Cases

A natural person may not open a trust bank account

One of the securities against the proper performance of financial operations under a contractual relationship is the trust bank account. Financial funds deposited on such an account may be paid to a business partner only upon its fulfillment of contractual obligations. A conspicuous example is a premises trust account introduced into the Polish system under the act of 16 September 2011 on the Protection of Rights of a Purchaser of Residential Premises or of a Detached House (Journal of Laws, No. 232, item 1377).

Theoretically, under art. 59 of the Bank Act such an account is a safe solution for a person fulfilling a financial obligation in the absence of simultaneous considerations. The financial means deposited on a trust account are protected to a high extent. Firstly, the trust bank account secures against the business partner’s dishonesty who may withdraw money only upon the completion of a contractual obligation, either in part or in total. Secondly, the trust account constitutes a security against the business partner’s bankruptcy or execution proceedings pending against him, as the deposited money is deemed as the separate property assets which are may not be seized – unlike the total volume of the partner’s estate.

However, it turns out that the inclusion into the agreement of a trust bank account is not possible in Poland. An in-depth analysis of the offers submitted by the banks for the Client’s purposes led us to the conclusion that Polish banks do not offer trust accounts to natural persons. Consequently, the contractual provisions envisaging the transfer of money to the trust account, from which the second party may withdraw the respective remuneration, are under Polish law non-performable.

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