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DRAFT FOR ATTORNEY REVIEW — NOT FINAL

Federated Mortgage Investors v. American Savings & Loan Association, 47 Cal. App. 3d 917 (1975)

Citation
Federated Mortgage Investors v. American Savings & Loan Association, 47 Cal. App. 3d 917 (1975)
Parent Document
Federated Mortgage Investors v. American Savings & Loan Association, 47 Cal. App. 3d 917 (1975)
Jurisdiction
California (state)
Effective Date
1975-05-02

Other Sections in This Document (58)

Full Text

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As we have noted, absent a contractual right to receive the security deposits from American, Federated would have no right thereto by virtue of its acquisition of legal title to the building since the security deposits did not run with the title and remained as a personal obligation of American to the tenants which was assumed by Central Towers. Federated could not voluntarily deposit such security deposits in escrow and thereby impose upon American an obligation which was contrary to American’s obligation to Federated and Central Tower’s obligation to American. Federated could not, in effect, rewrite the three-way deal by its own unilateral act.