LBR 7067-1. REGISTRY FUND

LBR 7067-1. REGISTRY FUND

(a) Deposit of Registry Funds.
(1) General. Funds must not be sent to the court or the clerk for deposit into the
court’s registry without a court order.
(2) Form of Order. A party seeking authorization to deposit funds into the court’s
registry must prepare an order that meets the requirements of LBR 9004-1 and
states (A) the exact amount to be deposited; (B) that the funds are to be deposited
into an interest bearing account; and (C) that the funds will remain on deposit until
further order of the court. The order must also contain the following provision:
“IT IS ORDERED that the clerk is directed to deduct from the 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, whenever
such income becomes available for deduction in the investment so held and without
further order of the court.”
(3) Tender of Funds. The funds must be submitted to the clerk by check or money
order made payable to “U. S. Bankruptcy Court” in the exact amount specified in
the court order.
(b) Notice to Clerk.
(1) Whenever the court orders that money deposited into court must be deposited by
the clerk in an interest bearing account, the party seeking the order must forthwith
personally serve a copy of such order upon the clerk or chief deputy clerk along
with the deposit.
(2) The failure of the party seeking an order of deposit to an interest bearing account
to serve the clerk or chief deputy with a copy of the order releases the clerk from
liability for loss of interest upon the money subject to the order of deposit.
(c) Authorized Depositories. Unless otherwise ordered by the court, the clerk must deposit money pursuant to an order of deposit in any institution that the United States trustee has authorized for deposit of funds administered by debtors in possession or appointed trustees, subject to the same terms and conditions as for such funds. The clerk may also invest such money in United States Treasury bills.
(d) Timing of Deposit. The clerk must deposit the money pursuant to an order of deposit as soon as practicable following service of a copy of the order by the party authorized to deposit funds.
(e) Fees Charged on Registry Funds. All funds deposited on or after December 1, 1990 and invested as registry funds will be assessed a charge of 10% of the income earned. Fees may be deducted periodically without further order and will be subject to any subsequent exceptions or adjustments by directive of the Administrative Office of the United States Courts.
(f) Disbursements of Registry Funds.
(1) General. The clerk will disburse funds on deposit in the registry of the court only
pursuant to a court order.
(2) Form of Order. The disbursement order must contain a provision relieving the
clerk from liability for loss of interest, if any, for early withdrawal of the funds. The order must state the name and taxpayer identification number for each party who is to receive funds and the amount or percentage of the principal each is to receive. The order must also state the percentage of the interest each party is to receive. Funds will be disbursed only after the time for appeal of any related judgment or order has expired, or upon approval by the court of a written stipulation by all parties.
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