Excuse me, what is a “dedicated account”?

Transcript:

Hello.

Notaries in Italy use what we call “il conto dedicato” and translating this in English could present some problems.

First of all, don’t use the words “dedicated account”. This is not clear to your clients and they won’t understand the importance of what you’re speaking of. We need to find another concept to express this and in order to do that we need to look at two types of laws which are common in Common Law jurisdictions. These two types of laws are “Common Law” and “Statutory Law”.

Common Law is defined as law which has been developed on the basis of preceding rulings (decisioni giudiziali precedenti) by judges, while Statutory Laws are written laws passed by legislature or government of a country.

So, Common Law has different types of names: we call it Common Law, we call it judicial precedent, we call it judge-made law, and we call it case law. It’s all the same thing. While Statutory Law is sometimes called legislation or sometimes called written law.

To understand better, a judge makes Case Law, while the government or legislature produces Statutory Law.

Another term we need to look at in order to get a good translation is the term “Escrow” (“deposito in garanzia per conto terzi”). Escrow means that an independent third party holds funds from one party for another party, or even for the state. This third party, or escrow agent, will transfer the funds when certain conditions are met or when a certain moment in time arrives.

Considering all of these terms, we can come up with (arrivare a/offrire) the best translation for “conto dedicato” in English. I believe the best translation for “conto dedicato” in English is the Notary’s “Statutory Escrow Account”.

By calling it the Statutory Escrow Account, I’m saying three things: I’m saying:

• number 1, it’s statutory, so the law requires it;
• number 2, I’m saying that it’s an escrow account, and so, it (= the money; singular in English. The money IS here – I soldi SONO qui.) is being held by the Notary for the state, or for someone else, or for another party in some way;
• and 3rd, it’s an account – it’s a bank account.

So Statutory Escrow Account would appear to be the best possible translation to convey (trasmettere) the meaning of this word to your clients.

Thank you very much, and I hope you’ll join me next week for another edition of Peter’s Pills.

For a short definition of Statutory Law, look at this brief article: https://www.hg.org/statutory-law.html

For a longer comparative explanation on Statutory Law, read this analysis: “https://oxcon.ouplaw.com/view/10.1093/law-mpeccol/law-mpeccol-e486.

Legal English – Sommario delle Lezioni

• Legal English – Peter’s Pills – Lesson 55 – Golden expressions
• Legal English – Peter’s Pills – Lesson 54 – Pre-emption right vs Right of first refusal
• Legal English – Peter’s Pills – Lesson 53 – What do we mean by “agent” of a company?
• Legal English – Peter’s Pills – Lesson 52 – Voting at a meeting
• Legal English – Peter’s Pills – Lesson 51 – Contracts vs Deeds
• Legal English – Peter’s Pills – Lesson 50 – Executive and Non-Executive Directors
• Legal English – Peter’s Pills – Lesson 49 – Transfer of shares vs transmission of shares
• Legal English – Peter’s Pills – Lesson 48 – They, them, their for singular nouns
• Legal English – Peter’s Pills – Lesson 47 – Jointly and severally
• Legal English – Peter’s Pills – Lesson 46 – Invoice words
• Legal English – Peter’s Pills – Lesson 45 – Quotation
• Legal English – Peter’s Pills – Lesson 44 – Gazumping and Gazundering
• Legal English – Peter’s Pills – Lesson 43 – English words that the English do not understand
• Legal English – Peter’s Pills – Lesson 42 – Easement vs Profit à prendre
• Legal English – Peter’s Pills – Lesson 41 -er, -or and -ee names
• Legal English – Peter’s Pills – Lesson 40 – The Objects Clause
• Legal English – Peter’s Pills – Lesson 39 – When is Latin hot, and when is it not?
• Legal English – Peter’s Pills – Lesson 38 – Default
• Legal English – Peter’s Pills – Lesson 37 – Company Agent
• Legal English – Peter’s Pills – Lesson 36 – Injunction (false freind)
• Legal English – Peter’s Pills – Lesson 35 – Mortgage
• Legal English – Peter’s Pills – Lesson 34 – Freehold, Leasehold and Commonhold estates
• Legal English – Peter’s Pills – Lesson 33 – Transferor, Transferee and Transmittee
• Legal English – Peter’s Pills – Lesson 32 – Tax evasion, tax mitigation and tax avoidance
• Legal English – Peter’s Pills – Lesson 31 – Numbers
• Legal English – Peter’s Pills – Lesson 30 – Ordinary resolutions vs special resolutions
• Legal English – Peter’s Pills – Lesson 29 – AGM vs EGM
• Legal English – Peter’s Pills – Lesson 28 – A going concern
• Legal English – Peter’s Pills – Lesson 27 – Collocations: Violate, breach, break, disobey and infringe
• Legal English – Peter’s Pills – Lesson 26 – Company meeting words
• Legal English – Peter’s Pills – Lesson 25 – Mortgagor vs Mortgagee
• Legal English – Peter’s Pills – Lesson 24 – Fixed charges vs Floating charges
• Legal English – Peter’s Pills – Lesson 23 – Doctrine
• Legal English – Peter’s Pills – Lesson 22 – Construe
• Legal English – Peter’s Pills – Lesson 21 – Sign vs Execute
• Legal English – Peter’s Pills – Lesson 20 – The closing statement
• Legal English – Peter’s Pills – Lesson 19 – Writing Business Emails
• Legal English – Peter’s Pills – Lesson 18 – Limited companies
• Legal English – Peter’s Pills – Lesson 17 – Annual Accounts
• Legal English – Peter’s Pills – Lesson 16 – Meetings
• Legal English – Peter’s Pills – Lesson 15 – Attorney-at-law vs Attorney-in-fact
• Legal English – Peter’s Pills – Lesson 14 – Here and there compounds
• Legal English – Peter’s Pills – Lesson 13 – Subject Matter
• Legal English – Peter’s Pills – Lesson 12 – The clear days rule
• Legal English – Peter’s Pills – Lesson 11 – Shareholder, Member or Holder of shares?
• Legal English: Peter’s Pills – Lesson 10 – Competition Law
• Legal English: Peter’s Pills – Lesson 9 – Lasting Power of Attorney
• Legal English: Peter’s Pills – Lesson 8 – Guardianship
• Legal English: Peter’s Pills – Lesson 7 – Damage vs Damages
• Legal English: Peter’s Pills – Lesson 6 – Legal Doublets

Peter Liebenberg

Peter Liebenberg è uno specialista nella formazione delle persone nella conoscenza della lingua inglese. Ha creato molti corsi nel campo dell’inglese per professionisti, tra cui English for banking, English for business e English for Insurance, ma ha sempre avuto un debole per l’inglese legale. Altri corsi che ha creato comprendono Phrasal Verbs I e II. Quando Peter non fa formazione, corre a Parco Sempione, crea arte nel suo studio sulla Martesana e fa volontariato.