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177:, VGs, t-strips, and other instruments), most banks in the United States are very wary of handling such large amounts of money. In addition, most buyers and sellers of such transactions want to place the money with a neutral third party for disbursement. In most cases, the buyer and the seller involved in the transaction require a paymaster be named to handle all incoming and outgoing funds.
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era, a paymaster was generally a commissioned person in the army who held the relative rank of captain or major, depending on cumulative time in service of the person and the period in which they served (the regulations changed over time). The navy was similar, with the equivalent rank as lieutenant,
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In the United States, there is no licensing requirement to be a paymaster. However, a paymaster often is a licensed lawyer, due to the security and safety issue that lawyers in the United States are required to hold any funds that do not belong directly to them in an "Attorney's Trust
Account" (also
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A paymaster is a neutral third party and has no knowledge of any particulars of the transaction. They handle the incoming commissions, and then disburses the funds accordingly. In return for their services the paymaster charges a small fee, which is paid directly to them out of the commission
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is someone appointed by a group of buyers, sellers, investors or lenders to receive, hold, and dispense funds, commissions, fees, salaries (remuneration) or other trade, loan, or sales proceeds within the
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by buyers in a large transaction, and disburse to the sellers and brokers on the transaction.
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dealing with large amounts of money (such as oil, gas, steel, iron, gold,
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The primary purpose of a paymaster is to receive fees in
291:"U.S. Army and Navy Officer Ranks During the Civil War"
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274:History of the War Department of the United States
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