United States District Court - Northern District of Illinois

General Rules

Rule 29

Rule 29 Investment Of Funds Deposited In The Registry Account Of The Court

A. Clerk To Maintain Registry Account

Pursuant to Rule 67 of the Federal Rules of Civil Procedure, the Clerk shall 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.

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 in the registry fund of the court shall be deposited in the registry account specified in (A) above, provided that the court in exceptional circumstances may for good cause shown 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 or Chief Deputy of the Court and the Financial Deputy if the order pertains to an action pending in the Eastern Division of this court or on the DeputyinCharge if the order pertains to an action pending in the Western Division of this court. 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 Deposit Funds; Verification

The Clerk 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 part C of this rule or the deposit of funds with the clerk, whichever is later.