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A buyer representative in Huntersville is updating the policy manual on trust deposit timing and negotiable instruments. Which statement best applies under current North Carolina law?

Correct Answer

C) Cash, check, wire, and other negotiable instruments may require different handling details, but they still must be properly documented and safeguarded.

Cash, check, wire, and other negotiable instruments may require different handling details, but they still must be properly documented and safeguarded.

Answer Options
A
Cash can be left undocumented because there is no paper trail under current North Carolina rules
B
A wire needs no ledger entry because the bank records it under current North Carolina rules
C
Cash, check, wire, and other negotiable instruments may require different handling details, but they still must be properly documented and safeguarded.
D
A check payable to the seller automatically becomes trust money under current North Carolina rules

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Related Topics & Key Terms

Key Terms:

cash_vs_checkcore_rules_and_definitionsdifficulty_2nc_statenc_trust_account_escrow_requirementsnegotiable_instrumentnorth_carolinarecordstrust_deposit_timing_and_instruments
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