Idaho Code > Title 28 – Commercial Transactions
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Terms Used In Idaho Code > Title 28
- Abstract of judgment: In a federal criminal proceeding, A certification from a U.S. District Court clerk that a judgment of restitution was entered against the defendant owing to the victim. If the defendant inherits, owns, or sells real property or holdings, these assets can then be attached at the state and local levels as well.
- Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;
Idaho Code 28-4-104Action: means any civil lawsuit or action in contract or tort for damages or indemnity brought against a construction professional to assert a claim, whether by complaint, counterclaim or cross-claim, for damage or the loss of use of real or personal property caused by a defect in the construction of a residence or in the substantial remodel of a residence. See Idaho Code 28-2-311 Action: means a judicial proceeding or arbitration in which a payment in money may be awarded or enforced with respect to a foreign-money claim. See Idaho Code 28-12-306 Administrator: means the state treasurer or his or her duly authorized agents or employees. See Idaho Code 28-46-101 Adverse action: means to discharge, threaten or otherwise discriminate against an employee in any manner that affects the employee’s employment, including compensation, terms, conditions, location, rights, immunities, promotions or privileges. See Idaho Code 28-1-307 Advertisement: means a commercial message in any medium that promotes, directly or indirectly, a lease-purchase agreement. See Idaho Code 28-36-102 Afternoon: means the period of a day between noon and midnight;
Idaho Code 28-4-104Agritourism activity: means any activity carried out on a farm or ranch that allows members of the general public, for recreational, entertainment or educational purposes, to view or enjoy rural activities including, but not limited to, farming, ranching, historic, cultural, on-site educational programs, recreational farming programs that may include on-site hospitality services, guided and self-guided tours, bed and breakfast accommodations, petting zoos, farm festivals, corn mazes, harvest-your-own operations, hayrides, barn parties, horseback riding, fee fishing and camping. See Idaho Code 28-2-401 Agritourism professional: means any person who is engaged in the business of providing one (1) or more agritourism activities, whether or not for compensation. See Idaho Code 28-2-401 Amortization: Paying off a loan by regular installments. Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year. Apparent owner: means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder. See Idaho Code 28-46-101 Appraisal: A determination of property value. Art dealer: means a person engaged in the business of selling works of fine art, other than a person exclusively engaged in the business of selling goods at public auction. See Idaho Code 28-11-101 Artist: means a person who creates a work of fine art or, if the person is deceased, the person's heir, devisee, or personal representative. See Idaho Code 28-11-101 Assigned area of responsibility: means the geographic region for which a particular dealer is responsible for the marketing, selling, leasing or servicing of equipment pursuant to a dealer agreement as assigned by the supplier. See Idaho Code 28-24-102 Attorney general: means the chief legal officer of this state. See Idaho Code 28-46-101 Bailee: means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See Idaho Code 28-7-102 Bank-offered spot rate: means the spot rate of exchange at which a bank will sell foreign money at a spot rate. See Idaho Code 28-12-306 Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;
Idaho Code 28-4-104Bequest: Property gifted by will. Business association: means a nonpublic corporation, limited liability company, joint stock company, investment company, business trust, partnership, or association for business purposes of two (2) or more individuals, whether or not for profit, including, but not limited to, a banking organization, financial organization, insurance company, or utility. See Idaho Code 28-46-101 Buyer: means a person who buys or contracts to buy goods. See Idaho Code 28-2-103 Carrier: means a person that issues a bill of lading. See Idaho Code 28-7-102 check: refers to a check or the electronic equivalent of a check, including an authorization given by a borrower to a creditor to withdraw an agreed upon amount from any account held by the borrower. See Idaho Code 28-46-401 Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority. Child support: means a legally enforceable obligation assessed against an individual for the support of a child which shall include medical care, including health insurance premiums for the child, and any amount owing under an order for support during a period in which public assistance was expended. See Idaho Code 28-4-628 Claimant: means a homeowner or association that asserts a claim against a construction professional concerning a defect in the construction of a residence or in the substantial remodel of a residence. See Idaho Code 28-2-311 Clandestine drug laboratory: means the areas where controlled substances or their immediate precursors, as those terms are defined in section 37-2701, Idaho Code, have been, or were attempted to be, manufactured, processed, cooked, disposed of or stored, and all proximate areas that are likely to be contaminated as a result of such manufacturing, processing, cooking, disposing or storing. See Idaho Code 28-2-316 Clearing house: means an association of banks or other payors regularly clearing items;
Idaho Code 28-4-104Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself. Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Idaho Code 28-12-103 Commission: means the Idaho state tax commission. See Idaho Code 28-45-104 Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See Idaho Code 28-7-102 Consignment: means that no title to, estate in or right to possession of fine art superior to that of the consignor vests in the consignee, notwithstanding the consignee's power or authority to transfer and convey to a third person all of the right, title and interest of the consignor in and to the fine art. See Idaho Code 28-11-101 Consignor: means a person named in a bill of lading as the person from which the goods have been received for shipment. See Idaho Code 28-7-102 Construction professional: means any person with a right to lien pursuant to section 45-501, Idaho Code, an architect, subdivision owner or developer, builder, contractor, subcontractor, engineer or inspector, performing or furnishing the design, supervision, inspection, construction or observation of the construction of any improvement to residential real property, whether operating as a sole proprietor, partnership, corporation, limited liability company or other business entity. See Idaho Code 28-2-311 Consumer: means a natural person who rents personal property under a lease-purchase agreement to be used by the consumer primarily for personal, family or household purposes. See Idaho Code 28-36-102 Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed twenty-five thousand dollars ($25,000). See Idaho Code 28-12-103 Consummation: means the time a consumer enters a lease-purchase agreement. See Idaho Code 28-36-102 Continuing garnishment: means a garnishment of wages of the judgment debtor that continues, subject to the limitations found in section 11-705, Idaho Code, until the debt is satisfied. See Idaho Code 28-36-111 Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Idaho Code 28-2-106 Conversion date: means the banking day next preceding the date on which money, in accordance with this chapter, is:
Idaho Code 28-12-306Counterclaim: A claim that a defendant makes against a plaintiff. Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC Customer: means any person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;
Idaho Code 28-4-104Dealer agreement: means a contract or agreement, either expressed or implied, whether oral or written, between a supplier and an equipment dealer, by which the equipment dealer is granted the right to sell, distribute or service the supplier's equipment, where there is a continuing commercial relationship between the supplier and the equipment dealer. See Idaho Code 28-24-102 Decedent: means a deceased individual. See Idaho Code 28-45-104 Deed: The legal instrument used to transfer title in real property from one person to another. Delinquency: means unpaid support for a minor child or spouse which has accrued under an order. See Idaho Code 28-4-628 Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Idaho Code 28-7-102 Department: means the Idaho department of health and welfare. See Idaho Code 28-2-316 Department: means the department of health and welfare. See Idaho Code 28-4-628 Dependent: A person dependent for support upon another. Disparagement: means the publication to a third party of a false factual statement; and
Idaho Code 28-1-303Disposable earnings: means that part of the earnings of any individual remaining after the deduction from those earnings of any amounts required by law to be withheld. See Idaho Code 28-36-111 Distribution proceeding: means a judicial or nonjudicial proceeding for the distribution of a fund in which one (1) or more foreign-money claims is asserted and includes an accounting, an assignment for the benefit of creditors, a foreclosure, the liquidation or rehabilitation of a corporation or other entity, and the distribution of an estate, trust or other fund. See Idaho Code 28-12-306 Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (section 28-8-102) or instructions for uncertificated securities (section 28-8-102), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;
Idaho Code 28-4-104Domicile: means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person. See Idaho Code 28-46-101 Donee: The recipient of a gift. Draft: means a draft as defined in section 28-3-104 or an item, other than an instrument, that is an order;
Idaho Code 28-4-104Drawee: means a person ordered in a draft to make payment;
Idaho Code 28-4-104Earnings: means compensation paid or payable for personal services, whether denominated as wages, salary, commission, bonus or otherwise, and includes periodic payments pursuant to a pension or retirement program. See Idaho Code 28-36-111 Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC Emergency: means the occurrence or imminent threat of a condition threatening life or property which requires emergency assistance. See Idaho Code 28-2-324 Emergency responder: means a person employed by or who is a bona fide member of a governmental entity of another state of the United States including, but not limited to, a legally organized law enforcement agency, a legally organized fire department or a licensed emergency medical service provider, and whose primary duty is to serve or protect the safety or life of any person or to protect property. See Idaho Code 28-2-324 Employee: means a person who performs a service for wages or other remuneration. See Idaho Code 28-1-307 Employer: includes an agent of an employer. See Idaho Code 28-1-307 Engaged in sport shooting activities: means entering and exiting a sport shooting range, preparing to shoot, waiting to shoot, shooting and assisting another person in shooting. See Idaho Code 28-2-322 Equine: means a horse, pony, mule, donkey or hinny. See Idaho Code 28-1-202 Equine activity: means :
Idaho Code 28-1-202Equine activity sponsor: means an individual, group or club, partnership or corporation, whether or not the sponsor is operating for profit or nonprofit, which sponsors, organizes or provides the facilities for an equine activity including, but not limited to, pony clubs, 4-H clubs, hunt clubs, riding clubs, school and college sponsored classes and programs, therapeutic riding programs, and operators, instructors and promoters of equine facilities including, but not limited to, stables, clubhouses, ponyride strings, fairs and arenas at which the activity is held. See Idaho Code 28-1-202 Equine professional: means a person engaged for compensation in:
Idaho Code 28-1-202Equipment: means machines designed for or adapted and used for agriculture, horticulture, livestock and grazing and related industries but not exclusive to agricultural use. See Idaho Code 28-24-102 equipment dealership: means any person, partnership, corporation, association or other form of business enterprise, primarily engaged in the retail sale and/or service of equipment in this state, pursuant to any oral or written agreement for a definite or indefinite period of time in which there is a continuing commercial relationship in the marketing of the equipment or related services. See Idaho Code 28-24-102 Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC Executor: A male person named in a will to carry out the decedent 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. Fault: means wrongful act, omission, breach or default. See Idaho Code 28-12-103 Federal credit: means the maximum amount of the credit for state death taxes allowed by section 2011 of the United States Internal Revenue Code of 1986, and the maximum amount of the credit for the generation skipping tax allowed by section 2604 of the United States Internal Revenue Code of 1986, in respect to a decedent’s taxable estate. See Idaho Code 28-45-104 Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC Federal estate tax return: means any form or other document which establishes, changes or amends a federal estate tax amount. See Idaho Code 28-45-104 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC Finance lease: means a lease with respect to which:
Idaho Code 28-12-103Financial institution: means any state bank, national bank, trust company, savings and loan association, savings bank, federal savings and loan association, federal savings bank or credit union, as those terms are defined in title 26, Idaho Code, or any federal credit union organized under the federal credit union act, 12 U. See Idaho Code 28-36-111 Financial organization: means a savings and loan association, cooperative bank, building and loan association, investment company, or credit union. See Idaho Code 28-46-101 Fine art: means a painting, sculpture, drawing, work of graphic art, including an etching, lithograph, signed limited edition offset print, silk screen, or a work of graphic art of like nature; a work of calligraphy, photographs, original works in ceramics, wood, metals, glass, plastic, wax, stone or leather or a work in mixed media, including a collage, assemblage, or any combination of the art media mentioned in this subsection. See Idaho Code 28-11-101 Forbearance: A means of handling a delinquent loan. A Foreign money: means money other than money of the United States of America. See Idaho Code 28-12-306 Foreign-money claim: means a claim upon an obligation to pay, or a claim for recovery of a loss, expressed in or measured by a foreign money. See Idaho Code 28-12-306 Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Garnishee: means a person or institution that is indebted to or is in possession of property, money or credits of a debtor whose property has been subjected to garnishment. See Idaho Code 28-36-111 Garnishment: means a judicial proceeding in which a creditor or potential creditor asks the court to order a third party who is indebted to, or is in possession of, property, money or credits of the debtor to turn over to the creditor any of the debtor’s property, money or credits held by that third party. See Idaho Code 28-36-111 Good cause: means failure by an equipment dealer to substantially comply with essential and reasonable requirements imposed upon the equipment dealer by the dealer agreement, provided, such requirements are not different from those requirements imposed on other similarly situated equipment dealers in the state either by their terms or in the manner of their enforcement. See Idaho Code 28-24-102 Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Idaho Code 28-7-102 Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Idaho Code 28-7-102 Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (section 28-12-309, Idaho Code), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Idaho Code 28-12-103 Gross estate: means "gross estate" as defined and used in section 2031 of the United States Internal Revenue Code of 1986. See Idaho Code 28-45-104 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Holder: means a person, wherever organized or domiciled, who is:
Idaho Code 28-46-101Homeowner: includes a subsequent purchaser of a residence from any homeowner. See Idaho Code 28-2-311 Income: means any form of payment to an individual, regardless of source, including, but not limited to, wages, salary, commission, compensation as an independent contractor, worker’s compensation, disability, veteran’s annuity and retirement benefits, and any other payments made by any person, private entity, federal or state government, any unit of local government, school district or any entity created by a public act. See Idaho Code 28-4-628 Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See Idaho Code 28-12-103 Insurance company: means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life, including endowments and annuities, malpractice, marine, mortgage, surety, and wage protection insurance. See Idaho Code 28-46-101 Intangible property: includes :
Idaho Code 28-46-101Inter vivos: Transfer of property from one living person to another living person. Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Intestate: Dying without leaving a will. Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Idaho Code 28-7-102 Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Idaho Code 28-4-104 Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants. Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. See Idaho Code 28-46-101 Law enforcement agency: means any policing agency of the state or of any political subdivision of the state. See Idaho Code 28-2-316 Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff. Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Idaho Code 28-12-103 Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this chapter. See Idaho Code 28-12-103 Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Idaho Code 28-12-103 Lease-purchase agreement: means an agreement by a lessor and a consumer for the use of personal property by a consumer primarily for personal, family or household purposes, for an initial period of four (4) months or less that is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Idaho Code 28-36-102 Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Idaho Code 28-12-103 Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint Legatee: A beneficiary of a decedent Lessee: means a person who acquires the right to possession and use of goods under a lease. See Idaho Code 28-12-103 Lessor: means a person who transfers the right to possession and use of goods under a lease. See Idaho Code 28-12-103 Lessor: means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement. See Idaho Code 28-36-102 licensee: means a person licensed under this part and all persons required to be licensed under this part. See Idaho Code 28-46-401 Lien: means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See Idaho Code 28-12-103 Lineal descendant: Direct descendant of the same ancestors. Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See Idaho Code 28-12-103 Magistrate judges: Judicial officers who assist U.S. district judges in getting cases ready for trial, who may decide some criminal and civil trials when both parties agree to have the case heard by a magistrate judge instead of a judge. mental health professional: means :
Idaho Code 28-1-204Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See Idaho Code 28-12-103 Money: means a medium of exchange for the payment of obligations or a store of value authorized or adopted by a government or by inter-governmental agreement. See Idaho Code 28-12-306 Money of the claim: means the money determined as proper pursuant to section SECTsp1/>10-1504. See Idaho Code 28-12-306 Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC Nonresident: means a decedent who was domiciled outside Idaho at the time of death. See Idaho Code 28-45-104 Obligee: means any person, state agency or bureau entitled by order to receive child support payments or child and spousal support payments. See Idaho Code 28-4-628 Obligor: means any person obligated by order to pay child or spousal support. See Idaho Code 28-4-628 Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC Order: means a judgment, decree, order, or administrative ruling directing a person or persons to pay money for support of a minor child or a spouse. See Idaho Code 28-4-628 Outdoor power equipment: means equipment powered by a two-cycle or four-cycle gas or diesel engine, or electric motor, which is used to maintain commercial, public or residential lawns and gardens or used in landscape, turf, golf course or plant nursery maintenance. See Idaho Code 28-24-102 Owner: means a depositor in the case of a deposit, a beneficiary in case of a trust other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this act or his legal representative. See Idaho Code 28-46-101 Participant: means any person, whether amateur or professional, who directly engages in an equine activity, whether or not a fee is paid to participate in the equine activity. See Idaho Code 28-1-202 Participant: means any person who engages in sport shooting activities, whether or not a fee is paid to participate in such sport shooting activities;
Idaho Code 28-2-322Participant: means any person, other than the agritourism professional, who engages in an agritourism activity. See Idaho Code 28-2-401 payday loan: means a transaction pursuant to a written agreement between a creditor and the maker of a check whereby the creditor:
Idaho Code 28-46-401Perishable agricultural food product: means an agricultural product as defined in section 22-2602, Idaho Code, intended for human consumption which is sold or distributed in a form that will perish or decay beyond marketability within a period of time. See Idaho Code 28-1-303 Person: means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two (2) or more persons having a joint or common interest, or any other legal or commercial entity. See Idaho Code 28-46-101 Person: means an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, joint venture, partnership, association, two (2) or more persons having a joint or common interest, or any other legal or commercial entity. See Idaho Code 28-12-306 Person: means any individual, estate, trust, receiver, cooperative association, club, corporation, company, firm, partnership, joint venture, syndicate, or other entity and, to the extent permitted by law, any federal, state or other governmental unit or subdivision or agency, department or instrumentality thereof. See Idaho Code 28-45-104 Personal representative: means the executor or administrator of the decedent or, if no executor or administrator is appointed, qualified and acting, any person who has possession of any property. See Idaho Code 28-45-104 present sale: means a sale which is accomplished by the making of the contract. See Idaho Code 28-2-106 Present value: means the amount as of a date certain of one (1) or more sums payable in the future, discounted to the date certain. See Idaho Code 28-12-103 Property: means property included in the gross estate. See Idaho Code 28-45-104 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift or any other voluntary transaction creating an interest in goods. See Idaho Code 28-12-103 range: means an area designed and operated for the use of rifles, shotguns, pistols, silhouettes, skeet, trap, black powder, archery or any other similar sport shooting;
Idaho Code 28-2-322Rate of exchange: means the rate at which money of one (1) country may be converted into money of another country in a free financial market convenient to or reasonably usable by a person obligated to pay or to state a rate of conversion. See Idaho Code 28-12-306 Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Idaho Code 28-7-102 Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC Release: means a release of no tax due or a receipt for payment of the tax due under this chapter. See Idaho Code 28-45-104 Renewal date: means the date specified in the lease-purchase agreement upon which the consumer must either return the personal property to the lessor or renew the lease-purchase agreement. See Idaho Code 28-36-102 Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Residence: means a single-family house, duplex, triplex, quadraplex, condominium or a unit in a multiunit residential structure in which title to each individual unit is transferred to the owner under a cooperative system. See Idaho Code 28-2-311 Resident: means a decedent who was domiciled in Idaho at the time of death. See Idaho Code 28-45-104 Residential property: means any building or structure to be primarily occupied by people, either as a dwelling or as a business, including a storage facility, mobile home, manufactured home or recreational vehicle that may be sold, leased or rented for any length of time. See Idaho Code 28-2-316 Residential property owner: means the person holding record title to residential property, as defined in this section. See Idaho Code 28-2-316 Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners. Seller: means a person who sells or contracts to sell goods. See Idaho Code 28-2-103 service: means personal service or delivery by certified mail to the last known address of the addressee. See Idaho Code 28-2-311 Shipper: means a person that enters into a contract of transportation with a carrier. See Idaho Code 28-7-102 Sport shooting activities: means the use of firearms, airguns and archery equipment for target practice, competition, training, instruction or other similar activities;
Idaho Code 28-2-322Sport shooting instructor: means a person who holds a current instructor certification issued by the Idaho department of fish and game, the Idaho state police, the national rifle association or other nationally recognized organization, which certifies shooting instructors who are engaged, whether or not for compensation, in instructing, training or coaching a participant in sport shooting activities;
Idaho Code 28-2-322Sport shooting range operator: means an individual, group or club, partnership, limited liability company or corporation, whether or not operating for profit, which owns, operates or otherwise provides a range for sport shooting activities; and
Idaho Code 28-2-322Sport shooting sponsor: means an individual, group or club, partnership, limited liability company or corporation, whether or not operating for profit, which promotes or conducts sport shooting activities. See Idaho Code 28-2-322 Spot rate: means the rate of exchange at which foreign money is sold by a bank or other dealer in foreign exchange for immediate or next day availability or for settlement by immediate payment in cash or equivalent, by charge to an account, or by an agreed delayed settlement not exceeding two (2) days. See Idaho Code 28-12-306 State: means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States. See Idaho Code 28-46-101 State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Idaho Code 28-12-306 Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See Idaho Code 28-12-103 Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Idaho Code 28-12-103 Supplier: means the manufacturer, wholesaler or distributor of the equipment to be sold by the equipment dealer, or any successor in interest to or assignee of the supplier. See Idaho Code 28-24-102 Supply contract: means a contract under which a lessor buys or leases goods to be leased. See Idaho Code 28-12-103 Taxable estate: means "taxable estate" as defined in section 2051 of the United States Internal Revenue Code of 1986. See Idaho Code 28-45-104 Title lender: means a regulated lender authorized pursuant to this part to make title loans. See Idaho Code 28-46-502 Title loan: means a loan for a consumer purpose that is secured by a nonpurchase money security interest in titled personal property and that is scheduled to be repaid in either a single installment or in multiple installments that are not fully amortized. See Idaho Code 28-46-502 Title loan agreement: means a written agreement whereby a title lender agrees to make a title loan to a debtor, and the debtor agrees to give the title lender a security interest in unencumbered titled personal property owned by the debtor. See Idaho Code 28-46-502 Titled personal property: means any motor vehicle, the ownership of which is evidenced and delineated by a state issued certificate of title, but does not include a motor home, mobile home or manufactured home. See Idaho Code 28-46-502 Transfer: means "transfer" as defined and used in section 2001 of the United States Internal Revenue Code of 1986. See Idaho Code 28-45-104 Trustor: The person who makes or creates a trust. Also known as the grantor or settlor. Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC Usury: Charging an illegally high interest rate on a loan. Source: OCC Utility: means a person who owns or operates for public use any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas. See Idaho Code 28-46-101 Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate. Wage garnishment: means any legal or equitable procedure through which the earnings of any individual are required to be withheld for payment of any debt. See Idaho Code 28-36-111 Warehouse: means a person engaged in the business of storing goods for hire. See Idaho Code 28-7-102 Warranty claim: means a claim for payment submitted by an equipment dealer to a supplier for service, parts or complete components, or any or all of the three (3), provided to a customer under a:
Idaho Code 28-24-102Writ of certiorari: An order issued by the Supreme Court directing the lower court to transmit records for a case for which it will hear on appeal.