Local Rule RULE 7067-1: REGISTRY FUND
Bankr. E.D. Ky. — General rule
RULE 7067-1. REGISTRY FUND
(a) A party may file a motion and tender an order requesting that the Clerk act as custodian for funds pending resolution of litigation or determination of ownership as provided under 28 U.S.C. §2041 and §2045. Unless ordered otherwise, the Clerk will invest funds deposited in an interest-bearing account or instrument through the Court Registry Investment System.
(b) As custodian for registry deposits, the Clerk has the authority without further orders of the Court to periodically assess and deduct a registry fund management fee as provided by Judicial Conference policy from any income earned on the investment.
(c) A Court order is required before the Clerk may distribute the principal and the accrued interest which exceeds any amount due for the registry fund management fee. Parties may be required to provide the Clerk with taxpayer identification information before disbursements of funds will be made.
(d) Parties who request deposit of funds in non-interest bearing accounts or who desire the funds to be maintained in a local depository pending determination of ownership should consult with the Clerk regarding additional provisions to include in a registry fund deposit order before presenting any funds to the Clerk.