The pitfalls of notarial deposits and potential solutions

Abstract

Being a public officer, the Notary Public is an entrusted figure of the state. Ergo, he must act with utmost diligence, serving citizens whilst abiding by the relevant regulations. He is also without doubt an escrow agent, holding funds for clients until the time arises to pay them on to the suitable institution or party. A Notary may therefore abuse this position of trust for his own personal gain, as has been seen in recent years. This has led the public to raise concern about civil servants and their credibility, rightly so. Therefore, one may think, how many Notaries are abusing their position and have not been caught? What makes a Notary so credible to be in such a position? Are there any alternatives to the current system? How can citizens ensure the safety of their funds?