What is the Interpleader Statute?

The Interpleader Statute is a Florida Statute that allows a business or entity who is holding money or property that the business has no connection to, to step in to resolve any disputes that may arise between two or more parties over the money or property. The statute gives the business or entity the legal ability to have those parties resolve their disputes without the business or entity getting involved or taking sides. The Interpleader Statute in Florida requires the business or entity to deposit the disputed money or other property into the court’s registry. Once the property is deposited with the court, the court will then notify the involved parties of the interpleader action. The parties must then agree as to who should receive the money or property, or they must submit their claims to the court for resolution. The court will then review the claims and determine who is entitled to the money or property. The court may decide to hold the money or property until the parties finalize a settlement, or if the parties are unable to agree, the court may decide who will receive the money or property. When one of the parties is determined to be the rightful owner of the money or property, the court will then order the business or entity to deliver it to the rightful owner. The Interpleader Statute in Florida provides businesses and entities with a legal way to resolve disputes without getting involved or taking sides. It ensures that all parties involved are treated fairly and that the rightful owner of the money or property is also determined fairly and without prejudice.

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What is the Interpleader Statute?

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