Difference between revisions of "Good Funds in Delaware"
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==Overview== | ==Overview== | ||
==Sources== | ==Sources== | ||
| − | ==Wet or Dry Settlement==Wet==Definition== | + | ==Wet or Dry Settlement== |
| + | Wet | ||
| + | ==Definition== | ||
| + | ?Good funds? shall mean: | ||
(1) cash; | (1) cash; | ||
| − | (2) electronic fund ( | + | (2) electronic fund (?wire?) transfer; |
(3) certified check; | (3) certified check; | ||
| − | (4) bank | + | (4) bank cashier?s check or treasurer?s check; |
(5) U.S. Treasury or State of Delaware Treasury check; | (5) U.S. Treasury or State of Delaware Treasury check; | ||
(6) Check drawn on a separate trust or escrow account of an attorney engaged in the private practice of law in the State of Delaware held in a | (6) Check drawn on a separate trust or escrow account of an attorney engaged in the private practice of law in the State of Delaware held in a | ||
| − | fiduciary capacity, including his or her | + | fiduciary capacity, including his or her client?s funds; |
(7) Check of an insurance company that is authorized by the Insurance Commissioner of Delaware to transact insurance business in Delaware; | (7) Check of an insurance company that is authorized by the Insurance Commissioner of Delaware to transact insurance business in Delaware; | ||
(8) Check in an amount no greater than $10,000.00; | (8) Check in an amount no greater than $10,000.00; | ||
(9) Check greater than $10,000.00, which has been actually and finally collected and may be drawn against under federal or state banking regulations then in effect; | (9) Check greater than $10,000.00, which has been actually and finally collected and may be drawn against under federal or state banking regulations then in effect; | ||
| − | (10) Check drawn on an escrow account of a real estate broker licensed by the state of Delaware up to the limit of guarantee provided per transaction by statute. DE Rule of Prof'l Conduct 1.15(k).==Requirements==A lawyer shall not disburse fiduciary funds from a bank account unless the funds deposited in the | + | (10) Check drawn on an escrow account of a real estate broker licensed by the state of Delaware up to the limit of guarantee provided per transaction by statute. DE Rule of Prof'l Conduct 1.15(k). |
| − | funds which are in the | + | ==Requirements== |
| + | A lawyer shall not disburse fiduciary funds from a bank account unless the funds deposited in the lawyer?s fiduciary account to be disbursed, or the | ||
| + | funds which are in the lawyer?s unrestricted possession and control and are or will be timely deposited, are good funds. DE Rule of Prof'l Conduct 1.15(k). | ||
| + | ===Exceptions to Requirements=== | ||
| + | N/A | ||
| + | ==Cross-References== | ||
* [[Delaware]] | * [[Delaware]] | ||
* [[Good Funds]] | * [[Good Funds]] | ||
Latest revision as of 06:50, 4 September 2018
Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
?Good funds? shall mean: (1) cash; (2) electronic fund (?wire?) transfer; (3) certified check; (4) bank cashier?s check or treasurer?s check; (5) U.S. Treasury or State of Delaware Treasury check; (6) Check drawn on a separate trust or escrow account of an attorney engaged in the private practice of law in the State of Delaware held in a fiduciary capacity, including his or her client?s funds; (7) Check of an insurance company that is authorized by the Insurance Commissioner of Delaware to transact insurance business in Delaware; (8) Check in an amount no greater than $10,000.00; (9) Check greater than $10,000.00, which has been actually and finally collected and may be drawn against under federal or state banking regulations then in effect; (10) Check drawn on an escrow account of a real estate broker licensed by the state of Delaware up to the limit of guarantee provided per transaction by statute. DE Rule of Prof'l Conduct 1.15(k).
Requirements
A lawyer shall not disburse fiduciary funds from a bank account unless the funds deposited in the lawyer?s fiduciary account to be disbursed, or the funds which are in the lawyer?s unrestricted possession and control and are or will be timely deposited, are good funds. DE Rule of Prof'l Conduct 1.15(k).
Exceptions to Requirements
N/A
