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the article studies the institution of an escrow account. This is an institute that appeared not so long ago in the domestic law. In the world practice escrow accounts are used in international trade if it is necessary to pay for goods that are in transit. However, in Russia, this institute is used exclusively in the field of real estate construction.
An escrow agreement is an agreement under which the depositor is obliged to deposit property with the escrow agent to fulfill the depositor's obligation to transfer it to another person in whose favor the property is deposited, and the escrow agent is obliged to ensure the safety of the property in order to transfer it to the beneficiary when contractual grounds arise. The escrow account agreement is of a special purpose nature, and the funds in the account may be used only for the purposes intended.
Therefore, the safety of the sum of money is ensured by the bank.
The bank has the following obligations under clause 3 of article 860.8 of the Civil Code of the Russian Federation upon occurrence of the grounds specified in the escrow account agreement and confirmation of their occurrence by appropriate documentation: first, to release the deposited amount to the beneficiary, and second, to transfer the deposited amount to the account specified in the agreement by the beneficiary. The bank is limited to 10 days for the fulfillment of the said obligation, unless otherwise specified in the contract.
If we talk about the normative legal acts that regulate the area under studythey include: Law on Banks and Banking Activity, Law on Enforcement Proceedings, Law on Insolvency.
Keywords:escrow account, escrow agreement, beneficiary, depositor, monetary funds, real estate, debtor's account, bank account, seizure of monetary funds, client's rights, deposited amount, tax authority, credit organization, Rosfinmonitoring.
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