Definitions for "Good funds"
In the State of Colorado, funds brought to closing must be "good funds" or guaranteed monies in the form of a cashier's check, certified check, or wire transfer. Personal checks are not considered good funds.
A settlement agent shall not disburse settlement proceeds unless such proceeds are collected at the time of closing.Good funds can consist of a certified check, cashier's check, treasurer's check or wire transfers.
Money in the form of a cashier's check, Georgia closing attorney's escrow check or wire transfer. See Closing Tips for Buyers for more information.
Assets that banks are always willing to receive from other banks to represent final payment of claims. Currency and, especially, deposits at the central bank constitute good funds.
Assets including currency and deposits at the central bank that banks are prepared to receive from other banks to denote last payment of claims.