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RULE 67.1 REGISTRY FUNDS

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(a) Orders Pursuant to Fed. R. Civ. P. 67. Any party who seeks a court order for the deposit of funds pursuant to Fed. R. Civ. P. 67 must prepare a proposed order for the court and serve the same upon the clerk of this court. Filing Users in cases assigned to the Electronic Filing System must submit this proposed order directly to the appropriate judge or magistrate judge in the form and manner set forth in the administrative procedures guide. Parties may and should utilize forms or proposed motions and orders that are maintained and available at each record office of the court for this purpose.

(b) Deposit in Non-Income-Earning Account. Unless the court orders otherwise, the clerk will deposit registry funds in a non-income-earning account.

(c) Investment in Income-Earning Account. Upon motion, the court may order the clerk to invest certain registry funds in an income-earning account. The motion and any proposed order directing investment in an income-earning account must provide for an investment that will comply with applicable provisions of the law regulating the investment of public monies, provide for proper disposition of future earnings, and set out with particularity the following:
(1) The form of deposit;
(2) The amount to be invested;
(3) The type of investment to be made by the clerk of the court, i.e., passbook savings, insured money fund, certificate of deposit, etc.;
(4) The name and address of the private institution where the deposit is to be made;
(5) The rate of interest at which the deposit is to be made, if possible;
(6) The length of time the money should be invested, whether it should be automatically reinvested, etc., keeping in mind that some investments include a penalty for early withdrawal; (7) The form of additional collateral to be posted by the private institution in the event that the standard F.D.I.C. or F.S.L.I.C. coverage is insufficient to insure the total amount of deposit; and
(8) Such other information that may be considered appropriate under the facts and circumstances of the particular case.

(d) Disbursements from Income-Earning Account.

(1) All funds disbursed under this rule will be disbursed only on order of the court. Unless the court orders otherwise, the clerk will disburse the funds no earlier than 14 days after the date of the court order.
(2) All funds deposited in an income-earning account on or after December 1, 1990, will be assessed a charge of 10% of the income earned regardless of the nature of the case underlying the investment.

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As amended 3/17/10, 3/05, 3/04, 3/13/92.