(a) Unless the court orders otherwise, funds on deposit in the court’s Registry
Account under 28 U.S.C. § 2041 will be invested in an interest-bearing account
established by the clerk.
(b) All motions or stipulations for an order directing the clerk to invest Registry
Account funds in an account other than the court’s standard interest-bearing
account must contain the following:
(1) The name of the bank or financial institution where the funds are to be
invested;
(2) The type of account or instrument and the terms of investment where a
timed instrument is involved; and
(3) Language that either:
(A) Directs the clerk to deduct from income earned on the investment a
fee, not exceeding that authorized by the Judicial Conference of
the United States and set by the Director of the Administrative
Office; or
(B) States affirmatively that the investment is being made for the
benefit of the United States and, therefore, no fee may be charged.
(c) An attorney or pro se party obtaining an order under these rules must cause a copy
of the order to be served personally on (1) the clerk or (2) the chief deputy and the
financial deputy. A supervisory deputy clerk may accept service on behalf of the
clerk, chief deputy, or financial deputy in their absence.
(d) The clerk must take all reasonable steps to deposit funds into interest-bearing
accounts or instruments within 14 days after service of the order for the
investment.
(e) An attorney or pro se party who obtains an order directing investment of funds by
the clerk must, within 14 days after service of the order on the clerk, verify the
funds were invested as ordered.
(f) An attorney or pro se party’s failure to personally serve (1) the clerk or (2) the
chief deputy and the financial deputy, or in their absence a supervisory deputy
clerk, with a copy of the order, or failure to verify investment of the funds, will
release the clerk from any liability for lost earned interest on the funds.
(g) An attorney or pro se party must notify the clerk regarding disposition of funds at
maturity of a timed instrument. In the absence of this notice, funds invested in a
timed instrument subject to renewal will be reinvested for a like period of time at
the prevailing interest rate. Funds invested in a timed instrument not subject to
renewal must be re-deposited by the clerk in the court’s Registry Account, which
is a non-interest-bearing account.
(h) Service of notice by an attorney or pro se party under LCR 46-8(g) must be made
as directed in LCR 46-8(c) at least 14 days before the timed instrument matures.
(i) No term or condition of an investment may be changed without court order, and
an attorney or pro se party must comply with LCR 46-8(b) and (c).
