Article Date: 08/14/2015


Contractor Payments to Sub Seized By Bank


When a prime contractor made payments to a subcontractor through deposits into a general deposit bank account, the prime had no recourse against the bank when the bank seized the account as security against a business loan to the sub. Even if the account included funds owed to lower-tier subcontractors and suppliers on the prime contractor’s projects, the prime had no contract with the bank, was not a fiduciary of the lower-tier parties, and had not obtained an assignment of their rights against the bank.

 

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