Baquerizo v. Monasterio
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
An escrow agent “not only has a contractual duty to follow the escrow agreement, but additionally becomes a trustee of anyone with a beneficial interest in the trust” (Takayama v Schaefer, 240 AD2d 21, 25 [1998]). Accordingly, the escrow agent has a duty not to deliver the property held in escrow to anyone except upon “strict compliance with the conditions imposed” in the escrow agreement (id. at 25 [internal quotation marks omitted]). “Thus, an escrow agent can be held liable for breach of the escrow agreement and breach of fiduciary duty as escrowee” (id. at 25; see Grinblat v Taubenblat,…
2Cases cited6 opinions
- Leon v. MartinezNew York Court of Appeals · 1994
- Sommer v. Federal Signal Corp.New York Court of Appeals · 1992
- Takayama v. SchaeferAppellate Division of the Supreme Court of the State of New York · 1998
- Grinblat v. TaubenblatAppellate Division of the Supreme Court of the State of New York · 1985
- Levit v. Allstate InsuranceAppellate Division of the Supreme Court of the State of New York · 2003
1 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
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- Educational Center for New Americans, Inc. v. 66th Avenue Realty Co.Appellate Division of the Supreme Court of the State of New York · 2015
- Shan Yun Lin v. LauAppellate Division of the Supreme Court of the State of New York · 2022
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