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Purchaser wrongfully refused to close and lost its deposit.
In an appeal arising from a failed court-approved receiver sale of commercial property, the appellant receiver challenged an order requiring the return of the purchaser's deposit.
The court held that the alleged deficiencies in the closing documentation did not go to the root of title and did not impair the receiver's ability to convey good title on closing.
Because the purchaser was not justified in refusing to close, it was not entitled to recover its deposit.
The appeal was allowed, the motion below was dismissed, and the deposit paid into court was ordered released to the receiver with accrued interest.