Argersinger's Department Store, Inc. v. Shapiro Bros.

OPINION OF THE COURT

J. Raymond Amyot, J.

By written contract the plaintiff agreed to purchase all the assets used by the defendant in the operation of one of its retail department stores in Oswego, New York. The contract provided for a portion of the purchase price to be held in escrow by the attorneys representing the respective parties. At the closing Edward Rappaport and Edward M. Zachary were designated as escrow agents to receive and disburse $235,000 of the purchase price in accordance with terms and conditions defined in the escrow agreement.

Eight days after the closing this action,…