Idaho Code 32-1603 – Withholding of Assets — Grounds and Issuance
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 32-1603
- Asset: means cash or cash value in or of a demand deposit account, checking or negotiable withdrawal order account, savings account, share account, share draft account, time deposit account or money market mutual fund account; and/or negotiable instruments including stocks and bonds, annuities, investment accounts or funds, and the cash value of insurance. See Idaho Code 32-1602
- Asset withholding order: means an administrative order issued by the department of health and welfare to a financial institution requiring the freezing and surrender of an asset in which an obligor has an interest. See Idaho Code 32-1602
- Co-owner: means a person having withdrawal rights on a multiple party account. See Idaho Code 32-1602
- Department: means the Idaho department of health and welfare. See Idaho Code 32-1602
- Financial institution: means a bank, credit union or other depository institution, benefit association, insurance company, safe deposit company, money market mutual fund and other entities defined in 42 U. See Idaho Code 32-1602
- Obligor: means any person obligated by support order to pay child or spousal support. See Idaho Code 32-1602
- Owner: means a person or entity who, by the terms of the account, has a present right, subject to a proper request in compliance with terms of the account, to payment from the account. See Idaho Code 32-1602
When the department receives information from a data matching process that an obligor is an owner or co-owner of an asset held by a financial institution, the department may issue an asset withholding order. Any asset which is subject to a previously perfected security interest or right of set-off from the financial institution is subject to withholding only as to the unencumbered portion of the asset.