Mar 07 , 2016

Tampa School of Real Estate

Interpleader

Definition:   A legal proceeding whereby an uninterested third party deposits with the court the disputed escrow funds  so that the court can determine who is the rightful claimant.

Pronunciation:  \in-ˈtər-ˈplē-dər\

Used in a Sentence:    The broker acted as the interpleader when the buyer and seller could not agree on the disbursement of the escrow funds.

I