Interpleader Attorney Alexandria VA
Interpleader is a powerful tool for individuals or companies to use to determine the rightful owner of money or property. For example, if you share a joint bank account with someone and can’t agree on how to divide the money in the account, the bank can sue you both on an interpleader claim to determine who gets what. This releases the bank from all liability later if someone doesn’t like the amount they receive and allows the court to decide what is fair. If want to file an interpleader or have received an interpleader complaint in Virginia please find a Civil Law Attorney who can help you if you live near Fairfax, Loudoun, and Arlington and Prince William counties.
Uses of Interpleader
The most common use of interpleader is exactly that, dividing financial assets in a bank account. However, it can be used for much more. Dividing a security deposit amongst multiple renters, deciding who owns a lost engagement ring when multiple people claim to have lost it, or deciding which creditor gets an asset when there are multiple equally competing liens. The uses are endless.
Procedure of Interpleader
An interpleader case begins the same way as any other case, a complaint is filed only it is called a “Complaint in Interpleader.” It alleges the facts and circumstances leading up to the dispute and generally stays neutral as to who the owner of the property is. Often, a complaint in interpleader is accompanied by two motions either at the same time or shortly thereafter. The first motion is a motion to deposit the property into the possession of the court. This is so the property is out of the hands of the person who wants nothing to do with it. The second motion is a motion to withdraw from the case. Once the property is within the control of the court, the person who filed the case has no interest in the case. The court dismisses them because there is no point in them being part of the case any longer. Then, to two parties with competing interests file answers and fight it out.
Best Practice for Interpleader
As a general matter, the court is not concerned with emotional or moral arguments over the property. The court is only concerned with who has the legal right to the property. For instance, if I withdraw all or some of the money in a joint bank account, the law says that it is my money because we both own all the money, equally. It doesn’t matter who deposited what. The other party may assert that this is not fair but that argument won’t likely persuade a judge to give you your money back.
Are you dealing with an interpleader claim? The Mughal Law Firm in Alexandria, Va has top attorneys to help you. Contact us today for a consultation.