You could look at it like this: "SETTLED" is settled - all parties consider the matter settled, then just like in the paper world, someone had to go to LRS to lodge (that is now electronic "LODGED" and "DISBURSING" would be just like going to the bank with a cheque - "COMPLETED" is registration completed and funds credited to the accounts. Obviously, you can't disburse funds from your trust account without receipting the clear funds, but I would be transferring funds as soon as the matter is marked SETTLED - as this is irrevocably completed. Happy to be corrected, but that is my understanding.
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