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KIRBY v. PALOS VERDES ESCROW CO.

Docket No. A027529.

183 Cal.App.3d 57 (1986)

227 Cal. Rptr. 785

JOHN KIRBY et al., Plaintiffs and Respondents, v. PALOS VERDES ESCROW COMPANY, INC., Defendant and Appellant.

Court of Appeals of California, First District, Division Five.

July 1, 1986.

Attorney(s) appearing for the Case

COUNSEL

Franklin K. Lane III for Defendant and Appellant.

Vincent J. DeMartini, Schaefer & Walker and Jeffrey E. Ehlenbach for Plaintiffs and Respondents.

OPINION

LOW, P.J.

Under the California Uniform Commercial Code, a payor of an assigned note is not liable for making payment to the assignor rather than to the assignee if he has not received actual notice of the assignment. (1a) However, where an escrow holder acts as the agent of the payor, the escrow holder breaches a fiduciary duty if after receiving notice of an assignment of the right to escrow funds, it distributes...

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