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IOP31. Registry Account


Fed.R.Civ.P. 67 requires the clerk to maintain an interest bearing registry account. The conditions and terms of the agreement between the clerk and the bank maintaining the registry account shall be approved by and be subject to the supervision of the Executive Committee. The relationship of the Court to these funds is custodial in nature, and the United States acts as a trustee for the rightful owners of such funds. The clerk, as the custodial agent for the United States, has no obligation to preserve and keep safe such funds for the depositor and the Court.

Any claimant entitled to any such money may, upon petition to the Court and upon notice to the United States attorney and full proof of the right thereto, obtain an order directing payment to him pursuant to 28 U.S.C. §2042.

Payment of a registry fee is due and payable on funds held in the Courts' registry and invested in interest-bearing accounts. The fee is equal to the amount prescribed by the Judicial Conference based on the income earned on the invested funds throughout the life of the investments.

 


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