Local Rule Local Civil Rule 67.1: Order for Deposit in Interest-Bearing Account

Local Civil Rule 67.1. Order for Deposit in Interest-Bearing Account

(a) Whenever a party seeks a court order for money to be deposited by the clerk in an interest-bearing account, the party must file the proposed order. The clerk must inspect the proposed order for proper form and content and compliance with this rule before submission to the judge for signature.

(b) Proposed orders directing the clerk to invest such funds in an interest-bearing account or other instrument must include the following:

(1) The exact United States dollar amount of the principal sum to be invested; and

(2) Wording that directs the clerk to deduct from the income on the investment a fee consistent with that authorized by the Judicial Conference of the United States and set by the Director of the Administrative Office.

(c) Unless ordered otherwise by the court, interpleader funds must be deposited in the Disputed Ownership Fund in an interest-bearing account. Income generated from fund investments in each case will be distributed after the appropriate fee has been applied and tax withholdings have been deducted from the fund.

For relevant historical context for this local rule, consult the Appendix of Committee Notes.