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interpleader |
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interpleader A legal proceeding in which one holding money and making no claim to it, but unsure as to which of several claimants should receive the money,pays the money into court.This is the normal route taken by an escrow agent or someone else holding earnest money when the buyer and seller both demand the earnest money.The escrow company will name both the buyer and seller as defendants; ask that it be reimbursed out of the money for its costs, usually a small attorney's fee and a court filing fee; and that it be allowed to exit from the fight. The buyer and seller then battle over the funds.How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Unicare filed an interpleader in district court to determine whether benefits under a life insurance policy governed by ERISA should be awarded to a decedent's widower or to the decedent's three daughters. The court began sending out notifications of money owed after a bribery case involving an Encino attorney raised questions about the fund, officially known as the Condemnation and Interpleader Fund. Unless extended, the cutoff date for interpleader claims would be February 16th. |
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