REGISTRY FUND – DEPOSIT & WITHDRAWAL INFORMATION
Registry funds are monies held by the court pending resolution of litigation or determination of ownership. This includes funds deposited with the court such as cash bonds, unclaimed and undisbursed dividends, interpleader funds, and other monies held in trust. Registry funds deposited under Rule 67, Federal Rules of Civil Procedure or Rule 7067, Federal Bankruptcy Rules shall be invested in an interest-bearing account within the Court Registry Investment System (CRIS).
A court order is required for the receipt and disbursement of all registry funds.
REGISTRY FUND DEPOSITS
The court requires each deposit/investment order to contain sufficient language regarding the amount (or approximate amount) of money to be invested, the purpose or reason for the investment order, and instruction to invest the funds in CRIS. A sample Order to Deposit Funds in the Registry of the Court can be found below.
If it is known from the onset that supplemental deposits may be received, it is recommended that language regarding supplemental deposits be included in the original investment order. Otherwise, if supplemental deposit language is not in the original order, a new order will be necessary before the Clerk’s office can accept additional deposits into the court’s registry.
REGISTRY & OTHER FEES
The Judicial Conference has authorized the Administrative Office (AO) to charge certain fees for administering the courts’ registry funds. The CRIS system automatically calculates and deducts these fees as well as any taxes owed (if applicable) on funds placed in a CRIS interest-bearing account. Authority to assess and deduct these fees and taxes has been established in this court’s local orders, the Administrative Order Regarding Registry Funds and the Administrative Order Regarding Deposit and Investment of Registry Funds, as required by the AO. These standing orders are located below.
REGISTRY FUND WITHDRAWAL
A court order is required to close any CRIS investment account. All orders to withdrawal should clearly identify the payee(s), the amount of principal to be paid to each payee, the amount or percentage of interest to be paid to each payee, and the source of the funds (e.g. “the Registry of the Court”). A sample Order Granting Motion for Withdrawal of Funds from the Registry of the Court can be found below.
Each payee must complete and submit an AO213P and W-9 form to the Financial Administrator before disbursement can be made.