Legal Question in Real Estate Law in California
Mechanics lien
Funds generated by the sale of my house was place in a trust account., to be held for the prevailing party in the law suit do i received the interest off my money .
2 Answers from Attorneys
Re: Mechanics lien
To get interest, the agreement must be in writing between the parties in the lawsuit that interest is paid on these funds and the rate or the institution where the funds are to be held. Please contact me if you have any other questions.
Re: Mechanics lien
It depends on whether the funds were placed in an attorney-client trust account or some other type of trust account specifically set-up for the purpose of holding the money. If it was simply deposited into an attorney's attorney-client trust account, the answer is no. All interest earned on such accounts are paid to the State Bar of California for use in funding legal services for indigents. If the money was placed into some other type of interest-bearing account, you may be entitled to interest.
If you were involved in a lawsuit and had an attorney represent you, you should speak with that attorney since he has infinetly more knowledge about your situation that any attorney on this board.