Blackletter Rule: When an escrow agent absconds the money he is holding in his
capacity as depositary, the loss must fall upon the person as whose agent he is holding the
money at the time.
Seller argues that the money involved in the case was received by the escrow agent as an
agent for D, and the escrow agent never ceased to hold it for them, and that,
consequently, under the holding of Lieb and Angell cases, D must bear the loss.
Buyer argues that they signed away all rights to the money, thereby releasing all
possession or intent to take back the money to the escrow agent, meaning at that point,
the escrow agent was working as an agent for the Seller, with the money belonging to
him