Practice point: An escrow agent not only has a contractual duty to follow the escrow agreement, but additionally becomes a trustee of anyone with a beneficial interest in the trust.Student note: Therefore, an escrow agent can be held liable for both breach of the escrow agreement and breach of fiduciary duty as escrowee.Case: Baquerizo v. [read post]

“An attorney holding funds in escrow owes a fiduciary duty to anyone with a beneficial interest in the trust” (Baquerizo v Monasterio, 90 AD3d 587, 587 [internal quotation marks omitted]; see Levit v Allstate Ins. [read post]