Breach of contract by bank

[nikkijoann]

Upon the sale of our business we had to leave 80,000 in a CD as security in a financial institution that loaned another party the money for them to purchase our business. According to our contract with the bank, if the new owner of the business defaulted in any way and sent both parties notice of this default the bank would be able to keep the 80,000 CD. This contract was for a 3 year period. The 3 years have passed with the buying party having no defaults whatsoever and the bank is refusing to release the CD to us. It has been 20 days since the bank was to release the CD and they still haven't

We have been looking forward to buying a second property. We wanted to use that 80,000 for a downpayment. We found a property that we wanted to obtain but were not able to because the bank didn't give us our money and another party bought the property that we were ready to buy.

We are wondering if we should contact a lawyer and possibly ask for compensatory damages for the property that we couldn't get because of they bank not giving us our money on time.

We live in Wisconsin.

If anyone could give us any legal input on this we would really appreciate it promptly!

Thanks!

 

[drago]

What are your damages?

You're probably having trouble answering that question.You would be even harder pressed to prove them.

You won't win based on something that "might" happen in the future.

 

[nikkijoann]

The property that we were seriously looking at was going for a bargin price of $210,000. The property and cabin was appraised at much more but the selling party just wanted to have it sold ASAP. Since the bank did not give us our $80,000 that we were going to use as a downpayment (and we're not sure when they will actually release it to us) another party bought the property. Our "damages" are that we were unable to get the property that we desired because of this bank.

Now we are looking at a similar property but it is going for about $40,000 more, which we really don't want to spend that much.

The bank will clearly have to give us the 80,000 back and according to the contract, had to do so by now. They are still giving us the "runaround" about how the business in question is doing financially. But again, according to the contract we (both us and the people who bought the business) have done everything that we had to do to have this money released.

What do you think we should do about this matter?

 

[JETX]

"It has been 20 days since the bank was to release the CD and they still haven't"
*** And EXACTLY what did they say the reason was when you contacted them in WRITING about releasing the collateral (CD)???

 

[drago]

nikkijoann

When we say damages here we mean an actual cash amount
than you can prove you lost. I understand your story but there
is only speculation there not actual damages.

If you will allow JETX to lead you and answer his questions you will be better served.