LWL Investment Group v. Universal Bank CA2/3
Defendant and appellant Universal Bank (Universal) appeals a judgment after court trial in an action brought by LWL Investment Group, LLC (LWL). LWL cross-appeals from a postjudgment order taxing costs.
LWL deposited $2 million into escrow after it entered into an agreement with Universal to purchase certain property. Universal subsequently sold the property to another buyer, and then refused for 39 months to release LWL’s $2 million escrow deposit. Shortly before LWL’s motion for summary adjudication was to be heard, Universal stipulated to release the funds. The essential issue presented on appeal is whether the trial court erred in awarding prejudgment interest (Civ. Code, § 3289) to LWL for the 39-month period that the funds were withheld. We perceive no error and affirm the judgment.
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