How does an interpleader work?

In an interpleader action, a party who knows two or more other parties are making a claim on some asset controlled by the party can ask the court to decide who has what rights to the asset, deposit the asset into the custody of the court or a third party and remove itself from the litigation.

What does interpleader mean in legal terms?

A way for a holder of property to initiate a suit between two or more claimants to the property.

How long does an interpleader take?

Ordinarily, it should take two or three months for the broker’s portion of the interpleader action to be completed.

What does interpleader mean in real estate?

An interpleader action aims to determine the party who is entitled to receive money or property when a neutral third party is holding funds or property and is confronted with two or more claimants to the same money or property.

What is an interpleader UK?

Interpleader actions are brought under Order 17 of the Supreme Court Rules and give the court the power to make orders where two or more persons are making adverse claims against property or money held by another.

Who can file interpleader suit?

According to Order 35, Rule 5 of the Code of Civil Procedure, which prohibits the tenant to file a suit against his landlord for the purpose of compelling him to interplead with any person other than making claim through such landlord.

Who can bring an interpleader?

20, 1936, drafted by Zechariah Chafee which codified it in as United States Judicial Code §41(26), and established the modern statutory interpleader allowing suit to be brought by any person, firm, corporation, association or society having custody of money or property or insurance policy or instrument valued at $500 …

What is an interpleader order?

In other words, the interpleader motion permits a party to seek an order from the court allowing that party to deposit, with the Accountant of the Superior Court of Justice, the property against which the adverse claims are being made. …

What is a Interpleader application?

Interpleader is a kind of procedure whereby a person in possession of property not being his own, and being claimed from such person (possession) by two or more other persons (so called claimants), by which the matter can be brought to court for adjudication over ostensibly valid and enforceable competing claims over …

What is insurance Interpleader?

Interpleader is a legal proceeding involving a stakeholder, usually a life insurance company or a trustee, who is holding funds but is uncertain as to who is the rightful payee.

What is a complaint for interpleader?

What is a Complaint in Interpleader? Interpleader is a procedure whereby a person holding money or personal property to which conflicting claims are being made by others, can join the adverse claimants and force them to litigate their claims among themselves.

Who is interpleader in CPC?

Interpleader suit in C.P.C is defined in section 88 with order no XXXV. An interpleader suit means if any person claims any property of her husband or her parents and in case the owner of the property is dead without transferring the property, then the second owner has to claim the property from the bank or authority.