Interpleader Action Sample Clauses
An Interpleader Action clause allows a party holding disputed funds or property to initiate a legal proceeding to resolve competing claims over those assets. In practice, if two or more parties claim entitlement to the same money or property, the stakeholder can deposit the assets with a court and ask the court to determine the rightful owner. This clause protects the stakeholder from liability by ensuring they do not have to decide between claimants and can avoid the risk of multiple lawsuits over the same assets.
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Interpleader Action. In the event of any dispute as to the disposition of the E▇▇▇▇▇▇ Money or any other monies held in escrow, the Title Insurer will give written notice to all parties advising same that, in the absence of written instructions signed by both Purchaser and Seller received within the next ten (10) days, the Title Insurer may interplead the E▇▇▇▇▇▇ Money by filing an interpleader action in the applicable court of the county in which the Property is located (to the jurisdiction of which both parties hereby consent) or may continue to hold the E▇▇▇▇▇▇ Money and take no action until the Title Insurer receives such joint written instructions or an order of a court as to the disposition of same. If the Title Insurer receives the aforesaid written instructions, it will continue to hold the E▇▇▇▇▇▇ Money pursuant to such written instructions. If the Title Insurer does not receive the aforesaid written instructions, it may pay into the registry of the court the E▇▇▇▇▇▇ Money and any other monies held in escrow or may continue to hold the E▇▇▇▇▇▇ Money and take no action until the Title Insurer receives such joint written instructions or an order of a court as to the disposition of same, whereupon the Title Insurer will be relieved and released from any further liability as escrow agent hereunder. The Title Insurer will not be liable for the Title Insurer’s compliance with any legal process, subpoena, writs, orders, judgments and decree of any court, whether issued with or without jurisdiction, and whether or not subsequently vacated, modified, set aside or reversed.
Interpleader Action. In the event of disagreement about the interpretation of this Escrow Agreement, or about the rights and obligations of the propriety of any action contemplated by the Escrow Agent hereunder or upon the resignation of Escrow Agent and the failure of the Corporation to timely engage a successor, Escrow Agent may, at its sole discretion, file an action in interpleader. The Corporation shall indemnify the Escrow Agent, jointly and severally, for all costs, including reasonable attorneys' fees, in connection with the aforesaid interpleader action.
Interpleader Action. In the event of a dispute under this Addendum, Escrow Agent shall have the right to file an interpleader action in accordance with applicable law, and to deposit the Holdback Amount into the registry of the court. Escrow Agent shall be indemnified and held harmless for its legal fees and costs of such action.
Interpleader Action. In the event of any disagreement between Sellers and Purchaser about the interpretation of this Agreement, or about the rights and obligations or the propriety of any action contemplated by the Escrow Agent hereunder or upon the resignation of the Escrow Agent and the failure of the parties hereto to timely engage a successor, the Escrow Agent may, at its sole discretion, file an action or bill in interpleader in the U.S. Bankruptcy Court to determine the rig▇▇▇ of the parties hereto and deposit the balance of the Escrow Account with such court. The Escrow Agent shall be indemnified by the parties hereto, jointly and severally, for all costs, including reasonable attorney's fees, in connection with the aforesaid interpleader action.
Interpleader Action. In the event of any dispute between the Parties as to the facts of default or execution, the validity or meaning of this Escrow Agreement or any other fact or matter relating to the transaction between the Parties, the Escrow Agent is instructed as follows:
(a) That it shall be under no obligation to act, except under process or order of court, or until it has been adequately indemnified to its full satisfaction, and shall sustain no liability for its failure to act pending such process or court or indemnification; and
(b) That it may in its sole and absolute discretion deposit the Certificates of Title and corresponding Powers of Attorney described herein, or so much thereof as remains in its hands, with the then Clerk, or acting Clerk, of the District Court of the County of Larimer, State of Colorado, and interplead the Principals, and upon depositing such property and filing its complaint in interpleader it shall be relieved of all liability under the terms hereof as to the property so deposited and shall be entitled to recover in such interpleader action, from the Principals, its reasonable attorney fees and related costs and expenses incurred in commencing such action and furthermore, the Principals for themselves, their heirs, legal representatives, successors and assigns do hereby submit themselves to the jurisdiction of said court and do hereby appoint the then Clerk, or acting Clerk, of said court as their Agent for the Service of all process in connection with such proceedings. The institution of any such interpleader action shall not impair the rights of Escrow Agent under paragraph numbered 6, 10, 11, 13, and 14, above.
Interpleader Action. The term "Interpleader Action" means that certain Complaint in Interpleader Pursuant to 28 U.S.C. ss. 1335, styled Teppco Crude Oil, L.P. v. American Natural Energy Corporation, et al., Civil Action No. 06-0809, filed in the United States District Court for the Eastern District of Louisiana.
Interpleader Action. In the event of a dispute between Buyers and Sellers over the release of the Defeasance Deposit, the Escrow Agent, in its sole discretion, may (i) deposit the Defeasance Deposit with the registry of the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida, and commence an interpleader action to determine the rights to the Defeasance Deposit, with the non-prevailing party (as between Buyers and Sellers) responsible for the costs of the interpleader action and all related proceedings, including Escrow Agent's legal fees and costs associated therewith, or (ii) retain the Defeasance Deposit until such time as direction is provided in writing and signed by both parties or by a court of competent jurisdiction.