The term 'immediately' for depositing escrow funds after receipt is defined as by the end of which business day following receipt?

• A. End of the 3rd business day
• B. End of the 1st business day
• C. End of the 5th business day
• D. Immediately on receipt

Answer: (A)

The key idea here is how “immediately” is defined for depositing escrow funds. In Florida practice, “immediately” does not mean instant on receipt; it means by the end of the third business day after you receive the funds. This creates a clear, enforceable deadline that protects all parties while giving a brief but practical processing window for banks and accounts.

So, if you receive escrow funds on Monday, you must deposit them by the close of business on Wednesday. If you receive them on Friday, you have until the close of business on Tuesday (weekends and holidays not counting as business days).

This timing balances prompt action with realistic processing time. Depositing by the end of the first day would be too strict, waiting until the fifth day would unnecessarily delay protection, and depositing immediately on receipt ignores the statutory definition.