October 27, 2017 | Response By John M. Jorgensen
After the broker holding a deposit has notified FREC of the conflict, he or she has four remedies. An interpleader action is one of those remedies. An interpleader action is a lawsuit that is filed in county or circuit court in the jurisdiction where the escrowed funds are located. The broker is the Plaintiff in the suit and names both the buyer and seller as Defendants. The interpleader states the facts of the case and requests that the court permit the broker to deposit the escrowed funds into the registry of the court.