I am a priority lien holder with a perfected security interest in some excavating equipment. I recently sold the property to another entity ...

Question

I am a priority lien holder with a perfected security interest in some excavating equipment. I recently sold the property to another entity and that entity's bank is refusing to disburse the escrow funds to me claiming that they require a lien release from the IRS. Can they withhold this money even thought the IRS is a junior lien holder and my interest is worth more than the funds in escrow? Some statutory reference would be helpful to convince the bank's escrow agent to release the funds.

Answer

Hello. Your attorney will be happy to provide you with a legal opinion and otherwise assist.

Tricia Dwyer Esq

Ph: 612-296-9666

Tricia Dwyer Esq & Assoc PLLC