Can Form 32 be e-signed?

Yes. Electronic signatures are legally valid under the federal ESIGN Act (15 U.S.C. §7001) and under UETA where adopted. To be enforceable, meet intent, consent, attribution, and retention requirements; confirm no statutory exception applies.

What authentication is recommended?

Use a layered approach: email verification plus SMS one-time codes or knowledge-based authentication for higher risk. For healthcare or regulated accounts, require stronger verification and documented identity proofing methods to meet applicable regulatory standards.

Is notarization required?

Not always. Notarization depends on state law and document purpose; some jurisdictions require acknowledgements for deeds or powers of attorney. For Form 32, verify whether the recipient or transaction triggers a notary or witness requirement and use RON if permitted.

How long must records be kept?

Retain records according to applicable laws. IRS generally requires three years (IRC §6501(a)); HIPAA requires six years (45 CFR §164.530(j)). Keep originals for the agreement term plus at least three additional years and consult state law for longer periods.

What if parties’ names differ?

Mismatched names can invalidate enforcement or trigger backup withholding. Use exact legal names as shown on government ID, attach entity formation documents for businesses, and verify TIN accuracy to avoid tax penalties or payment delays.

Can I revoke or cancel?

Revocation depends on agreement terms; include explicit termination or revocation clauses specifying notice, effective date, and return of deposits. For funds already disbursed, remedies are contractual or equitable; consult counsel for recoveries and state law implications.

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Form 32 Agreement of Depository

Form 32 Agreement of Depository

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Form 33.

AGREEMENT OF DEPOSITORY

The undersigned, being , received on deposit from as guardian of an incapacitated person, the sum of Dollars ($ ) in cash on and agrees not to permit any withdrawal from these funds unless authorized by order of this court.

Date:

Reporter's Notes to Form 33:

By statute, the court may dispense with a bond for the guardian when the entire guardianship is in cash deposited on interest in any of the institutions identified in the form, provided that the value of the estate so deposited is not greater than the maximum amount of insurance provided by law for a single depositor. Ark. Code Ann. § 28-65-215(e). This form must be executed on behalf of the depository and filed with the probate clerk. For an enumeration of the types of authorized investments for guardianship funds, see Ark. Code Ann. § 28-65-311.

What the Form 32 Agreement of Depository Is

The Form 32 Agreement of Depository is a written contract used to authorize a depository institution, escrow agent, or designated custodian to hold funds, securities, or documents on behalf of parties and to control release, withdrawal, and recordkeeping procedures. It sets account identifiers, permitted transactions, signatory authority, approval steps, and remedies for default. Commonly used in real estate closings, corporate escrow arrangements, and secure transfers, Form 32 establishes how custody is handled and creates a traceable audit trail for compliance and dispute resolution.

Why a Formal Agreement Matters

Use the Form 32 Agreement of Depository to document custody terms, reduce disputes, and create an auditable trail for transfers and releases. The agreement clarifies responsibilities, limits institutional liability, and establishes procedures for contested disbursements and record retention suitable for regulatory review.

Who Typically Prepares and Signs Form 32

Typical users include banks, escrow agents, title companies, corporate treasuries, and counterparties involved in custodial arrangements.

Banks and credit unions managing custody and escrow accounts for clients.
Title and settlement companies using escrow to secure real estate transactions.
Corporate treasuries and law firms holding funds pending regulatory or contractual conditions.

Core Elements to Include in a Professional Form 32

A professional Form 32 Agreement of Depository should include clear custody rules, release conditions, signer authority, audit provisions, dispute resolution, and data retention clauses to meet operational and regulatory needs.

Parties

List all parties with full legal names, addresses, and contact points; identify authorized signers, electronic authentication methods, and whether agents or subsidiaries act for a principal party.

Depository Terms

Describe deposit types, account identifiers, authorized transaction categories, hold periods, permitted withdrawals, and disbursement limits to prevent ambiguity in custody handling and reconciliation procedures.

Release Conditions

Set precise conditions for release, list required approvals and supporting documentation, define escrow agent instruction flow, and specify contingencies for incomplete or conflicting instructions, including timelines and notification steps.

Signatory Authority

Identify who may sign, whether electronic signatures are acceptable, any required notarization or witness steps, and verification methods such as ID credential analysis or multi-factor authentication.

Audit & Records

Detail audit trail requirements, record retention schedules, access controls, reporting obligations, format for export, and procedures for producing records in regulatory or litigation contexts with timestamps.

Dispute Resolution

Include governing law, venue, arbitration or court process, indemnities, and stepwise escalation for claims related to custody, release, breach, and any fee-shifting provisions.

Essential Fields Required on Form 32

Depositor Name: Full legal name as ID

Account Identifier: Account number or escrow ID

Effective Date: Use MM/DD/YYYY format

Authorized Signers: Names, titles, and contact info

Release Instructions: Conditions and supporting documents

Governing Law: State specified for interpretation

Step-by-Step: Filling Out Form 32

Follow these steps to complete the Form 32 Agreement of Depository accurately and minimize processing delays.

01

Prepare documents: Gather IDs, account details, and supporting exhibits before you begin.
02

Identify parties: Enter full legal names and contact information for each party.
03

Set terms: Specify deposit types, hold periods, and disbursement conditions clearly.
04

Sign and verify: Obtain signatures, authentication, and notarization if required.

Configuring an Online Workflow for Form 32

Configure an online workflow to place fields, set signer order, and enable authentication and retention options for Form 32.

Workflow Field and Configuration Details	Set field types, validation, and signing order
Signer Routing Order and Role Assignment	Choose sequential or parallel signing; assign roles
Authentication Methods and Strength	Enable email, SMS, KBA, or multi-factor authentication
Conditional Logic and Required Fields	Configure conditional visibility and required field rules
Retention, Export, and Audit Options	Save signed PDFs, export CSVs, and retain audit trails

Where to Send the Completed Form 32

Typical routing options for the completed Form 32 Agreement of Depository and recommended recipients for execution and filing.

To Bank: Provide executed original to the depository institution holding the account.
To Escrow: Send signed copies to escrow agent and closing counsel for records.
Regulator: File or provide copies to regulator only if required by statute.
Internal: Retain copy in corporate records and with treasury or legal departments.

Technical and Security Considerations for eSubmission

Electronic submission requires PDF-compatible output, secure transmission, signer authentication aligned with applicable statutes, and audit logging for compliance.

Formats: PDF, DOCX, and HTML
Integrations: Salesforce, NetSuite, Google Workspace
Security: TLS 1.2/1.3; AES-256 at rest

Timelines and Expected Processing Windows

Deadlines and expected processing times for Form 32 filings vary by recipient; plan for internal review, escrow clearance, and any regulatory reporting windows.

Provide Upon Request by Payer:

Deliver signed copy when requested by payer

Bank Processing Time:

Processing typically one to five business days after receipt

Escrow Clearance Window:

Three to seven business days for verification

Regulatory Reporting:

File or disclose only when statute or contract requires

Retention Start Date:

Retention begins on effective date or final distribution

Key Milestones From Draft to Closeout

Key processing stages for the Form 32 Agreement of Depository from initiation through final release and archival.

01

Initiation

Drafting and party review with preliminary attachments sent for approval.

02

Execution

All required signatures collected and notarization completed where required.

03

Deposit and Confirmation

Depository acknowledges receipt and records account or escrow identifiers.

04

Release & Closeout

Funds or documents released per instructions; final accounting and archival performed.

Common Mistakes to Avoid

Using initials instead of full signatures can create enforceability issues, especially when a party's identity must be proven in disputes or audits.
Omitting account numbers or incorrect escrow identifiers delays processing and may lead to misapplied funds or protracted reconciliation efforts.
Neglecting to specify governing law or venue raises uncertainty for dispute resolution and can increase litigation costs.
Failing to require notarization or witness steps where state law expects them risks invalidation in probate, real estate, or fiduciary contexts.

Penalties and Risks of Incorrect Form 32 Completion

Misapplied Funds: Civil liability, restitution

Late Filings: Contract damages, interest

Tax Reporting: Backup withholding at 24%

Regulatory Fines: State banking penalties possible

Enforceability Risk: Invalid signatures risk challenge

Criminal Exposure: Fraud charges for intentional misuse

Real-world Examples of Digital Depository Agreements

Real-world examples show how digital signing streamlines custody agreements and reduces turnaround associated with Form 32 executions.

Martin Properties

Martin Properties shifted escrow and depository workflows online to avoid in-person closings and speed fund releases.

Result: shorter closing cycles and fewer errors.
Tim Martin reported processing and executing agreements online with complete compliance and secure audit trails, enabling mobile or offline signing and faster returns of fully executed Form 32 agreements to all necessary parties for timely disbursement and recordkeeping.

Fertility Centers of Illinois

Fertility Centers adopted e-sign workflows to collect consents and manage escrowed deposits without physical visits.

Compliance and API integration were critical.
John Butler emphasized the API flexibility and responsive support that allowed secure, compliant exchanges of custodial documents, preserving audit trails and easing integration with existing records systems for efficient management of depository agreements.

eSignature Pricing and Feature Snapshot for Form 32 Workflows

Comparison of common eSignature vendors and core plan features relevant to Form 32 Agreement workflows.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	Yes, 7-day free trial	Yes, trial available	Yes, trial available	Yes, limited	Yes, limited
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

FAQs: Common Questions About Form 32

Answers to common questions about completing, signing, and managing the Form 32 Agreement of Depository, including eSignature and retention concerns.

Need help? Contact support

Can Form 32 be e-signed?
Yes. Electronic signatures are legally valid under the federal ESIGN Act (15 U.S.C. §7001) and under UETA where adopted. To be enforceable, meet intent, consent, attribution, and retention requirements; confirm no statutory exception applies.
What authentication is recommended?
Use a layered approach: email verification plus SMS one-time codes or knowledge-based authentication for higher risk. For healthcare or regulated accounts, require stronger verification and documented identity proofing methods to meet applicable regulatory standards.
Is notarization required?
Not always. Notarization depends on state law and document purpose; some jurisdictions require acknowledgements for deeds or powers of attorney. For Form 32, verify whether the recipient or transaction triggers a notary or witness requirement and use RON if permitted.
How long must records be kept?
Retain records according to applicable laws. IRS generally requires three years (IRC §6501(a)); HIPAA requires six years (45 CFR §164.530(j)). Keep originals for the agreement term plus at least three additional years and consult state law for longer periods.
What if parties’ names differ?
Mismatched names can invalidate enforcement or trigger backup withholding. Use exact legal names as shown on government ID, attach entity formation documents for businesses, and verify TIN accuracy to avoid tax penalties or payment delays.
Can I revoke or cancel?
Revocation depends on agreement terms; include explicit termination or revocation clauses specifying notice, effective date, and return of deposits. For funds already disbursed, remedies are contractual or equitable; consult counsel for recoveries and state law implications.

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