Escrow Contract as a New Way to Ensure Obligations

Abstract

The issues of regulation by the Russian legislation of escrow relations, their essence, foreign practice in the field of escrow relations are considered, the priority areas of their distribution in the Russian Federation are defined. A distinction has been made between the concepts of an escrow contract and an escrow account contract, and their differences have been determined both from each other and from existing and widespread relations in the Russian practice. The current legislation and the adopted amendments to the Civil Code governing the escrow contract as a separate civil law instrument are analyzed. The authors come to the conclusion that civil law presented a truncated version of the construction of an escrow invoice agreement, in contrast to the agreement that has become widespread in world practice (a limited list of property and escrow agents). contract, and their differences have been determined both from each other and from existing and widespread relations in the Russian practice. The current legislation and the adopted amendments to the Civil Code governing the escrow contract as a separate civil law instrument are analyzed. The authors come to the conclusion that civil law presented a truncated version of the construction of an escrow invoice agreement, in contrast to the agreement that has become widespread in world practice (a limited list of property and escrow agents).