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LR 67.1 Investment of Funds Deposited with Clerk


A party may deposit money in the court registry under Fed. R. Civ. P. 67(a) only by court order.

            (a)        Motion to Deposit Money

            A party seeking to deposit money in the court registry must complete the following:

(1)        file a motion for leave to make the deposit using the requested relief in CM/ECF;

(2)        attach a copy of a completed Registry Deposit Information Form as an exhibit to the motion for leave to make the deposit; and

(3)        submit a proposed order specifying the amount of money to be deposited to the judge’s proposed order inbox.

The Clerk will administer money deposited into the court registry pursuant to 28 U.S.C. § 2041.

            (b)        Court Registry Investment System

(1)        The Clerk will deposit all registry money in the Court Registry Investment System (CRIS) of the Administrative Office of the U.S. Courts pursuant to General Order 16-0017.

(2)        The Clerk will deposit all interpleader money deposited pursuant to 28 U.S.C. § 1335 in the CRIS Disputed Ownership Fund pursuant to General Order 16-0017.

(3)       Funds will not begin to accrue interest until they have cleared with the Treasury.

            (c)        Custodian of CRIS Funds

            The Director of the Administrative Office of the U.S. Courts is the custodian of the CRIS funds and may, without further order of the court :

(1)        assess fees based on the District Court Miscellaneous Fee Schedule;

 (2)        withhold and pay federal taxes on Disputed Ownership Funds; and

 (3)        distribute income from fund investments after assessing fees.

 

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 principal and interest.  If the amount of interest is not known, the order shall read “principal plus interest” which will be disbursed to each payee.

 

For the Clerk to comply with the IRS Code and the rules thereunder, payees receiving interest must provide a W-9 Taxpayer Identification and Certification form to the Clerk’s Office via email to fiscal_ilnd@ilnd.uscourts.gov prior to the disbursement from the invested account.

 

In criminal cases, where funds are deposited pre-judgment, the Clerk shall withdraw and apply any interest earned towards the criminal financial obligations imposed against the defendant absent a court order directing otherwise.  Should the principal amount deposited with the Clerk fully satisfy the criminal financial obligations imposed, the Clerk shall distribute any earned interest to the United States Crime Victims Fund absent a court order entered at the time of sentencing directing otherwise.

 

Amended October 23, 2017 and March 22, 2019


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#Rule ID69