Page 4 - The Panozzo Team - International Real Estate Guide
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Arizona
Good Funds Law
Arizona law requires that “escrow agents not disburse money from an escrow account until funds related
to the transaction have been deposited and available." ARS –– 6-834. The law specifies which forms of
payments are acceptable for deposit.
The availability of funds for use in escrow is based on funds being deposited in our bank for the specified
days shown below. The days refer to Business Days which are defined as calendar days other than Saturday or
Sunday, and excluding most major holidays.
same DAY and excluding most major holidays. If January 1,
July 4, November 11, or December 25 fall on a
• Cashier, Certified, Tellers and Official Checks Sunday, the next Monday is excluded from the
drawn on FDIC Insured Institution. definition of a business day. Note that individual
• Checks made by an affiliate of a state or federally banks may require additional hold periods longer
regulated depository institution where the check is than shown above. Late-day may be considered
drawn on the affiliated depository. deposited on the next business day.
next DAY In State FOREIGN CHECKS
• US Treasury Checks. It is the policy of Chicago Title NOT to accept
• Postal Money Orders (for other money orders see foreign checks into escrow. This includes foreign
Fifth Day) checks paid through a US Bank. All money
• Federal Reserve, Federal Credit Union, and Federal coming from outside the United States must be
Home Loan Bank Checks. sent via wire transfer.**
• Sate, County and Municipal Government Checks
THIRD PARTY CHECKS
second DAY In State
Chicago Title does NOT accept third party checks.
• See Caution Third Party checks are drawn on a non-financial
• Credit Union and Travelers Checks account, payable to a payee other than Chicago
Title Agency.
fifth DAY
• See Caution
• All other Money Orders (Non-US Postal).
drafts Caution
Due to the length of time it takes to receive notice
• NO disbursement until funds Received and Collected! from banks on NFS and returned items, Personal,
Corporate and Money Market checks will need written
verification from the customer’s bank that the check
has paid is required if 10 days have not elapsed since
BUSINESS DAY: the funds were deposited in escrow.
Funds are potentially available on the Business
Day indicated above. A business day is defined ** Intermediate Banks handling International Wire Transfers charge
a Fee. Insure that your wire includes this fee or it will come in
as a calendar day other than Saturday or Sunday, short on funds which will delay the disbursement.
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