Idaho § 26-2114B OFFICIALS — FIDUCIARY DUTY — RELIANCE ON INFORMATION

Idaho Statutes

§ 26-2114B — OFFICIALS — FIDUCIARY DUTY — RELIANCE ON INFORMATION

Idaho § 26-2114B

Title 26BANKS AND BANKING

Ch. 21IDAHO CREDIT UNION ACT

This text of Idaho § 26-2114B (OFFICIALS — FIDUCIARY DUTY — RELIANCE ON INFORMATION) is published on Counsel Stack Legal Research, covering Idaho primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Idaho Code § 26-2114B (2026).

Text

(1)Officials owe a fiduciary duty to the credit union and must discharge the duties of their respective positions:

(a)In good faith;

(b)With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and

(c)In a manner the official reasonably believes to be in the best interests of the credit union.

(2)In discharging the duties of an official, the official is entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by:

(a)One (1) or more officers or employees of the credit union whom the official reasonably believes to be reliable and competent in the matters presented;

(b)Legal counsel, public accountants or other persons as to matters the official r

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(1) Officials owe a fiduciary duty to the credit union and must discharge the duties of their respective positions:
(a) In good faith;
(b) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and
(c) In a manner the official reasonably believes to be in the best interests of the credit union.
(2) In discharging the duties of an official, the official is entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by:
(a) One (1) or more officers or employees of the credit union whom the official reasonably believes to be reliable and competent in the matters presented;
(b) Legal counsel, public accountants or other persons as to matters the official reasonably believes are within the person’s professional or expert competence; or
(c) A committee of the board of directors or supervisory committee of which the official is not a member if the official reasonably believes the committee merits confidence.
(3) An official is not acting in good faith if the official has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection (2) of this section unwarranted.
(4) An official is not liable for any action taken as a director, or any failure to take any action, if the director performed the duties of the director’s office in compliance with this section.
(5) As used in this section, "official" means a member of the board of directors, board officer, supervisory committee member or senior operating officer of the credit union.