Escrow Policies

Lost / Missing Check

Summit LDS Closing and Escrow LLC. will reissue checks upon the return of the face of the original check assuming this is done within 90 day of the issue of the original check. If the payee is to be changed proper and acceptable documentation must be provided to justify this modification.

Summit LDS Closing and Escrow LLC. will reissue check where the face of the original check is not able to be returned after 15 days from the original issue date of the check. The payee on the check will be required to sign a Lost Check Affidavit. Stop payment fees may be assessed at the discretion of Summit LDS Closing and Escrow LLC.

Stale Check

From the date of the original issue date of any disbursement, the funds must clear our bank within 90 days. Should this not occur, Summit LDS Closing and Escrow LLC. will place a stop payment on the disbursement and transfer the monies into a long-term holding account. A stop payment fee of not more than $50 and a monthly management fee of not more than $25 may be assessed by Summit LDS against the face value of the disbursement. Summit LDS Closing and Escrow LLC. will reissue, in a timely manner, funds that are claimed, less any fees that may be assessed. The balance of any funds which remain in the long-term holdings account for a period of 5 years will be remitted to the state as required by State law.