Contents
Overview
Sources
Wet or Dry Settlement
Dry
Definition
Escrow officers may only place "collected funds" in their trust account. ?Collected Funds? means: (a) cash (currency); (b) wired funds when unconditionally received by the escrow agent; (c) when identified as such: (1) cashier?s check; (2) certified check; or (3) teller?s check (official check) when any of the above are unconditionally received by the escrow agent; (d) U.S. Treasury checks, postal money orders, federal reserve bank checks, federal home loan bank checks, State of Idaho and local government checks, local or Idaho on-us checks (meaning checks drawn against the same federally insured financial institution or branch as the title agent's own depository), or local third party checks on the next business day after deposit; (e) local personal or corporate checks on the second business day after deposit; and (f) non-local State and government checks, non-local on-us checks, non-local personal or corporate checks or non-local third party checks on the fifth business day after deposit. For purposes of this section a deposit is considered made on (1) the same day the item is delivered in person to an employee of a federally insured financial institution, or (2) the first business day following an after business hours deposit of an item to a federally insured financial institution. ID Admin. Code 18.01.25.011.010(a)(ii).
Requirements
Notwithstanding any agreement to the contrary, no disbursement of funds or delivery of documents from an escrow for recording or otherwise may be made unless the escrow contains a credit balance consisting of collected funds, other than funds of the escrow agent or its affiliates, sufficient to discharge all monetary conditions of the escrow. The requirement of collected funds does not apply to collection or long term escrow. ID Admin. Code 18.01.25.011.010(b)(i).
Exceptions to Requirements
N/A
