Residential Developments, Inc. v. Massicott

Benham, Judge.

In June 1986, appellant, Residential Developments, Inc. (Residential), sued the Massicott Corporation (Corporation), a real estate brokerage firm, for breach of contract and breach of fiduciary duty after the firm failed to release a portion of the earnest money it held in escrow pursuant to a realty agreement. The trial court entered judgment in Residential’s favor in February 1987. In September 1987, after post-judgment discovery revealed that the Corporation had no assets from which the judgment could be satisfied, Residential filed an action against Herbert Massicott, sole…