Difference between revisions of "Good Funds in Illinois"
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==Overview== | ==Overview== | ||
==Sources== | ==Sources== | ||
| − | ==Wet or Dry Settlement==Wet==Definition==A title insurance company or title insurance agent must not make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts unless the funds in the aggregate amount of $50,000 or greater received from any single party to the transaction are good funds or are collected funds. "Collected funds" means funds deposited, finally settled, and credited to the fiduciary trust account. 215 IL Comp. Stat. 155/26(d). "Good funds" means funds in one of the following forms: | + | ==Wet or Dry Settlement== |
| + | Wet | ||
| + | ==Definition== | ||
| + | A title insurance company or title insurance agent must not make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts unless the funds in the aggregate amount of $50,000 or greater received from any single party to the transaction are good funds or are collected funds. "Collected funds" means funds deposited, finally settled, and credited to the fiduciary trust account. 215 IL Comp. Stat. 155/26(d). "Good funds" means funds in one of the following forms: | ||
(1) lawful money of the United States; | (1) lawful money of the United States; | ||
(2) wired funds unconditionally held by and credited to the fiduciary trust account of the title insurance company, the title insurance agent, or independent escrowee; | (2) wired funds unconditionally held by and credited to the fiduciary trust account of the title insurance company, the title insurance agent, or independent escrowee; | ||
| Line 9: | Line 12: | ||
(6) a check issued by this State, the United States, or a political subdivision of this State or the United States; or | (6) a check issued by this State, the United States, or a political subdivision of this State or the United States; or | ||
(7) a check drawn on the fiduciary trust account of a title insurance company or title insurance agent, provided that there are reasonable grounds to believe that sufficient funds are available for withdrawal in the account upon which the check is drawn at the time of disbursement. 215 IL Comp. Stat. 155/26(c). | (7) a check drawn on the fiduciary trust account of a title insurance company or title insurance agent, provided that there are reasonable grounds to believe that sufficient funds are available for withdrawal in the account upon which the check is drawn at the time of disbursement. 215 IL Comp. Stat. 155/26(c). | ||
| − | If an escrow deposit from any single party is, in the aggregate, $50K or greater, then good funds means wired funds, government checks, or title company/title agent checks provided the disburser has reasonable grounds to believe the check will clear. 215 IL Comp. Stat. 155/26(c).==Requirements==Must have good funds at or before closing.===Exceptions to Requirements===N/A==Cross-References== | + | If an escrow deposit from any single party is, in the aggregate, $50K or greater, then good funds means wired funds, government checks, or title company/title agent checks provided the disburser has reasonable grounds to believe the check will clear. 215 IL Comp. Stat. 155/26(c). |
| + | ==Requirements== | ||
| + | Must have good funds at or before closing. | ||
| + | ===Exceptions to Requirements=== | ||
| + | N/A | ||
| + | ==Cross-References== | ||
* [[Illinois]] | * [[Illinois]] | ||
* [[Good Funds]] | * [[Good Funds]] | ||
Revision as of 06:50, 4 September 2018
Contents
Overview
Sources
Wet or Dry Settlement
Wet
Definition
A title insurance company or title insurance agent must not make disbursements in connection with any escrows, settlements, or closings out of a fiduciary trust account or accounts unless the funds in the aggregate amount of $50,000 or greater received from any single party to the transaction are good funds or are collected funds. "Collected funds" means funds deposited, finally settled, and credited to the fiduciary trust account. 215 IL Comp. Stat. 155/26(d). "Good funds" means funds in one of the following forms:
(1) lawful money of the United States;
(2) wired funds unconditionally held by and credited to the fiduciary trust account of the title insurance company, the title insurance agent, or independent escrowee;
(3) cashier's checks, certified checks, bank money orders, official bank checks, or teller's checks drawn on or issued by a financial institution and unconditionally held by the title insurance company, title insurance agent, or independent escrowee;
(4) a personal check or checks in an aggregate amount not exceeding $5,000 per closing, provided that there are reasonable grounds to believe that sufficient funds are available for withdrawal in the account upon which the check is drawn at the time of disbursement;
(5) a check drawn on the trust account of any lawyer or real estate broker licensed under the laws of any state, provided that there are reasonable grounds to believe that sufficient funds are available for withdrawal in the account upon which the check is drawn at the time of disbursement;
(6) a check issued by this State, the United States, or a political subdivision of this State or the United States; or
(7) a check drawn on the fiduciary trust account of a title insurance company or title insurance agent, provided that there are reasonable grounds to believe that sufficient funds are available for withdrawal in the account upon which the check is drawn at the time of disbursement. 215 IL Comp. Stat. 155/26(c).
If an escrow deposit from any single party is, in the aggregate, $50K or greater, then good funds means wired funds, government checks, or title company/title agent checks provided the disburser has reasonable grounds to believe the check will clear. 215 IL Comp. Stat. 155/26(c).
Requirements
Must have good funds at or before closing.
Exceptions to Requirements
N/A
