Covid19 related lock down measures implemented in France since mid-March make it quite difficult if not impossible to hold physical meetings for signing financing transactions under French law / involving French parties.
For notarised deeds, the emergency measures enacted by a decree dated 3 April 2020 have suspended the requirement of physical presence during and replaced it by remote signature mechanism. This applies to the remote signature of notarised loan agreement and mortgage deeds.
For other acts, the parties should resort to existing tools.
This memo summarizes French law execution rules as applicable to financing transactions, and how to facilitate execution processes in times where physical meetings are impossible and deliveries by post may be disrupted.
|Temporary remote execution of notarised deeds
In principle, the execution of notarised deeds requires physical presence of the parties or their agent before the notary, or a power of attorney given to the latter. Decree dated 3 April 2020 makes it possible during a period of up between 3 April 2020 and up to one month after the end of health state of emergency (currently contemplated to end on 24 May 2020) to execute remotely via electronic signature made through a certified mechanism (described below) and by secured video conference (approved by the Conseil supérieur du notariat) to collect the parties’ current consents.