Who Pays When “It” Hits the Fan?

Some things never change, it seems. Here we have a story from 1925 where a broker ran off with the 50% deposit that the buyer had entrusted him to give to the seller.  Yes, that thieving broker was the buyer’s broker, so you’d think the buyer had lost his deposit. Not so fast. The buyer made the case, in court of course, that the broker was also the seller’s broker, and so the seller was responsible for the lost deposit. Find out how it turned out…