Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
Not defined by statute.
Requirements
An escrow business may not disburse funds from any escrow account until cash, items, or drafts in an amount sufficient to fund any disbursements from the account have been received and deposited in the account and are available for withdrawal from the account as a matter of right. If sufficient funds are available for withdrawal from the account as a matter of right, required disbursements must be made within 5 business days of the receipt of sufficient funds. (a)?"Available for withdrawal from the account as a matter of right" means that the bank or savings and loan association in which an item has been deposited considers the item available for withdrawal as a matter of right and that a final settlement will occur in writing with respect to that item. (b)?"Item" means any check, including a cashier's check, negotiable order of withdrawal, share draft, traveler's check, or money order. MT Code Ann. 32-7-117(5).
Exceptions to Requirements
N/A
