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Parties dispute disbursement of escrow funds
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Court Report
Monday, May 14, 2018
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A purchase agreement required the seller to complete improvements to property it was selling and put funds into an escrow account. If the seller completed the work, the funds would be returned. But if the seller failed to complete the improvements, the buyer could complete the improvements and get reimbursed from the escrow funds. The seller never completed the improvements and eventually filed for bankruptcy. The buyer filed an adversary proceeding in bankruptcy court to declare that the escrow funds were not part of the bankruptcy estate. Read on for more details.
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