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.
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References in periodicals archive ?
An interpleader action is initiated when a plaintiff that holds property on behalf of another does not know to whom the property should be transferred.
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Consequently, with the amendment of Missouri's statute, insurers may now utilize the interpleader procedure to limit the uncertainty of how to best protect the insured's interests, while simultaneously limiting future exposure to bad faith liability.
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"Note that the subject of this interpleader case (the proceeds of the auction sale of the disputed paintings) is in the custody of the District Attorney of New York, and not in the Philippines, and so execution of the judgment will be in the US," Guevarra said.
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For some, if the stakes are high enough, the safest approach will be to bring an interpleader action and ask a court to identify the proper beneficiary.
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interpleader is to avoid multiple lawsuits and to protect disinterested
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The complaint, filed at the request of the trustee, is known technically as an interpleader complaint, according to Laura Wakeley, a spokeswoman for Fulton.
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limiting venue statute, as with interpleader, the transfer statute is
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Following the criminal trial, the Laborers Pension Fund (the Fund) brought an interpleader action to determine the proper beneficiary of Zeljkos pension benefits.
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It does not address topics like service of process, interpleader, historical materials on common law pleading, discovery mechanisms, default judgments, voluntary and involuntary dismissal, execution of judgments, and trial.
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In response to the insurer's interpleader action, the plaintiff filed a counterclaim for bad faith, asserting that the insurer was attempting to coerce him into accepting less than the full amount to which he was entitled under his policy.
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Stat.; identifies and contacts owners of excess tax deed sale proceeds for the purpose of offering to recover the excess proceeds on their behalf from the Clerk of Court; offers the owners of excess proceeds a contingency arrangement using a purported assignment modified by an agreement to share the excess proceeds upon recovery, with the owner retaining a 60 percent interest in the excess proceeds; requests from the Clerk of Court the surplus funds based on the purported assignment; and files pleadings in interpleader actions to recover the surplus funds.
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interpleader proceeding to determine which among several competing
CHOICE OF LAW AND JURISDICTIONAL POLICY IN THE FEDERAL COURTS

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