A. Clerk to Maintain Registry Account

Pursuant to Fed.R.Bankr.P. 7067, the clerk of the Court shall maintain an interest bearing registry account. The conditions and terms of the agreement between the clerk of the Court and the bank maintaining the registry account shall be approved by and be subject to the supervision of the chief judge.

B. Orders Requiring the Investment of Funds by the Clerk

All funds ordered deposited with the clerk pursuant to 28 U.S.C. §2041 for deposit into the registry fund of the Court shall be deposited in the registry account specified in section A above, provided that, for cause shown, the court may direct the clerk to hold the funds deposited in some other form of interest bearing investment. Where the court so orders, the order shall specify (1) the reason or reasons for such alternative form of investment, (2) the amount to be invested, (3) the type of account or instrument in which the funds are to be invested, and (4) the term of the investment.

C. Service of Orders Relating to the Investment of Funds

Whenever an order is entered directing that funds are to be deposited in the registry fund of the Court, it shall be the responsibility of counsel to cause a copy of such order to be served personally upon the clerk of the Court forthwith. Similar service is also required of any order directing the investment of funds in the name of the clerk of the Court where such funds are not deposited with the clerk.

D. Time Period for Depositing Funds

The clerk of the Court shall take all reasonable steps to assure that the funds are invested promptly. For the purpose of this rule, promptly shall mean not more than 15 days following the service of the order as provided by section C of this rule or the deposit of funds with the clerk of the Court, whichever is later.

Committee Note: This rule is based on local General Rule 29, as amended. Parties should be aware that a fee schedule has been promulgated pursuant to 28 U.S.C. §1930 pursuant to which the clerk will retain a portion of any interest earned on funds deposited in the Registry Account.