Article 926.1. Conditional deposit contract (escro)

1. Under a conditional deposit (escro) contract, the depositor undertakes to deposit to the escro agent property for the purpose of fulfilling the obligation of the depositor to transfer it to another person in favour of which deposits the property (beneficiary) and the escruit agent undertakes to preserve the property and to transfer it to the beneficiary upon the occurrence of the contract The escru contract is between the depositor, the beneficiary and the escrou agent and must provide for a period of time for the deposit of the property; the term of the escru contract may not exceed five years. Escrou, concluded for a longer period or without a fixed term, shall be deemed to have been concluded for a period of five years. 2. Where there are reasons specified in the agreement for transferring the property to the beneficiary (including the beneficiary ' s or one third of it) The escruit agent is obliged to transfer the deposited property to the beneficiary in accordance with the conditions of the dog. If the grounds set out in the escro contract for transferring the property to the beneficiary do not arise during the duration of the agreement, the escru agent shall return the property received to the depositor. 3. The object of the deposit may be movable items (including cash, documentary securities and documents), cash-free funds, non-documentary securities. 4. 5. The depositor is not entitled to dispose of the property in question, unless otherwise provided for by the treaty. 6. A contract may be entered into by the parties under which the escruc agent has a share of the assets. Property to be transferred by the parties to a bilateral treaty to each other (mutual eskroo) may be deposited.