Difference between revisions of "Good Funds in Arkansas"
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==Overview== | ==Overview== | ||
==Sources== | ==Sources== | ||
| − | ==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== | + | ==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== | ||
* [[Arkansas]] | * [[Arkansas]] | ||
* [[Good Funds]] | * [[Good Funds]] | ||
Latest revision as of 06:49, 4 September 2018
Contents
Overview
Sources
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).
