Brian Willis: May 2010 Archives
Cade Enterprises, Inc. is a corporation established by the inventor of Gatorade for estate planning purposes. In 2008 the company was set to issue dividends, but two of its shareholders were in a dispute over their interest in the company. Both shareholders made demand for payment of the dividends. Rather than choose sides between the warring shareholders, Cade Enterprises filed an action in Interpleader pursuant to Rule 1.240, Fla. R. Civ. Pro., and sought to deposit the disputed dividends into the registry of the court, leaving the shareholders to fight over the funds.
Reiterating that Interpleader is an equitable remedy, the Court found that Rule 1.240 abolished the four part test to maintain an Interpleader action at common law and substituted a single requirement: whether the party seeking Interpleader "'is or may be exposed to double or multiple liability' for competing claims to a single fund." Finding that the shareholder's dispute over the dividends met the requirement, the First DCA upheld the trial court's decision allowing Cade Enterprises to proceed with its Complaint in Interpleader.
Search the Florida Rules Decisions
Search the Florida Rules of Civil Procedure
Contact the Authors
Brian Willis
Attorney Bio
Email Brian
Jason Baruch
Attorney Bio
Email Jason
Brian and Jason provide legal services to local, national and international clients with business and real estate related legal issues in the Tampa Bay area and across Florida. We always appreciate case referrals from our local and out of state readers. Please contact us at the links above.
Share & Follow
(follow us on Twitter)
(click for RSS feed)
