An Ohio broker receives earnest money for a transaction that subsequently falls through. Both the buyer and seller claim the deposit. The broker is uncertain who is entitled to the funds. Under Ohio law, the broker should:
Correct Answer
B) Maintain the funds in the trust account and may interplead the funds with the court for resolution
When there is a dispute over earnest money and the broker cannot determine who is entitled to the funds, Ohio law allows the broker to maintain the funds in the trust account until the dispute is resolved. The broker may file an interpleader action in court, which deposits the funds with the court and allows the judge to determine proper distribution.
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