Pullman, Comley, Bradley and Reeves v. Tuck-It-Away, Bridgeport, Inc.
Appellate Court of Connecticut
611 A.2d 435 (1992)
Vestpro Corporation (Vestpro) (defendant) contracted to purchase real property from Tuck-it-away, Bridgeport, Inc. (Tuck) (defendant). The contract gave Vestpro the right to cancel if Tuck could not convey title. Vestpro placed $100,000 in escrow with Pullman, Comley, Bradley and Reeves (plaintiff), the attorneys for Tuck. Before the December 10 closing, Tuck was told that Vestpro did not have funds for the purchase. The contract provided that at closing, “on payment of the purchase price…the seller shall deliver and the buyer shall accept, a full covenant Warranty deed.” On December 9, Vestpro’s attorney found a mistake in the property description. Vestpro did not attend the closing and sent Tuck a letter on December 12 explaining that it intended to cancel the contract based on a prior lis pendens, an attachment, and the mistaken property description. Tuck did not appear at closing either. Pullman instituted an interpleader to have the court determine who was entitled to the $100,000. The trial court awarded the full amount to Tuck as liquidated damages for Vestpro’s failure to appear at closing. Vestpro appealed to the Appellate Court of Connecticut.
Rule of Law
Holding and Reasoning (Freedman, J.)
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