Monday, February 06, 2012

"It was undisputed at trial that the subject of the condition precedent, i.e., that funds be received from Galerie G, never occurred."

An interesting decision in the Southern District last week in a breach of contract case involving a "back-to-back transaction" for the sale of a Mondrian.  Edelman Arts sued Anne Faggionato's Art International, but the court ruled that a statement in a fax cover sheet enclosing a signed bill of sale that it was "to be held in escrow until the monies from the buyer have been received" created a condition precedent that was never fulfilled.  (Edelman's position was that that was "only a timing provision.")  Courthouse News story here.  Opinion here.