A court action (also known as litigation) involves the filing of a law suit (also known as a complaint) in a civil court in which a plaintiff who claims to have incurred loss as a result of a defendant’s action demands a remedy
Court action is one of the procedures authorized to settle an escrow dispute
2 types of court action are available to resolve escrow disputes:
- If the broker has no claim on the deposit under dispute, a Bill of Interpleader would be filed with the court.
- If the broker believed he was entitled to some or all of the deposit under dispute, a Declaratory Decree would be requested