[WSBARP] Depositing cash for marijuana sale to trust account.

[J Richard McEntee, Jr.]

For what it is worth. I believe that Timberland Bank has a program by which it accepts Cannibus dollars, at least they did a few months ago. Maybe your client can contact them first?

Rich


RICH McENTEE
McENTEE LAW OFFICE
3800 Bridgeport Way W, Ste A411
University Place, WA 98466
253.227.9894(m)
jrmcentee at gmail.com       

> On Apr 20, 2017, at 12:50 PM, Valentine, Gretchen (TRGC) <Gretchen.Valentine at TitleResources.com> wrote:
> 
> In my experience, most escrow companies don’t accept cash.   
>  
> Gretchen Valentine
> Underwriter
> Title Resources Guaranty Company
>   <>
> From: wsbarp-bounces at lists.wsbarppt.com <mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com <mailto:wsbarp-bounces at lists.wsbarppt.com>] On Behalf Of Paul Neumiller
> Sent: Thursday, April 20, 2017 12:23 PM
> To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com <mailto:wsbarp at lists.wsbarppt.com>>
> Subject: Re: [WSBARP] Depositing cash for marijuana sale to trust account.
>  
> Craig, while I don’t have an answer for you, it does remind me of advice given to my criminal law course in first year law school, “If someone has to go to jail, make sure it is the client and not you”
>  
> Why go through your trust account?  If the client is getting a lender’s policy of title insurance, have the client make a direct deposit of the money into escrow just like a regular re-finance of real property.  While there are associated costs with going through a third party escrow, it may be worthwhile to avoid your trust account.  (And don’t worry, I’m sure the listerv can get together and draw straws to see who visits you in jail.  It’s the right thing to do.)
>  
> <image001.jpg> <>
>  
> From: wsbarp-bounces at lists.wsbarppt.com <mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com <mailto:wsbarp-bounces at lists.wsbarppt.com>] On Behalf Of Craig Gourley
> Sent: Thursday, April 20, 2017 11:54 AM
> To: wsbarp at lists.wsbarppt.com <mailto:wsbarp at lists.wsbarppt.com>
> Subject: [WSBARP] Depositing cash for marijuana sale to trust account.
>  
> Listmates.  I have a client that is in the business of legally growing marijuana.  He wants to loan a friend money to construct a new commercial building.  Loan will be about $1,000,000.  Client has this in cash because apparently, he can’t deposit it in a bank due to its source being the grow operation.   Does anyone have any experience with this type of scenario?  We will need to deposit the money into our trust account and then fund the loan and record a DOT against the real estate.  I don’t want to get accused of some sort of money laundering or other nonsense so I am hoping someone may have already researched this issue.   Thank you in advance.  Craig
>  
> Gourley Law Group
> Snohomish Escrow
> The Exchange Connection
>  
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> Snohomish, WA 98291
>  
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> 360.568.8092  fax
> Craig at glgmail.com <mailto:Craig at glgmail.com>
>  
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