Money Store Investment Corp. v. Southern California Bank

Opinion

O’LEARY, J.

The Money Store Investment Corporation (the Money Store) appeals the judgment entered after the trial court granted summary judgment in favor of Southern California Bank (the Bank), contending there was a triable issue of fact concerning the Bank’s disbursal of loan proceeds contrary to the Money Store’s instructions in an escrow transaction. We reverse with directions.

Robert McKinley contracted with Teddy Springfield to buy Springfield’s chiropractic practice. To facilitate the purchase, Springfield and McKinley entered into an escrow with the Bank. The escrow instructions…