Receipt and Acknowledgement of Money Distribution
What are the requirements for officers distributing money?
Local Rule 3(1) mandates that any officer or person distributing money in court proceedings must have the docket receipted in the proper office. Alternatively, they must obtain an acknowledged receipt and release for the sums paid. This ensures a transparent and verifiable record of all monetary transactions in court.
Deposit and Investment of Money with the Prothonotary
How should money be deposited with the Prothonotary?
According to Local Rule 3(2), all money deposited with the Prothonotary must be placed in institutions insured by the FDIC or the FSLIC. This rule applies except in specific, outlined situations.
What are the requirements for deposits over $5,000?
For deposits exceeding $5,000, the Prothonotary is required to deposit these funds in interest-bearing accounts or invest in U.S. Government obligations or guaranteed obligations. This ensures that larger deposits accrue value over time.
Distribution of Interest Accrued on Deposits
Who receives the interest from deposits over $5,000?
Local Rule 3(3) specifies that interest accrued on deposits over $5,000, held for three months or more, should be paid to the party or parties ultimately entitled to the fund. This rule ensures that beneficiaries receive the full benefit of their deposited money.
What happens to unallocated interest?
Interest not distributed as per the above rule should be paid to the county treasurer, as per Local Rule 3(4). This ensures that any unclaimed or unallocated interest benefits the county.
Commissions Charged by the Prothonotary
How much commission does the Prothonotary charge on deposits?
Under Local Rule 3(5), the Prothonotary charges a commission for the county's benefit. This is 0.5% for deposits under $1,000 and 0.25% for deposits and interest accrued on deposits of $1,000 or more. This rule establishes a tiered commission structure based on the deposit amount.
Record-Keeping Requirements for Deposited Money
What records must the Prothonotary maintain?
Finally, Local Rule 3(6) requires the Prothonotary to maintain detailed records of all money deposited and paid out. This record must include the names of parties involved and the commissions charged, ensuring transparency and accountability in the handling of court-related financial transactions.