Local Rule 7067-1: Registry Funds

7067-1 Registry Funds

(a) Court Registry Investment System. By administrative order, the court has authorized that all funds deposited with the court registry shall be maintained in an interest-bearing account in the Court Registry Investment System ("CRIS"), which is administered by the Administrative Office of the United States Courts.

(b) Fee. Registry account funds shall be assessed fees from interest earnings in the amount set forth in the Bankruptcy Court Miscellaneous Fee Schedule and in the manner described in this court's Order Regarding Deposit and Investment of Registry Funds.

(c) Receipt and Withdrawal of Funds. No money shall be sent to the court for deposit in the court's registry or withdrawn from the court's registry without a court order signed by the judge in the case or proceeding. The party making the deposit or transferring funds to the court's registry shall serve the order on the bankruptcy clerk. Unless provided for elsewhere in such order, all monies ordered to be paid to the court or received by its officers in any case pending or adjudicated shall be deposited with the Treasurer of the United States in the name and to the credit of this court pursuant to 28 U.S.C. § 2041 through depositories designated by the Treasury to accept such deposit on its behalf.

(d) Motions and Orders for Deposit of Funds. Motions and orders to deposit funds into the court registry shall be served by the movant on the Bankruptcy Clerk, Room 200, Second Floor, Customs House, 701 Broadway, Nashville, Tennessee 37203 and shall contain the following:

(1) the actual amount of funds to be deposited. If the funds have been on deposit in a state court action removed to this court, the amount should state, "plus accrued interest;"

(2) state the full name of the investor or interpleader/movant;

(3) identify if the funds being deposited are interpleader funds pursuant to 28 U.S.C. § 1335;

(4) motions to deposit interpleader funds pursuant to 28 U.S.C. § 1335 filed in CM/ECF must use the CM/ECF motion event titled, "Motion for Interpleader Deposit (28 U.S.C. § 1335)" and

(5) motions to deposit interpleader funds should be accompanied with a proposed order referencing 28 U.S.C. § 1335 as a separate CM/ECF attachment to the motion.

(e) Motions and Orders for Withdrawal of Funds. All motions and orders for withdrawal of registry funds or interpleader disbursements pursuant to 28 U.S.C. § 1335 shall be served by the movant on the bankruptcy clerk or chief deputy clerk in Room 200, Second Floor, Customs House, 701 Broadway, Nashville, Tennessee 37203 and shall contain the following:

(1) the amount on deposit at the time of the motion;

(2) the full name and address of each party receiving disbursement;

(3) the amount of payment (or amount to be withdrawn) to each party receiving disbursement;

(4) non-interpleader 28 U.S.C. § 1335 requests to release funds from the court registry filed in CM/ECF must be filed using the CM/ECF motion event titled, "Release Funds from Court Registry – BK Motion;"

(5) motions to withdraw interpleader funds pursuant to 28 U.S.C. § 1335 must use the CM/ECF motion event titled, "Motion for Authorization of Interpleader Disbursement (28 U.S.C. Section 1335)" and

(6) orders submitted for entry requesting withdrawal of 28 U.S.C. § 1335 interpleader funds must contain in the title of the order, "Order Authorizing Interpleader Disbursement (28 U.S.C. § 1335)."

(f) The clerk will withhold disbursement(s) until the clerk is provided taxpayer identification information. Movants and parties should consult the court's website at www.tnmb.uscourts.gov for administrative orders, further information, forms, and instructions on processing deposits, withdrawals, and disbursement of registry funds.

(g) Inapplicability to Unclaimed Funds. This rule applies only to court registry interpleader funds under FED. R. CIV. P. 67 as made applicable by Fed. R. Bankr. P. 7067 and has no applicability to unclaimed funds paid to the court pursuant to 11 U.S.C. § 347(a).