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Does escrowee have duty to lender when not holding lender funds?
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Court Report
Thursday, May 15, 2014
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After losing money on a bad real estate investment, the lenders sued the transaction’s escrowee for breach of fiduciary duty. The district court held that Illinois law does not impose a fiduciary duty on an escrowee under the terms of the transaction and granted summary judgment to the escrowee. The lenders appealed to the U.S. 7th Circuit Court of Appeals.
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