North Dakota tackles good funds issues

While ultimately it is the title agent’s choice what type of funds to consider “good,” statutory guidelines are beneficial, particularly when dealing with a demanding customer who doesn’t understand the risks of accepting something less than good, collected funds. And when your state is seeing an influx of large, cash-only closings on oil-rich land, ensuring the funds you are collecting and distributing are good and collected is mission critical. North Dakota, an oil-rich state, is in the process of refining a good funds statute the title industry introduced. It went into effect on August 1, 2011, but needed some modifications, particularly after the real estate industry sought to dismantle the whole statute.