Wet or Dry Settlement==Wet==Definition==Funds must be available for immediate withdrawal as a matter of right, meaning for any item or draft, when the item or draft has been submitted for collection and payment received; and for any deposited item or draft, when final settlement has occurred. AR Code 18-12-702(1).==Requirements==No funds shall be disbursed until those funds have been received and are available for immediate withdrawal as a matter of right. AR Code 18-12-703(a)(1).===Exceptions to Requirements===May advance funds up to $500 on behalf of interested parties for the transaction to pay incidental fees and charges pertaining to the closing and settlement of the transaction. AR Code 18-12-703(a)(2).==Cross-References
