To avoid some of the delays the clerk’s office has experienced in disbursing funds, the following information is being provided to assist attorneys in preparing judgments and orders for disbursement.
Any amount of money that is deposited as security with the court is deposited into an interest bearing account. Orders for disbursements must include the following information:
- The amount of principal to be disbursed;
- If more than one payee, the name of each payee and the amount each payee is to receive;
- A provision that the Clerk of Court shall disburse any accrued interest; and
- If more than one payee, the percentage of interest each payee is to receive.
If the security is deposited into an interest bearing account and the order does not mention disbursement of interest, only the principal amount will be released and a second order for disbursement of interest will be required.
In addition to the order, the IRS requires the completion of form W-9 (Request for Taxpayer Identification Number and Certification). The original W-9 form must be submitted to the Fiscal Department, along with a note indicating the case name and number. The W-9 form should not be attached to the original judgment or order when submitted to the court for approval. The Fiscal Department will hold the W-9 until a signed copy of the judgment or order is received. W-9 forms can be obtained from the IRS or the Fiscal Department.
Any amount of money that is deposited as security with the court is deposited into the general registry which is a non-interest bearing account.
If you have any questions regarding disbursement orders please contact Regina Newcomer, Fiscal Assistant Supervisor, at 213-894-3676.