Phoenix Assurance Co. of New York v. Basil

QUINN, Associate Judge.

Appellees brought this action against Edward Brennan, a licensed real estate broker, and the Phoenix Assurance Company of New York, Brennan’s surety, for failure to turn over monies collected by Brennan from tenants leasing property owned by appellees. The several questions raised on appeal center upon a determination of the date this cause of action accrued under Code 1961, 45-1405.1

Brennan was engaged by appellees in 1953 to manage their property, to collect the rents and apply them to a first trust held by the First Federal Savings and Loan Association, and to remit…