Legal Question in Securities Law in Idaho

Re: Legal Time Limit for 1000 shares

You need an Idaho law opinion from an Idaho attorney, of course -- I practice in California and can't telly you a thing about Idaho laws.

However, it looks like nobody in Idaho is going to take a shot at your question, so let me just tell you what the answer would be IF California law was involved -- the laws might be similar but who knows?

California (and other states) have laws regarding abandoned property. If a bank, a warehouse, a corporation, or whatever, can't find the owner od an account, of stored goods, of dividends, etc., after a number of years and after diligent efforts to locate the owner, the property is considered abandoned. The state then takes control of the abandoned property. The legal rule goes under the name "escheatment" and the verb form of the word is "escheat." Sounds a bit like "cheat" and many affected persons think they are being "cheated" when the state jumps in and claims the presumably abandoned property, but it is a process authorized by law.

Most state laws also provide a process whereby the rightful owner can claim his or her property, but that right may (and usually does) totally expire after awhile. The periods and circumstances differ depending upon the state and the type of property in question.

Note that it has nothing to do with worthlessness.

A bag of gold coins left in a safe-deposit box will escheat to the state after the box rent is unpaid for a few years and the bank can't find the former box renter.

If the securities are potentially valuable today, you should contact an Idaho attorney to see whether they can still be claimed. You could also get an idea of possible value and maybe even some help in un-doing the escheatment by consulting with a GOOD stockbroker.