Bancorp International Group Inc (fka BCIT)

[AlanC]

Years ago my real estate company handled the sale of a property in which the buyer wanted out of the purchase contract. My firm held a $5,000.00 deposit and I received letters from Attorneys representing both the buyer and the seller demanding I give them the deposit. I consulted my Attorney for advice and was told to let the Attorneys work out a settlement and in the meantime just keep the deposit in my escrow account. 6 years later the case finally went to trial and the buyer won the case. I was happy to pay the $5,000.00 until told that I also had to pay interest on that deposit at the rate of 12% and it cost me almost $5,000.00 in interest. That happened many years ago and now if we have a dispute like that we turn the deposit over to the court and that relieves us from having to pay interest. Go BCIT!!!