May 29, 2023 10:29
12 mos ago
16 viewers *
Swedish term

Notariatkonto

Non-PRO Swedish to English Bus/Financial Law (general)
I would call a Notariatkonto a "Trust Account"

However I see here (in a glossary from a linguist I trust and respect) that they translate a Notariatkonto to "escrow account"
https://www.proz.com/personal-glossaries/entry/1643270-escro... om

So my question is, what term would be most familiar to a English speaking Swedish lawyer, "escrow account" or "Trust Account"?

--
Or maybe that is not the right question to ask here.

Maybe I should ask does a Notary have a general "Trust Account" or are they restricted to what is known as "escrow accounts"


Yes, both types of accounts are similar (in legal terms and ownership of the funds), but they are not the same...
Votes to reclassify question as PRO/non-PRO:

PRO (1): Christopher Schröder

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Discussion

Deane Goltermann May 29, 2023:
(Not) Escrow account This is an account controlled by a third party -- like your glossary reference says - waiting for full performance of a contract. The funds are deposited into such an account (controlled by a bank, lawyer, etc,) and remain in the ownership of the person making the deposit. The account controller assures the funds are available for payment on fulfilment of the contract (usually a property purchase in my experience) and pays out the funds to the other party (seller) to the contract. The controller of the account never 'owns' the funds.

From what I find today, SEB offers notariatkonto services to private individuals. References seems hard to come by, but this one (below) indicates that such an account is under the control of the individual who 'owns' the funds and nobody else (or no other entity).

So, I'd say ... not an escrow account. Some kind of special savings account from the discussion in the reference, but I can't help with a suggestion for what it actually means in English. Sorry! ;-)

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Proposed translations

5 hrs

BrE/ CanE: notarial (deposit) stakeholder account

Trust (department) account, Gullberg.

Really, the purpose of this account in the specific instance needs (to) be spelled out, but IMO escrow a/c is a misnomer in an Anglo-Irish conveyancing and a non-US banking and escrow recordation scenario.

Escrow means holding of docs. and deeds. subject to a condition that needs (to) be fulfilled on mortgage or conveyancing etc. completion. An 'escrow account' in our City of London law firm's conveyancing dept. would have meant a list of such papers.

In UK real estate terms, stakeholder is a species of 'trustee' v.s bailee of goods and who holds a deposit, either as agent for one side (buyer or seller) or neither.
Example sentence:

IATE: notariatsavgift notarial fee registry charge

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