Local Rule 7067-1: REGISTRY FUND
Bankr. N.D. W.Va. — Civil rule
7067-1 REGISTRY FUND
(a) Scope This Local Rule does not apply to unclaimed funds or funds held by the Clerk for the benefit of case trustees.
(b) Receipt of Funds
(1) No money shall be sent to the Court or its officers without entry of a Court order. The Clerk is authorized to seek clarification of an order so that it specifically identifies:
(A) The name, address, and telephone number of the person or entity paying the money into the registry of the Court;
(B) The name and addresses of each person or entity for whom the money is being held; and;
(C) The sum of money to be deposited.
(2) Unless provided for elsewhere in the Court order, all monies ordered to be paid to the Court or received by its officers in any case or proceeding, or to be 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 deposits on its behalf.
(b) Investment of Registry Funds
(1) Where, by order of the Court, funds on deposit with the Court are to be placed in some form of interest bearing account, the Court Registry Investment System "CRIS") administered by the Administrative Office of the United States Court under 28 U.S.C. § 3045, shall be the only investment mechanism authorized.
(2) The Director of the Administrative Office of the United States Courts is designated as the custodian for the CRIS. The Director, or the Director's designee, shall perform the duties as custodian. Funds held in the CRIS remain subject to the control and jurisdiction of the Court.
(3) Money from each case deposited in the CRIS shall be "pooled" together with those on deposit with the Treasury to the credit of other Courts in the CRIS and used to purchase Government Account Series securities though the Bureau of Public Debt, which will be held at Treasury, in an account in the name and to the credit of the Director of the Administrative Office of the United States Courts. The pooled funds will be invested in accordance with the principles of the CRIS Investment Policy as approved by the Registry Monitoring Group.
(4) An account for each case will be established in the CRIS titled in the name of the case giving rise to the investment in the fund. Income generated from fund investments will be distributed in each case based on the ratio each account's principal and earnings has to the aggregate principal and income total in the fund. Reports showing the interest earned and the principal amounts contributed in each case will be prepared and distributed to each Court participating in the CRIS and made available to litigants and/or their counsel.
(c) Deduction of Fees
(1) The custodian is authorized and directed by this Local Rule to deduct the investment services fee from the management of investments in the CRIS and the registry fee for maintaining accounts deposited with the Court.
(2) The investment services fee is assessed from interest earnings to the pool according to the Court's Miscellaneous Fee Schedule and is to be assessed before a pro rata distribution of earnings to Court cases.
(3) The registry fee is assessed by the custodian from each case's pro rata distribution of the earnings and is to be determined on the basis of the rates published by the Director of the Administrative Office of the United States Courts as approved by the Judicial Conference of the United States.
(d) Withdrawals Funds may only be disbursed from the Court's Registry or the CRIS upon entry of an order authorizing the disbursement. The Clerk is authorized to reject any order, or seek an amendment from the parties, if
(1) A party ordered to receive a disbursement fails to provide the Clerk with any information requested to allow payment of the funds and issuance of tax forms; and/or
(2) The order does not include the following information:
(A) The name and address of each person or other entity to receive funds; and
(B) The sum of money to be paid to each person or other entity, along with any interest accrued thereon, less the registry fee as authorized by the Judicial Conference of the United States.