Contents
Overview
Sources
Wet or Dry Settlement
Dry
Definition
An escrow agent shall not disburse money from an escrow account on the same business day as the money is deposited unless the deposit is made in one of the following forms: (a) Cash; (b) Interbank electronic transfer such that the money deposited is available for immediate withdrawal without condition and payable in U.S. currency; (c) Negotiable order of withdrawal, money order, cashier's check or certified check which is drawn from a financial institution authorized to do business in Nevada; (d) Any depository check, including any cashier's check or teller's check, that is governed by the Expedited Funds Availability Act, 12 U.S.C. ??4001 et seq.; or (e) Any other form that permits conversion of the deposit to cash on the same day as the deposit is made. Nev. Rev. Stat. 645A.171(2).
Requirements
The Commissioner has taken the position that closing the escrow in a transaction where the funds are not in fact available in the escrow account is equivalent to embezzlement by the closing agent.
Exceptions to Requirements
N/A
