Local Rule LBR 7067-1: Registry Account

Rule 7067-1 Registry Account

(a) Form of Deposit. All moneys deposited in the court's Registry Account must be in the form of certified check, money order, or a manager's check made payable to the "Clerk, U.S. Bankruptcy Court". Personal and third party checks will not be accepted. Deposit of funds under this order will not be accepted unless payment is made as hereby indicated. The clerk will accept funds for deposit only after the court enters an order authorizing such deposit.

(b) Earning of Interest and Registry Fee Assessment - Interpleader Funds.

(1) All deposits of three thousand one ($3001.00) dollars or greater will be deposited into interest bearing time deposit accounts.

(2) Individual accounts will be opened for each case.

(3) The applicable registry fee computation and assessment thereof will be in accordance with 28 USC§1930(b) (19). The fee will be collected by the clerk and deposited with the U.S. Treasury periodically without further order, and will be subject to any subsequent exception(s) or adjustment(s) by the directive of the Administrative Office of the U.S. Courts.

(4) Earned interest: Upon an order for disbursement of registry funds to a party(s), the proportionate interest accrued, if any, will be for the benefit of said party(s), unless otherwise ordered. The Assessment fee will be deducted from the earned interest, prior to the payment of any interest.

(c) Non- interest bearing Account. This registry checking account will be maintained to deposit amounts up to three thousand ($3,000.00) dollars, unless otherwise ordered by the court. Upon reaching the maximum amount on deposit as hereby stated, the clerk is authorized, without further direction from the court, to sign and enter orders for the purchase of registry time deposit accounts or for deposits thereto. Hence, transferring the consigned funds into an interest bearing account as listed in (b) above.

(d) Disbursement. The clerk shall disburse funds on deposit in the registry of the court only pursuant to a court order. Funds shall be disbursed only after the time for appeal has elapsed, or upon approval by the court for disbursement forthwith.