A Minnesota real estate salesperson, Agent Lopez, receives an earnest money check from a buyer on a Friday afternoon. The following Monday is a state holiday. Under Minn. Stat. Ch. 82, by which day must the funds be deposited into the broker's trust account?
Correct Answer
D) By end of business on the Thursday following the holiday Monday
Under Minn. Stat. Ch. 82, earnest money must be deposited into the broker's trust account within three business days of receipt. The check was received on Friday. Monday is a state holiday and does not count as a business day. The three business days are: Day 1 = Tuesday, Day 2 = Wednesday, Day 3 = Thursday. The deposit must be completed by end of business on Thursday.
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