ARTICLE · 26 NOVEMBER 2011

Lawyer as Escrow Agent – Is it Worth It?*

Lawson Lundell LLP

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Acting as an escrow agent is a common task of lawyers in British Columbia, especially, the solicitor, as a component of transactions.

CanadaCorporate/Commercial Law

Lawson Lundell LLP

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Acting as an escrow agent is a common task of lawyers in British Columbia, especially, the solicitor, as a component of transactions.¹ The duties of an escrow agent are primarily contractual and the escrow agent must carry out the duties accordingly, in a non-negligent fashion and without misconduct.² Lawyers must take care not to agree as escrow agent to duties that are in conflict with their duties as counsel, but there are additional considerations.

The LSBC's Professional Conduct Handbook ("PCH") addresses ancillary business activities directly in Chapter 7, Rule 6 (my emphasis added):

ANCILLARY BUSINESS OR OCCUPATION

6. A lawyer must not carry on any business or occupation other than the practice of law in such a way thata person mightreasonably:

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