (a)  A personal representative of a decedent’s estate; or
    (b)  A guardian or conservator of an estate;
    (14) Acting as a trustee, but only if such person is an individual and does not engage in the trust business as defined in section 26-3203(30), Idaho Code.