Local Rule Civil L.R. 67: Deposit Into Court; Withdrawal of Monies; Registry Fee

Civil L.R. 67. Deposit Into Court; Withdrawal of Monies; Registry Fee

(a) Registry Deposits. All funds to be deposited with the Court, with the exception of criminal cash bail, cost bonds, and civil garnishments, shall be deposited in accordance with the provisions of Rule 67, 28 U.S.C. §§ 2041-2042, and any other applicable law.

(b) Order and Directions for Deposit. Any party depositing money into the Court must serve the Clerk with a Court order and notice in accordance with the provisions of Fed. R. Civ. P. 67. The order must specify the amount to be deposited. If the Clerk is not served with an order in accordance with this Rule upon tender of the monies to be deposited, the Clerk will deposit funds into the Court's non-interest-bearing registry account until further order of the Court directing how to invest the funds.

(c) Non-Interest Bearing Deposits. Cost bonds, and other bonds in the form of cash, such as admiralty cost bonds, injunction cost bonds, and supersedeas bonds, are not subject to Fed. R. Civ. P. 67, nor are civil garnishment payments. Funds not subject to Rule 67 will not be deposited in interest bearing accounts, except on the special order of the Court. These funds, when received, will be deposited into the registry of the Court. Payments received on garnishments will be deposited into the Court's general deposit fund.

(d) Investment of Registry Funds.

(1) Court Registry Investment System (CRIS). 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 administered through the Administrative Office of the United States Courts will be the only investment mechanism authorized.

(2) Custodian for CRIS. The Director of the Administrative Office of the United States Courts is designated as custodian for the CRIS. The Director or the Director's designee will perform the duties of custodian. Funds held in the CRIS remain subject to the control and jurisdiction of the Court.

(3) Pooling and Investing of Funds. Money from each case deposited in the CRIS will 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 through the Bureau of Public Debt, which will be held at the 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 approved by the Registry Monitoring Group.

(4) Minor's Fund. A Minors' Fund is established within CRIS to invest post-adjudication deposits held on behalf of minors until their age of majority, which is often longer than one hundred (100) days. The fund improves the match between investment holdings and the length of time each minor's case remains invested, thereby capitalizing on higher-yielding securities. Minor's funds deposited with the Court shall be identified in a movant's motion to deposit sum of money and must include the estimate of the future withdrawal date and the date the minor reaches the age of majority.

(5) Individual Accounts. 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 to each case based on the ratio each account's principal and earnings have to the aggregate principal and the 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 their counsel.

(e) Disbursement of Funds. Funds deposited by the Clerk in accordance with this Rule will be disbursed only with prior order signed by a Judge of this Court. Funds will not be disbursed until counsel has furnished to the Clerk, in writing, the social security number or tax identification number of any and all recipients of more than ten dollars ($10.00) of the interest accrued. In any case proceeding before a Magistrate Judge by consent of all parties under 28 U.S.C. § 636(c), the Magistrate Judge may order disbursement of funds from the registry of this Court in accordance with applicable law.

(f) Designated Fiduciary Officers. The Clerk and Chief Deputy Clerk are the fiduciary officers of this Court and have the authority to sign account checks and/or withdrawal slips from CRIS accounts.

(g) Fees Assessed on Accounts. Under the authority of 28 U.S.C. §§ 1914 and 1930, the Clerk, whose fee schedules are set by the Judicial Conference of the United States, will assess a fee for the handling of all funds deposited with the Court in non-criminal proceedings and held in CRIS accounts pursuant to 28 U.S.C. § 2041 and Fed. R. Civ. P. 67.