Depositing of documents and funds
According to the law, notaries are authorized to keep the documents of any kind as well as securities, drafts, cheques or cash, if submitted with the purpose to deliver them to a specific person or governmental body and accompanied by a notarized deed. The notary draws up a notarial minutes or issues a certificate, if the documents were sent by post.
If a notary is called upon to hold funds in his/her trust account, the client transfers the funds to the notarial trust account. Funds on this account are, according to the Protection of Buyers of Apartments and Single Occupancy Buildings Act, clients' funds and are not in any way among the notary’s assets, therefore they cannot be subject to any claims or inheritance proceedings (in case of the notary's bankruptcy or death). If a notary is entrusted with the money deposit, notarial minutes must be drawn, specifying the rules on keeping the money, especially conditions and deadlines for the delivery of the funds to the beneficiary or returning them to the deponent.
- Escrow account does not represent notar'y property,
- Escrow account is used exclusively for depositing of cash which is not the property of notary,
- Escrow account is separated from other accounts used by notary for his/her operations,
- Escrow account is not included into execution or notary's implementation of a decree of distribution by inheritance.