In Interpleader Actions Sample Clauses
The "In Interpleader Actions" clause defines the procedures and responsibilities of parties involved when a stakeholder initiates an interpleader action, typically to resolve competing claims over the same property or funds. This clause outlines how the stakeholder may deposit the disputed assets with the court and be discharged from further liability, while the claimants are left to litigate their respective rights. Its core function is to protect the stakeholder from multiple liabilities and streamline the resolution of conflicting claims by centralizing the dispute in a single legal proceeding.
In Interpleader Actions. If a principal broker holding the ▇▇▇▇▇▇▇ Money Deposit is required by law to file an interpleader action in court to resolve a dispute over that Deposit, Buyer and Seller authorize that principal broker to draw from that Deposit an amount necessary to advance the court costs needed to bring that interpleader action. The amount of the Deposit remaining after advancing those costs shall be interpleaded into court. Buyer and Seller further agree that whichever of them is found to be in default may be ordered to pay any reasonable attorney fees, or additional court costs, incurred by the principal broker in bringing the action, unless the court finds that there was fault on the part of the principal broker or his or her agent that would make such an award of attorney fees and costs unjust.