Difference between revisions of "Good Funds in District of Columbia"
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==Overview== | ==Overview== | ||
==Sources== | ==Sources== | ||
| − | ==Wet or Dry Settlement==Wet==Definition==Disbursements may be made out of an escrow, settlement, or closing account only if deposits in amounts at least equal to the disbursement have first been made directly relating to the transaction disbursed against and if the deposits are in one of the following forms: | + | ==Wet or Dry Settlement== |
| + | Wet | ||
| + | ==Definition== | ||
| + | Disbursements may be made out of an escrow, settlement, or closing account only if deposits in amounts at least equal to the disbursement have first been made directly relating to the transaction disbursed against and if the deposits are in one of the following forms: | ||
(1) Cash; | (1) Cash; | ||
(2) Wire transfers such that the funds are unconditionally received by the title insurer or its depository; | (2) Wire transfers such that the funds are unconditionally received by the title insurer or its depository; | ||
(3) Checks, drafts, negotiable orders of withdrawal, money orders, and any other item that has been finally paid before any disbursements; provided, that a title insurer may accept a check in an amount not to exceed $3,000 that has not been finally paid before any disbursements; | (3) Checks, drafts, negotiable orders of withdrawal, money orders, and any other item that has been finally paid before any disbursements; provided, that a title insurer may accept a check in an amount not to exceed $3,000 that has not been finally paid before any disbursements; | ||
| − | (4) A depository check, including a certified check, governed by the provisions of the Expedited Funds Availability Act, approved August 10, 1987 (101 Stat. 635; 12 U.S.C. | + | (4) A depository check, including a certified check, governed by the provisions of the Expedited Funds Availability Act, approved August 10, 1987 (101 Stat. 635; 12 U.S.C. ? 4001 et seq.); or |
| − | (5) Credit transfers through the Automated Clearing House which have been deemed available by the depository institution receiving the credits transfers and conform to the operating rules set forth by the National Automated Clearing House Association. D.C. Official Code 31-5031.14(e).==Requirements==Must have good funds at or before closing.===Exceptions to Requirements===A title insurer may accept a check in an amount not to exceed $3,000 that has not been finally paid before any disbursements. D.C. Official Code 31-5031.14(e)(3).==Cross-References== | + | (5) Credit transfers through the Automated Clearing House which have been deemed available by the depository institution receiving the credits transfers and conform to the operating rules set forth by the National Automated Clearing House Association. D.C. Official Code 31-5031.14(e). |
| + | ==Requirements== | ||
| + | Must have good funds at or before closing. | ||
| + | ===Exceptions to Requirements=== | ||
| + | A title insurer may accept a check in an amount not to exceed $3,000 that has not been finally paid before any disbursements. D.C. Official Code 31-5031.14(e)(3). | ||
| + | ==Cross-References== | ||
* [[District of Columbia]] | * [[District of Columbia]] | ||
* [[Good Funds]] | * [[Good Funds]] | ||
Latest revision as of 05:55, 4 September 2018
Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
Disbursements may be made out of an escrow, settlement, or closing account only if deposits in amounts at least equal to the disbursement have first been made directly relating to the transaction disbursed against and if the deposits are in one of the following forms: (1) Cash; (2) Wire transfers such that the funds are unconditionally received by the title insurer or its depository; (3) Checks, drafts, negotiable orders of withdrawal, money orders, and any other item that has been finally paid before any disbursements; provided, that a title insurer may accept a check in an amount not to exceed $3,000 that has not been finally paid before any disbursements; (4) A depository check, including a certified check, governed by the provisions of the Expedited Funds Availability Act, approved August 10, 1987 (101 Stat. 635; 12 U.S.C. ? 4001 et seq.); or (5) Credit transfers through the Automated Clearing House which have been deemed available by the depository institution receiving the credits transfers and conform to the operating rules set forth by the National Automated Clearing House Association. D.C. Official Code 31-5031.14(e).
Requirements
Must have good funds at or before closing.
Exceptions to Requirements
A title insurer may accept a check in an amount not to exceed $3,000 that has not been finally paid before any disbursements. D.C. Official Code 31-5031.14(e)(3).
