Wednesday, July 15, 2009

Deposit funds with circuit court of cook county?


Answers:
That's pretty common when there is an insurance claim. The insurance company posts the fund for claimants to fight themselves over. That way the insurance company doesn't have to pay anything in litigation fees. After all, they don't care who gets the $$$.
I can think of 2 instances. The first answer mentioned insurance proceeds--it's a bit broader than that. That action is called an "interpleader." It happens when a 3rd party holds money that 2 or more persons are fighting over. The person holding the funds knows it should be given to someone and they do not have the ability to determine who should receive it, so they deposit it in the registry of the court for distribution.
The 2nd occasion is when a government condemns property through the power of eminent domain. When that happens the government must deposit the value of the property with the court when the condemnation action is filed.

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