Splits
Splits settles each charge line owed to another Party directly to that Party, so money held for others never sits on the Company’s balance.
| Property | Value |
|---|---|
| Wakes | A charge carries money that belongs to someone else, such as a fee, a share, or a premium. |
| Process | Billing |
| Signs | Treasurer, Finance Team |
| Sources | state money-transmitter laws; ABA Model Rule 1.15; state insurance law on premiums held in trust |