Theft by conversion occurs when a person converts the lawfully obtained personal property or funds of another into funds for that person's own use without permission. Conversion is a form of embezzlement that can result in legal action against the broker for misconduct. ...
What is an example of conversion of funds?
Accordingly, the law of conversion as applicable to money requires a legal obligation to return specific money entrusted to another. For example, if I ask you to hold $500 in cash with the expectation that this money will be returned to me when I ask for it and it is not, a claim for conversion of money arises.May 2, 2016
What does the term conversion mean real estate?
Conversion is often defined as other interference of a person's right to property without the owner's consent and without lawful justification. ... A conversion occurs when a person without authority or permission intentionally takes the personal property of another or deprives another of possession of personal property.
What's the difference between commingling and conversion?
As nouns the difference between conversion and commingling is that conversion is conversion while commingling is a mixing or mixture.
Is conversion of escrow funds legal?
The Court of Appeals held that a title company is liable for conversion for improperly disbursing funds it held in an escrow account, even if the account held funds of other clients.Sep 27, 2017