Good Funds in New Mexico
Contents
Overview
Sources
Wet or Dry Settlement
Wet for purchases only. Lender must deliver the loan funds within two business days of the time that the lender deems the closing agent has fulfilled the requirements of the closing agent's duties, except for the recordation of documents. NM Stat. 48-21-23.2A.
Definition
"Available funds" means funds subject to immediate withdrawal by cash or check in a depository account with a financial institution, held in the name of and subject to the control of a title insurance agent, title insurer or third party fiduciary, not including a person or entity that is a party to the transaction, cooperating in the closing of a transaction with a title insurance agent or title insurer. NM Stat. 59A-30-3F.
The following funds are ?available funds? on the day of deposit: (a) cash; (b) received wired funds managed by the federal reserve system; (c) a cashier?s check or certified check which is issued payable to the title insurance agent, title insurer, or third party fiduciary and has been deposited to its account at the financial institution which issued it; and guaranteed by the financial institution for immediate disbursement; (d) a cashier?s check which is payable to and was purchased by the title insurance agent, title insurer or third party fiduciary, and has been deposited to its account at a financial institution and guaranteed by the financial institution for immediate disbursement. 13.14.1.7E(3) NM Admin. Code.
The following funds are ?available funds? on the next business day after day of deposit: (a) treasury checks, postal money orders, federal reserve bank checks and federal home loan bank checks; (b) state of New Mexico and local government checks which have been deposited at a financial institution located in New Mexico using a special deposit slip if required by depository institution for next day availability; (c) cashier checks, certified checks and teller?s checks which have been deposited at a financial institution using a special deposit slip if required by depository institution for next day availability. 13.14.1.7E(4) NM Admin. Code.
All other modes used for the transfer of monies will be made available on the earliest date they are considered ?available funds? in accordance with Regulation CC, ?Availability of Funds and Collection of Checks? established by the board of governors of the federal reserve system as amended. 13.14.1.7E(5) NM Admin. Code.
Any funds received under the automated clearing house (ACH) network shall not be considered ?available funds?. 13.14.1.7E(6) NM Admin. Code.
Requirements
Funds must be "available funds." NM Stat. 59A-30-5.1.
Exceptions to Requirements
N/A
