A notary may not perform a notarial act if the notary:

1. (1) is a signer of the document that is to be notarized except in case of a self-proved will as provided in Section 75-2-504;

2. (2) is named in the document that is to be notarized except in the case of a:

   1. (a) self-proved will as provided in Section 75-2-504;
   2. (b) licensed attorney that is listed in the document only as representing a signer or another person named in the document; or

   3. (c) licensed escrow agent, as defined in Section 31A-1-301, that:

      1. (i) acts as the title insurance producer in signing closing documents; and
      2. (ii) is not named individually in the closing documents as a grantor, grantee, mortgagor, mortgagee, trustor, trustee, vendor, vendee, lessor, lessee, buyer, or seller;
3. (3) will receive direct compensation from a transaction connected with a financial transaction in which the notary is named individually as a principal; or
4. (4) will receive direct compensation from a real property transaction in which the notary is named individually as a grantor, grantee, mortgagor, mortgagee, trustor, trustee, beneficiary, vendor, vendee, lessor, lessee, buyer, or seller.