Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
"Good funds" means funds in any one or more of the following forms: a. United States currency. b. Wired funds unconditionally held by and irrevocably credited to the escrow account of the closing agent. c. A check that has been presented for payment and for which payment has been collected. The term "check" includes a certified check and a cashier's check. d. A check that is drawn on the trust account of a real estate broker or on the trust account maintained by an attorney under the North Dakota Rules of Professional Conduct, for which funds are collected funds by the real estate broker or the attorney's trust account. e. A cashier's check not to exceed $50,000 in the aggregate which is received by the closing agent and which is drawn on an existing account at a bank, savings and loan association, credit union, or savings bank located in North Dakota, Minnesota, Montana, or South Dakota. f. A check drawn on the escrow account of another closing agent in North Dakota, Minnesota, Montana, or South Dakota. g. Funds transferred to the closing agent's escrow account by the bank, savings and loan association, credit union, or savings bank that is the host institution of the closing agent's escrow account. ND Cent. Code 47-34-01(4).
Requirements
A closing agent may not disburse funds unless the funds in the escrow account are "good funds." ND Cent. Code 47-34-02.
Exceptions to Requirements
N/A
