Takayama v. Schaefer
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Goldstein, J.
At issue here is whether an escrow agent, where the escrow agreement is silent as to his or her duties in the event of a dispute, must deposit the funds in court pursuant to CPLR 1006 to avoid liability for interest and costs. We conclude that there is no such obligation.
In April 1990 the plaintiff purchaser, Rie Takayama, and the defendant seller, Helmut Schaefer, entered into a contract for the sale of real property. The contract provided that the down payment of $12,000 was to be held by the seller’s attorney, the appellant David E. Weissman, until closing…
2Cases cited15 opinions
- Farago v. BurkeNew York Court of Appeals · 1933
- Falk v. GoodmanNew York Court of Appeals · 1959
- Grinblat v. TaubenblatAppellate Division of the Supreme Court of the State of New York · 1985
- Oppenheim v. SimonAppellate Division of the Supreme Court of the State of New York · 1977
- 88 Blue Corp. v. Staten Builders Co.Appellate Division of the Supreme Court of the State of New York · 1991
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