CWM wins in Virginia Supreme Court in constructive trust case

CWM attorneys Ryan Snow and Amy McClure succeeded in the Virginia Supreme Court in a business case arising out of a roof repair project.  The case involved funds paid to an agent that were seized by the agent’s secured creditor before delivery to a contractor and architect.  CWM represented the plaintiff who paid the funds and sued to recoup them under trust principles.  The trial court granted judgment for plaintiff.  On appeal, the Virginia Supreme Court affirmed in all respects, for the first time recognizing by name the “lowest intermediate balance rule” for tracing funds in a commingled account.  Mr. Snow argued the appeal and Ms. McClure assisted on briefs.  The case is reported at St. Joe Co. v. Norfolk Redevelopment & Housing Auth., 283 Va. 403, 722 S.E.2d 622 (2012).