Paymaster Services
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As a paymaster, The Chiles Law Firm serves as the primary fiduciary that is contractually obligated to handle and properly disperse payments to all third parties according to the instructions they have received from a principal. Our office handles payments made in transactions involving commodities and involves multiple parties that have an interest in various levels. Generally, transactions are premised upon the satisfactory completion of certain precedent conditions between the parties.
While paymasters need not be attorneys, when dealing with contracts involving large sums of currency such as commodities transactions (bulk metal transactions, financial instruments, food-stuffs, fungibles, gas, oil, precious metals, etc.), most banks and/or their trust operations are not set up to handle these matters on a short-term notification basis and often have very burdensome and time consuming procedures for establishing a banking relationship particularly when handling “large currency transactions”. As most commodity buyers and sellers know, placing their monies with a reliable and neutral third party for disbursement is a must. Based upon the code/rules of professional ethics affecting attorneys, law firms naturally fill this role.
As your paymaster/agent for your transaction, The Chiles Law Firm will serve as a neutral third party who is capable of disbursing your funds according to your instructions in a timely manner.
In return for this service we charge a fee¹, which is paid directly to our firm from the proceeds of the disbursement, and which is normally disbursed at the same time that your transaction occurs from either: an attorney’s IOLTA/trust account, or a separate escrow account in accordance with the specific desires of the principal.
Potential principals should be aware that all escrow accounts of either type are overseen by the applicable State Bar(s) as a matter of security and safety for the parties involved.
Additionally, based upon the rules of ethics an attorney’s involvement assures you that your transaction will be handled diligently and in a professional manner. Lastly, transactions undertaken within that scope are undertaken in a confidential manner (except to the extent that legal requirements mandate regulatory compliance, i.e.: tax and security compliance²). While we may be requested to verify that we are acting as paymaster on a particular matter we are barred from ever disclosing the details of any “legal” payment transaction(s).
So that you are aware the fees typically charged by The Chiles Law Firm are one half of one percent (0.50%) of the amount of the transaction, however in certain circumstances (after multiple transactions) our fees can be negotiated.
Moreover, minimum fees and additional bank fees³ may apply in some situations.
The information contained herein represents general information about the firm and is not intended to constitute legal advice.
Before acting on any of the materials presented here, you are advised to seek legal counsel. You are invited to contact the firm,
and your calls, letters and e-mail are welcome; however, contacting the firm does not create an attorney-client relationship. Please
refrain from sending any confidential information until such time as an attorney-client relationship has been established.
(281) 340-2065
info@thechileslawfirm.com
14090 Southwest Freeway
The Chiles Law Firm is dedicated to providing exceptional legal services with a strong emphasis on client satisfaction. Specializing in personal injury, business law, and estate planning, the firm combines extensive legal expertise with personalized attention to meet each client’s unique needs.
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