Local Rule Rule 7067-1: Deposit, Withdrawal and Investment of Funds in the Court Registry Investment System
Bankr. E.D. Mich. — General rule
Rule 7067-1 Deposit, Withdrawal and Investment of Funds in the Court Registry Investment System
(a) Deposit Order. A proposed order for deposit of funds into the Court Registry Investment System ("CRIS") must state: (1) the amount to be deposited; (2) that the deposit is being made pursuant to 28 U.S.C. § 2041; (3) that funds on deposit in CRIS are administered by the Administrative Office of the United States Court ("AOUSC") pursuant to 28 U.S.C. § 2045; (4) that an account for the case, including case name and number, will be established in the CRIS titled in the name of the case giving rise to the investment in the fund; (5) that the director of AOUSC, as custodian for CRIS, is authorized and directed to deduct the investment service fee for the management of investments in CRIS and the registry fee for maintaining accounts deposited with the court.
(b) Order for Withdrawal of Funds. A proposed order for withdrawal of funds held in CRIS must state: (1) the names, addresses and last four digits of the social security or full employer identification numbers of the recipients of the funds; (2) the amount of any fee payable to the United States in accordance with the CRIS fee schedule; and (3) the amount of principal and interest to be paid to each recipient. The proposed order must be submitted to the clerk or to the clerk's designee for approval as to form before it is submitted to the judge. After entry, the moving party must deliver the order to the clerk.
(c) Receipt of Funds.
(1) Money must not be sent to the court or its officers for deposit in the court's registry without an order signed by the presiding judge in the case.
(2) The party making the deposit or transferring the funds to the court's registry must serve the order permitting the deposit or transfer on the clerk of the court.
(d) Investment of Registry Funds. Where, by order of the court, funds on deposit with the court are to be placed in some form of interest-bearing account, the CRIS, administered by the AOUSC under 28 U.S.C. § 2045 will be the only investment mechanism authorized.
(e) Transition from Former Investment Procedures. Parties not wishing to transfer certain existing registry deposits into the CRIS may seek leave to transfer them to the litigants or their designees on motion for approval of the judge assigned to the specific case.