In Russian law this institution is characterized by
Posted: Mon Jan 20, 2025 5:28 am
On July 1, 2014, new provisions of the Civil Code of the Russian Federation came into force, providing for the possibility of making settlements by concluding an escrow account agreement. The following articles of the Civil Code of the Russian Federation are devoted to the escrow account: 860.7, 860.8, 860.9 and 860.10. In domestic legislation, the design of the escrow account agreement is a truncated version of the agreement that has become widespread in world practice.
a limited list of property that can be transferred to an escrow kuwait mobile phone numbers database account - only cash can act in this role, whereas abroad any property can be transferred to an escrow agent;
a limited list of escrow agents - today, only credit institutions can perform this function. Abroad, lawyers, insurance agents, and any other person trusted by the parties to the transaction can act as escrow agents).
Since April 1, 2015, insurance of escrow accounts intended for settlements only on real estate transactions has been provided, with the amount of compensation up to 10 million rubles for the period of transaction registration. As for services for the protection of online transactions based on the escrow principle, there is a gap in the legislation.
It consists in the fact that it is impossible to insure the liability of a company as an arbitrator in resolving disputes, using the example of how notaries' activities are now insured without fail. There is no basis for insurance companies, and this creates problems in the development of escrow services in the consumer market.
A diagram demonstrating the principle of an escrow transaction
A diagram demonstrating the principle of an escrow transaction
Arbitration courts and escrow
The updated Federal Law "On Arbitration (Arbitration Proceedings) in the Russian Federation" comes into force on September 1, 2016. One of the fundamental innovations is the permit-based procedure for the creation of permanent arbitration institutions in Russia, which can now only be formed by non-profit organizations (NPOs).
a limited list of property that can be transferred to an escrow kuwait mobile phone numbers database account - only cash can act in this role, whereas abroad any property can be transferred to an escrow agent;
a limited list of escrow agents - today, only credit institutions can perform this function. Abroad, lawyers, insurance agents, and any other person trusted by the parties to the transaction can act as escrow agents).
Since April 1, 2015, insurance of escrow accounts intended for settlements only on real estate transactions has been provided, with the amount of compensation up to 10 million rubles for the period of transaction registration. As for services for the protection of online transactions based on the escrow principle, there is a gap in the legislation.
It consists in the fact that it is impossible to insure the liability of a company as an arbitrator in resolving disputes, using the example of how notaries' activities are now insured without fail. There is no basis for insurance companies, and this creates problems in the development of escrow services in the consumer market.
A diagram demonstrating the principle of an escrow transaction
A diagram demonstrating the principle of an escrow transaction
Arbitration courts and escrow
The updated Federal Law "On Arbitration (Arbitration Proceedings) in the Russian Federation" comes into force on September 1, 2016. One of the fundamental innovations is the permit-based procedure for the creation of permanent arbitration institutions in Russia, which can now only be formed by non-profit organizations (NPOs).