Local Rule LOCAL CIVIL RULE 67: DEPOSIT IN COURT

LOCAL CIVIL RULE 67 - DEPOSIT IN COURT

(a) Receipt and Deposit of Registry Funds. All funds received in the Registry of the Court in civil cases whose principal sum is more than $500 will be deposited by the Clerk of Court with the Court's designated depository, or, if otherwise ordered by the Court, in an interest bearing account at a rate no lower than ordinary passbook rates. Funds whose principal sum is $500 or less will be deposited in the Court's U.S. Treasury registry and will bear no interest. In criminal cases, funds received by the Court for a bail bond will be deposited in the U. S. Treasury and will bear no interest.

(b) Form of Order.

(1) A proposed order to deposit funds in the Court's Registry shall specify the amount to be deposited. If the moving party desires to have the funds placed in a special investment, a proposed order shall be filed with the Court which shall state the type of investment to be made, the prevailing rate of interest, the length of time the funds are to be invested, and whether the investment is to be automatically renewed at maturity.

(2) Unless otherwise specifically provided by order of the Court, any interest earned on registry accounts will accrue to the person or persons ultimately found to be entitled to receive the original principal amount deposited in the Court's Registry.

(c) Disbursement of Registry Funds.

(1) Funds shall be disbursed from the registry of the Court only upon order of a Judge of this Court. It shall be the responsibility of counsel filing a motion for disbursement to satisfy the Court of the recipient's entitlement to the funds sought to be disbursed.

(2) A motion for disbursement of registry funds shall set forth the principal sum initially deposited, the amount of principal funds to be disbursed, to whom the disbursement is to be made, complete mailing instructions, and specific instructions regarding distribution of accrued interest.

(3) Each motion shall be accompanied by a proposed order which shall contain substantially the following language: "The Clerk of Court is authorized and directed to draw a check (or checks) on the funds on deposit in the registry of this Court in the principal amount of $ plus all interest earned less the assessment fee for the administration of funds, (or state other instruction regarding interest), payable to (name and address of payee), and mail or deliver the check (or checks) to (payee or attorney) at (full address with zip code)."

(4) If more than one check is to be issued on a single order, the portion of principal due each payee must be stated separately.

(5) Counsel must also provide the Social Security number or Tax I.D. number for each payee and complete mailing or delivery instructions for each payee. This information shall be submitted to the Clerk of Court's Finance Department and shall not be filed into the case record.

(6) On all checks drawn by the Clerk of Court on registry funds, the name of the payee shall be written as that name appears in the Court's order providing for disbursement.

(7) The Clerk of Court will issue disbursements as soon after receipt of the order for disbursement as the business of the Clerk's office allows, except when it is necessary to allow time for a check or draft to clear or when otherwise directed by the Court.