Abstract
Notary's escrow is a legal relationship between the notary and the parties to the underlying legal transaction, which is generally a sales agreement. Notary’s escrow is regulated with mandatory statutory rules commissioning public notaries and the rules of the mandate agreement. Mutual obligations of the parties to the underlying legal transaction in and of themselves do not influence the notary's obligations under a notary's escrow agreement unless they are included in the notary's escrow agreement as a constituent part thereof. Slovenian legislation stipulates the general conditions of notaries' operations. However, it does not stipulate specific conditions that must be fulfilled in order to place documents, funds and securities into escrow with a notary, nor does it stipulate the mandatory component elements of the escrow order. Therefore, The Slovenian regulation of notary's escrow should be supplemented.
Highlights
This article presents notary's escrow, which is a legal relationship involving a notary and the parties to the underlying legal transaction
This article responds to the question whether it is necessary to stipulate under law the specific conditions that must be fulfilled in order for documents, funds and securities to be placed in escrow with a notary in addition to the general conditions of notaries' operations
By analysing statutory rules and practical case studies, the article investigates the influence of mutual obligations of the parties to the underlying legal transaction on the notary's obligations based on the notary's escrow agreement
Summary
This article presents notary's escrow, which is a legal relationship involving a notary and the parties to the underlying legal transaction. By analysing statutory rules and practical case studies, the article investigates the influence of mutual obligations of the parties to the underlying legal transaction (the relationship based on due date of performance) on the notary's obligations based on the notary's escrow agreement. The seller of the real estate is not obliged to deliver the permission to register title to land to the buyer until the buyer has paid the asking purchase price. If the seller performs his/her obligation and delivers the document allowing permission to register title to land or property prior to receiving the purchase price, the seller is exposed to the risk of not receiving said purchase price. Official Gazette of the Republic of Slovenia, Nos. 97/07, 64/16 and 20/18
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