WESTAMERICA BANK v. CITY OF BERKELEY

No. A124238.

201 Cal.App.4th 598 (2011)

133 Cal. Rptr. 3d 883

WESTAMERICA BANK, Plaintiff and Appellant, v. CITY OF BERKELEY, Defendant and Respondent.

Court of Appeals of California, First District, Division Four.

December 5, 2011.


Attorney(s) appearing for the Case

Freitas, McCarthy, MacMahon & Keating and Richard P. Murray for Plaintiff and Appellant.

Wulfsberg Reese Colvig & Firstman, Eric J. Firstman , Michael J. Higgins , Deirdre Joan Cox ; and Michael K. Woo , City Attorney, for Defendant and Respondent.


OPINION

RIVERA, J.

The City of Berkeley (the City) and Arntz Builders entered into a construction contract. Under the contract, the City was entitled to retain a percentage of the moneys earned by Arntz to ensure satisfactory completion of the work (the retention funds). As permitted by law, Arntz placed securities into escrow as a substitute for the retention funds. The terms of the escrow agreement are dictated by statute; they provide...

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