(a) Investment of Funds by Clerk of Court. The Clerk of Court will invest funds under
Fed. R. Civ. P. 67 as soon as the business of his or her office allows.
(b) Deposit in Court Pursuant to Fed. R. Civ. P. 67.
(1) Receipt of Funds
A. No money shall be sent to the Court or its officers for deposit in the Court’s
registry without a court order signed by the presiding judge in the case or
proceeding.
B. The party making the deposit or transferring funds to the Court’s registry shall
serve the order permitting the deposit or transfer on the Clerk of Court, the Chief
Deputy and the Financial Administrator.
C. Unless provided for elsewhere in the Order, all monies ordered to be paid to the
Court or received by its officers in any case pending or 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 by the Treasury
to accept such deposit on its behalf.
(2) Investment of Registry Funds
A. Where, by order of the Court, funds on deposit with the Court are to be placed
in some form of interest-bearing account, or invested in a court-approved,
interest-bearing instrument in accordance with Rule 67 of the Federal Rules of
Civil Procedure, the Court Registry Investment System (“CRIS”), administered
by the Administrative Office of the United States Courts under 28 U.S.C. § 2045,
shall be the only investment mechanism authorized.
B. Money from each case deposited in the CRIS shall be “pooled” together with
those on deposit with 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 Treasury, in an account in the name and to the credit
of the Director of Administrative Office of the United States Courts, hereby
designated as Custodian (“Custodian”) for CRIS. Funds held in the CRIS remain
subject to the control and jurisdiction of the Court.
C. 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 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 upon request.
(3) Deduction of Fees
A. The Custodian is authorized to deduct the investment services fee for the
management of investments in the CRIS and the registry fee for maintaining
accounts deposited with the Court.
B. The investment services fee is assessed from interest earnings according to the
Court’s Miscellaneous Fee Schedule.
C. 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.
(4) Withdrawal of a Deposit Pursuant to Fed. R. Civ. P 67. The Court’s order for
disbursement of invested registry funds must include the name and address of
the payee(s) in addition to the total amount of the principal and interest (if the
interest is not known, the order may read “plus interest”) which will be disbursed
to each payee. In order for the Clerk of Court to comply with the Internal
Revenue Code and the rules thereunder, payees receiving earned interest must
provide a W-9 Taxpayer Identification and Certification form to the office of the
Clerk of Court prior to disbursement from the invested account. The
disbursement order should be reviewed by the Clerk of Court or the Financial
Supervisor prior to being signed by the Judge in order to insure that the
necessary information is provided.
(c) Funds regularly deposited in the registry of the court such as bail, removal bonds and
civil garnishments are placed in the Treasury of the United States and accrue no interest.
CHAPTER XII
SPECIAL PROCEEDINGS
