Good Funds in South Carolina

Sources

==Wet or Dry Settlement==Wet==Definition==Not defined by statute.==Requirements==A lawyer shall not disburse funds from an account containing the funds of more than one client or third person ("trust account") unless the funds to be disbursed have been deposited in the account and are collected funds. Notwithstanding the foregoing, a lawyer may disburse funds from a trust account at the lawyer's risk in reliance on the following deposits when the deposit is made: (i) in cash or other items treated by the depository institution as equivalent to cash; (ii) by verified and documented electronic funds transfer; (iii) by a properly endorsed government check; (iv) by a certified check, cashier's check, or other check drawn by a depository institution or an insurance company, provided the insurance company check does not exceed $50,000; (v) by any other instrument payable at or through a depository institution, but only if the amount of such other instrument does not exceed $5,000 and the lawyer has a reasonable and prudent belief that the deposit of such other instrument will be collected promptly; or (vi) by any other instrument payable at or through a depository institution and at least ten (10) days have passed since the date of deposit without notice to the lawyer that the credit for, or collection of, such other instrument has been delayed or is impaired. SC Appeals Ct. Rule 407, 1.15(f).===Exceptions to Requirements===N/A==Cross-References==

• South Carolina
• Good Funds