Minnesota  |  Securities Law

Legal Question

Asked on: 10/22/13, 11:36 am

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.

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