Good Funds Law definition
Good Funds Law. The parties understand that all funds to close escrow must be deposited sufficient number of days prior to the close of escrow in order to comply with Section 12413.1 of the California Insurance Code. Generally speaking,wire transferred funds may be deposited into our escrow account any time prior to the close of escrow. Cashier's checks and certified checks must be deposited into our escrow account the business day before the close of escrow.
Examples of Good Funds Law in a sentence
The Good Funds Law requires that Escrow Agent have confirmation of receipt of funds prior to disbursement.
The Good Funds Law (California Insurance Code 12413.1) mandates that Escrow Holder may not disburse funds until the funds are, in fact, available in Escrow Holder's account.
Georgia Good Funds Law prohibits an attorney from disbursing on any closing until it is fully funded with collected funds.
Under the Good Funds Law, if the Lender deposits other than cash or makes other than an electronic payment (wire transfer), Buyer may be charged an additional one (1), two (2) or three (3) days’ interest for check clearance.
The Good Funds Law requires that Escrow Holder have confirmation of receipt of funds prior to disbursement.