Broker Leo receives a $20,000 earnest money deposit from a buyer on a Friday afternoon. The following Monday is a state holiday in Connecticut. Applying the Connecticut statutory three-banking-day deposit rule, by which day must Leo deposit the funds into his trust account?
Correct Answer
D) By the end of business on the following Thursday, counting only non-holiday weekdays from Friday
Under CGS § 20-324e, the three-banking-day clock begins on the day after receipt. 'Banking days' are days on which the financial institution is open for business, which excludes weekends and bank holidays. Starting from Friday (day of receipt): Day 1 = Tuesday (Monday is a state holiday, excluded); Day 2 = Wednesday; Day 3 = Thursday. Therefore, Leo must deposit the funds by the close of business on Thursday. This nuanced counting of banking days — excluding the day of receipt, weekends, and holidays — is a high-difficulty trap on the Connecticut state exam.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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