Bixby Ranch Co. v. United States

OPINION

LYDON, Senior Judge:

This contract case is before the court on the parties’ cross-motions for summary judgment. The issue presented is which party bears the risk of loss of funds that are held back and placed in escrow to cure certain title defects at the closing of a purchase of easements when the escrow agent embezzles those funds. For the reasons set forth below, plaintiffs motion for summary judgment is denied and defendant’s cross-motion is granted.

FACTS

The pertinent facts surrounding the transaction in question are essentially undisputed. On September 30, 1992 plaintiff, Bixby…