A pre-recorded streaming VIDEO replay of one session from the May 2023 live seminar, 41st Annual Real Estate Practice.
Cosponsored with the Real Property Section of the Virginia State Bar
Holding onto other people's money is like playing hot potato: if you don't pass it along quickly enough, you could end up burning yourself. An interpleader is one tool that attorneys, real estate professionals, and fiduciaries can use to prevent that from happening. This session covers interpleader actions, including procedural aspects of Va. Code § 8.01-364, situations they can be used, and rights of claimants to disputed funds. It also covers Rule 1.15 of the Rules of Professional Conduct (safekeeping property), real estate professionals' statutory and fiduciary obligations regarding funds in their custody, and the consequences of mishandling money that doesn't belong to you.