Tarhonii Y. Escrow account contract under the legislation of Ukraine and the EU law.

The thesis deals with a comprehensive scientific study of the escrow account contract under the law of Ukraine and EU law, the main theoretical and practical issues relating to it are identified and analysed, the proposals for borrowing the most effective mechanisms of its legal regulation from the legislative experience of EU countries are provided. The general theoretical provisions of the escrow account contract under the law of Ukraine and EU law are studied in the thesis. The work also focuses on the procedure for concluding, form and content of this contract. The author clarifies the grounds and legal consequences of termination of an escrow account contract under the law of Ukraine and EU law. Based on the study, the author defines the concept of an escrow account contract. Taking into account the doctrinal approaches and current legislation of Ukraine, the author identifies a range of its features. The author argues that it is necessary to legislate the term as an essential condition of an escrow account contract, and also to establish a term limit for the contract, if it is not determined by the parties, and suggests that the Civil Code of Ukraine should be supplemented with the relevant provisions. It is substantiated that in case of bank liquidation, funds placed in an escrow account are not included in the bank's liquidation estate. The provision stating that an escrow account contract performs a security function in relation to the performance of the main agreement, since it is opened to settle the main obligation, but is not a type of security for the performance of an obligation, has been improved. Based on the analysis of the features and functions of an escrow account contract, the author distinguishes it from the types of security for fulfilment of an obligation. The author's own classification of the escrow account agreement is proposed. The author substantiates the expediency of fixing in the law the minimum amount of penalty which is permissible to be set in an escrow account contract for violation of the terms of crediting by the bank of funds to the account from the account holder (client) and for violation of the terms of payment of funds from the account to the beneficiaries. The author argues that it is expedient to empower the bank, in case of discrepancies in the beneficiary's data in the documents based on external signs, to accept additional documents from the beneficiary which would allow verifying the accuracy or inaccuracy of the data and concluding whether there is a technical error or not. The thesis further develops the substantiation of historical and legal aspects of the formation and dynamics of legal regulation of the escrow account contract in Ukrainian legislation. The author also found out that the legal nature of this contract differs significantly from the agency contract and the storage contract, and also established their distinguishing features. Based on a comprehensive study of the application of the escrow institution in EU law, the author further develops the arguments that it is advisable to use the positive experience of Austria and to introduce escrow contracts more widely for settlements between buyers of unfinished construction projects and developers.