Local Rule B-7067-1: Deposits

B-7067-1 Deposits

(a) Deposit into Registry Account and Other Interest-Bearing Accounts. All funds deposited into the court pursuant to Rule 67 of the Federal Rules of Civil Procedure and 28 U.S.C. § 2041 shall be deposited into an interest-bearing Registry Account maintained by the clerk. The Order of Deposit should direct the clerk, without further order of the court, to deduct from the income earned on the investment a fee not exceeding the fee authorized from time to time by the Judicial Conference of the United States, as soon as such fee becomes available for deduction from the investment income.

(b) Orders Directing Investments of Funds by Clerk of Court. A party may petition the court for an Order of Investment which directs the clerk to hold the funds in a form of interest-bearing account other than the Registry Account. Whenever a party seeks a court order for money to be invested by the clerk into an interest-bearing account, the party shall personally deliver a proposed order to the clerk, who will inspect the order for proper form, content, and compliance with this rule. The clerk shall immediately forward the proposed order to the judge for whom the order was prepared.

Any order which, pursuant to 28 U.S.C. § 2041, directs the clerk to invest funds in an interest-bearing account or instrument shall include the following:

(1) The amount to be invested;

(2) The name of the financial institution in which the money will be invested;

(3) The type of instrument or account;

(4) The term of the investment; and

(5) If the deposit and/or interest received during the time of investment will exceed the FDIC Insurance amount, then the petitioning party shall obtain a collateral pledge by the financial institution for the remainder of the investment. The collateral pledge shall be approved by the judge.