Good Funds in Arizona
Contents
Overview
Sources
Wet or Dry Settlement
Dry
Definition
1. Wire transfers so that the monies are received by the escrow agent or the agent's depository. 2. Except as provided in 1, 4, and 5, checks, drafts, negotiable orders of withdrawal, money orders, or any other item that has become available for withdrawal in accordance with the Federal Expedited Funds Availability Act. 3. Credit transfers through the ACH that are deemed available by the depository institution receiving the credits. 4. Cashier's checks, certified checks, or teller's checks that have been deposited in the escrow agent's depository account. 5. Checks made by an affiliate of a state or federally regulated depository institution where the check is drawn on the affiliated depository institution so that the monies are deposited in the escrow agent's depository account. AZ Rev. Stat. 6-843(A).
Requirements
An escrow agent may only disburse money out of an escrow account if deposits are previously made that are at least equal to the disbursements and the deposits relate directly to the transaction for which the money is being disbursed. AZ Rev. Stat. 6-843(A).
Exceptions to Requirements
An escrow agent may disburse up to $500 per transaction or any funds that are available as cash. AZ Rev. Stat. 6-843(B).
