What is the minimum amount in controversy required for federal statutory interpleader jurisdiction?

Federal statutory interpleader jurisdiction under the Interpleader Act requires the amount in controversy to be $500 or more. This threshold means that when a party seeks to initiate interpleader, which allows a stakeholder to resolve conflicting claims over a single stake or obligation, the total value of that stake must meet or exceed this specified amount. This requirement ensures meaningful stakes are involved in the disputes addressed through interpleader, facilitating federal jurisdiction over cases where stakeholders face multiple claims that create a risk of double liability.

Understanding this amount helps in properly assessing when federal courts can exercise their jurisdiction in cases involving diverse claimants, which is fundamental to the interpleader mechanism designed to resolve competing claims efficiently.