Legal Question in Business Law in New Jersey

escrow

A law firm sent me a letter and confirmed "our client has agreed to resolve this matter for a lump sum payment of $5,720.00. Upon receipt of your check we will hold in escrow until the original release signed by our client and filed stipulation of dismissal is returned to you."

My questions are:

1.Does this sound right? Their escrow is them, and it is their word and reputation they will send in the releases, meanwhile they have deposited my check and I have no leverage..

2. Can their client change their mind and continue the lawsuit after I send my check?

3. Should I do what they ask me to do or let my bank's Manager hold a certified or cashiers check until the releases are provided to me.


Asked on 10/31/99, 8:45 am

1 Answer from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

Re: escrow

You are apparently representing yourself; however, this is commonly the way lawyers settle matters. If the attorney did not do as he/she said, their license would be at risk, although you are theoretically correct that the attorney could do as you suggest. If you are still concerned or to get a more specific answer, you need to immediately contact a NJ lawyer who is experienced in this area. If you want me to assist you, feel free to call me at 856-546-8010; mention Law Guru and your first consultation will be free. Good Luck!

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Answered on 11/02/99, 9:20 am


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