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Interpleader
By Contributor on November 13, 2018
An interpleader is a legal proceeding initiated by a third party holding money without claims to it, like an escrow company, to determine the rights of claimants and which party to receive the money.
An event like this usually occurs when an escrow service provider cannot be certain as to which side of a transaction should the funds be rightfully disbursed to.
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It is sometimes caused by disputes that arise late into the transaction or when the agreements and milestones are not as clear as they should be.
The escrow company initiating the interpleaser will name all parties as defendants and them slug it out in court.
It will however demand for the cost and expenses that it has incurred to be reimbursed.
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