Autonomous contract, albeit in addition to the main contract, for which it exercises, in the broadest sense, a guarantee function or, in any event, the performance of its obligations. The trust agreement is therefore functionally linked to the main transaction below, but it can be entered into in a separate version if it is not included in the same contract it must guarantee. The main practical advantages of entering into a trust agreement are: The agent/holder will therefore not be part of the principal relationship between the applicant and the beneficiary, but remains in agreement with him, in accordance with his third party requirements, impartiality and independence. Therefore, it cannot assert rights to the goods subject to the trust, as they are part of the main relationship. 2) Custodian duties and responsibilities The custodian`s mission is to monitor and manage the goods entrusted to him until the delivery to the beneficiary or their return to the custodian at the end of a given condition. Whoever it is (a company, a professional, a bank…) the custodian remains impartial and independent of the parties and the underlying contract that binds them; Therefore, it cannot assert rights to the property, as it is an asset that is part of the main contract. There is, of course, a relationship of trust between the custodian and the parties; It is no coincidence that the trust fund can be legally framed in the other case of this typical trust shop which is trust. The custodian has dutifully issued (“to the letter”) the instructions set out in the trust agreement and has carefully issued and is liable to the contractors in the event of a breach of its obligations. It also provides the parties with all the information relating to the property being preserved and regularly reports on the administrative report. It has already been said that, in general, the custodian is the principal director of both parties, although he must remain more impartial towards them, so that his mandate can normally be revoked only jointly by the parties. However, by referring to U.S. law, where fiduciary assets are a typical bargaining figure, it is possible to distinguish two separate custody figures: the agent and the agent. The agent is the agent of both parts of the material relationship and generally holds the assets provided to him by both parties until the existing condition is released.
It receives instructions from both contracting parties who can only change their powers and revoke their obligations together. Although the agent is bound by a fiduciary relationship with both parties to the bargaining system, he is subject only to the control of a single contractor who gives him instructions and instructions. The custodian “agent” is therefore the agent of a single party and must act according to the orders he receives from him. It is precisely because of the fiduciary nature of the trust agreement that the agent and agent are liable for both the depositor and the beneficiary if they do not comply with the obligations or bad faith found against them. Under the trust agreement, the escrow account, i.e. the opening of a trust account, is frequently used with a trust bank of the parties and managed by the custodian on which the funds deposited as collateral converge. The custodian manages the account in accordance with the contractor`s instructions and, if the condition is met, releases the money to the authorized person.