Does an escrow agent have a contractual duty to follow the escrow agreement?
"New York", United States of America
The following excerpt is from Goldberg, Sager & Assocs. v. Gilewski, 58 N.Y.S.3d 873 (Table) (N.Y. Civ. Ct. 2017):
Plaintiff GSA Firm has correctly set forth that "[a]n escrow agent not only has a contractual duty to follow the escrow agreement, but additionally becomes a trustee of anyone with a beneficial interest in the trust" ( Takayama v. Schaefer, 240 A.D.2d 21, 25 [2d Dept1998]. However, there are generally four elements which make an instrument operate as an escrow:
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