Our firm, The Victoria Law Group, provides attorney paymaster services to assist you with receiving or disbursing commissions or proceeds from business transactions. An attorney paymaster serves as a third party to receive the incoming funds into an Attorney Trust Account and then disburse the funds according to the exact terms if the fee agreement. Essentially the attorney paymaster serves as an escrow agent to guarantee the fast and secure delivery of your funds. The primary purpose of a lawyer paymaster is to receive fees in escrow by the buyer of large transactions and disburse to the sellers and brokers on the transaction. When dealing with commission payments on contracts dealing with large amounts of money, most banks in the United States are very wary of handling such large amounts of money. In addition, most buyers and sellers of such transactions want to place the money with a neutral third party. In most cases, the buyer and the seller involved in the transaction require a paymaster to be named to handle all incoming and outgoing funds. A paymaster is a neutral party and has no knowledge of any particulars of the transaction. He/she handles the incoming funds, and then disburses the funds accordingly. In return for his/her services the paymaster charges a small fee, which is paid directly to him out of the commission precedes prior to disbursement.
The Victoria Law Group provides attorney paymaster services to clients involved in a wide variety of transactions. We receive and disburse funds for individuals and corporate entities involved in the following transactions:
TYPES OF TRANSACTIONS
- Gold Transactions
- Transactions of buying and selling gold which can lead to multi-million dollar commissions. Miami is one of the international leaders in Gold transactions.
- Oil Transactions
- Conduct business with oil exporters or facilitating the distribution of millions of barrels of oil and disburse the monies to all parties according to the signed agreement.
- Currency Transactions
- Conduct the conversion of large amounts of currency.
- Medium Term Notes (MTN)
- MTNs are most commonly issued as senior, unsecured debt of investment grade credit rated entities which have fixed rates. MTNs offer more flexibility to the issuer and investors both in terms of structure and documentation. An attorney paymaster is an essential part of these kinds of transactions to ensure the disbursement of the commissions.
- Bank Guarantees
- A pledge on the part of the bank to make someone’s debt good in the event that he/she cannot pay. Bank guarantees are essentially like agreements to stand as a cosigner on a transaction. It is essential to have an attorney paymaster to ensure the safety and disbursement of the monies.
- Fuel and Petroleum
- Distribution of commissions for the fuel transaction. Oil transactions tend to be of high volume which makes for a high quantity of monies. Attorney paymaster would be the best choice as a third uninterested party to distribute the commissions.
- Diamond Transactions
- Transactions involving wholesale or purchase of raw/or cut diamonds, experienced diamond traders and brokers insist upon the assistance of a licensed Attorney Paymaster service to facilitate the smooth execution of their transactions.
- Commodities Transactions
- Transactions involving selling or buying high quantities of commodities calls for an attorney paymaster. It is the best way to avoid problems and reduce the risk on your transaction. Commissions distributed by a neutral third party (attorney paymaster) who is not indebted to either the buyer or the seller.
One of the reasons why you want to retain an attorney paymaster service to distribute your commissions rather than a regular paymaster service is because an attorney paymaster service maintains the funds in an Attorney Trust Account. Attorney Trust Account provides you with an extra level of protection for your commissions, because the accounts are monitored by the state bar where the attorney is licensed to ensure the funds aren’t misappropriated. The Attorney Paymaster provides more protection because a licensed attorney, the Attorney Paymaster would be disciplined (most likely disbarred) if even any amount of money is misappropriated from the Attorney Trust Account. It is vital to always check the disciplinary history for every attorney with access to the attorney trust account, to ensure that they have not violated any rules in their practice of law.
Derive from the French word escroue, which means a scrap of paper, escrow is an agreement, a means of transferring or exchanging property and/or money using a neutral third party, whereby the third party has the capability to receive and disburse money for the transacting parties. This is normally related with real estate dealings. He/she may be an agent who is trusted to deliver or hold a document in behalf of the vendor to the vendee. Whereby serving both the seller and the buyer by thoroughly inspecting the property so both parties will not be aggrieved.
Third party escrow usually involves agents or a lawyer who obtains a license to become an escrow agent, and that can be acquired through further education and training. Escrow agents can be a business agency or an individual whose main purpose of its existence is to assist two parties to agree in one common decision or arrangement