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.
POPULAR SAMPLE Copied 2 times
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.
View SourceView Similar (3)
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.
View Source
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.
View SourceView Similar (2)
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.
View SourceView Similar (2)
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.
View Source
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.
View Source
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.
View Source

Related to Interpleader Action

  • Interpleader Should any controversy arise among the parties hereto with respect to this Agreement or with respect to the right to receive the Escrow Amount, the Escrow Agent shall have the right to consult counsel and/or to institute an appropriate interpleader action to determine the rights of the parties. The Escrow Agent is also hereby authorized to institute an appropriate interpleader action upon receipt of a written letter of direction executed by the parties so directing Escrow Agent. If the Escrow Agent is directed to institute an appropriate interpleader action, it shall institute such action not prior to thirty (30) days after receipt of such letter of direction and not later than sixty (60) days after such date. Any interpleader action instituted in accordance with this Section 6 shall be filed in any court of competent jurisdiction in New York, New York, and the Escrow Amount in dispute shall be deposited with the court and in such event Escrow Agent shall be relieved of and discharged from any and all obligations and liabilities under and pursuant to this Agreement with respect to the Escrow Amount.

  • Other Action If the Corporation, after the date hereof, shall take any action affecting the Common Shares other than action described in Section 4.1, which in the reasonable opinion of the directors of the Corporation would materially affect the rights of Registered Warrantholders, the Exercise Price and/or Exchange Rate, the number of Common Shares which may be acquired upon exercise of the Warrants shall be adjusted in such manner and at such time, by action of the directors, acting reasonably and in good faith, in their sole discretion as they may determine to be equitable to the Registered Warrantholders in the circumstances, provided that no such adjustment will be made unless any requisite prior approval of any stock exchange on which the Common Shares are listed for trading has been obtained.

  • Litigation There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

  • COURT ACTION If a judgment of dissolution of marriage is obtained by either ▇▇▇▇▇▇, the original of this Agreement shall be attached to the judgment. The court shall be requested to do the following: a.) Approve the entire Agreement as fair and equitable; b.) Order the Couple to comply with all of its executory provisions; c.) Merge the provisions relating to child custody and visitation, Child Support, Spousal Support, future acts with respect to property division, attorney fees and costs, and income tax, and only those provisions, into the judgment; and d.) Incorporate the remainder of the Agreement in the judgment for the sole purpose of identification.

  • Further Action The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.