# Court Funds (Amendment No. 2) Rules (Northern Ireland) 1997, Article 7: Interest on money in court


For Rules 33 to 35 there shall be substituted the following Rules—
“Time for placing money to an interest bearing account
33 (1) Subject to Rules 34 and 34A and to any direction of the court, all money (including interest) shall be placed to the deposit account or in the case of a person under disability to the short-term investment account, on the day on which the Schedule or other authority is received in the Office or on the effective date of lodgment of the money, whichever is the later.
(2) Where judgment is given in favour of a person under disability, or settlement of his claim is approved by the court, the money to which he is entitled shall, subject to any directions of the court, be placed to the short-term investment account at the date of the judgment or on the effective date of lodgment of the money, whichever is the later, without further authority.
(3) Interest shall not accrue from a date earlier than that on which the money is placed to an interest bearing account in accordance with this Rule.
Money not to be placed to the deposit account
34 Money, including interest, shall not be placed to the deposit account where the money—
(i) has been directed by any order or another authority to be dealt with other than by being placed to the deposit account; or
(ii) has been carried over to an account of unclaimed balances under Rule 55.
Money paid in satisfaction, etc
34A (1) Where money is lodged in the Supreme Court under Order 22, rule 1 of the Rules or is appropriated under Order 22, rule 8 of the Rules in satisfaction of a claim and is not accepted within the time limited by Order 22 rule 3 of the Rules, it shall be placed to a deposit account 21 days after the effective date of lodgment or appropriation.
(2) Where money is lodged into a county court in satisfaction of a claim under Order 21, rule 2 of the County Court Rules and the plaintiff has not given notice of acceptance of the payment within the time limited by Order 21, rule 3 of the County Court Rules it shall be placed to a deposit account 28 days after the effective date of lodgment.
(3) Where the plaintiff is under disability money lodged in to the Supreme Court under Order 22, rule 1 of the Rules or appropriated under Order 22, rule 8 of the Rules or money lodged into a county court under Order 21, rule 2 of the County Court Rules shall be placed to the deposit account in any event whether or not he has accepted it, until the claim is determined or settlement is reached, unless the court otherwise directs.
Interest on money paid in satisfaction
34B (1) Subject to paragraphs (3) and (5) interest on money lodged into the Supreme Court in accordance with Order 22, rule 1 of the Rules or appropriated under Order 22, rule 8 of the Rules in satisfaction of a claim shall start to accrue 21 days after the effective date of lodgement into the Supreme Court.
(2) Subject to paragraphs (3) and (5) interest on money lodged into a county court in accordance with Order 21, rule 2 of the County Court Rules in satisfaction of a claim shall start to accrue 28 days after the effective date of lodgement into the county court.
(3) Interest on money lodged into a county court or the Supreme Court in such circumstances that it is to await the outcome of an order of court shall start to accrue from the effective date of payment into the Supreme Court or a county court as the case may be.
(4) Where a court determines a claim or, as the case may be, approves a settlement on behalf of a person under a disability, any interest which has accrued on the money in court shall be dealt with as the court orders.
(5) Where money placed to a deposit account under Rule 34A(1) or 34A(2) is accepted within the time limited by Order 22, rule 3 of the Rules or Order 21, rule 3 of the County Court Rules as the case may be, no interest shall be payable in respect of the period between lodgment or appropriation, or where there has been more than one lodgment or appropriation between the latest lodgment or appropriation, and the date of acceptance.
Withdrawal of money from an interest bearing account
35 Money shall only be withdrawn from an interest bearing account where the money, including any interest which has accrued at the time of withdrawal, is required to be withdrawn for the purpose of giving effect to a direction of the court or these Rules; provided that such interest shall not be used if directed by the court to be otherwise dealt with.”.

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Source: https://www.legislation.gov.uk/nisr/1997/295/article/7 (the official version)
Page: https://openlegislation.uk/court-funds-amendment-no-2-rules-northern-ireland-1997/article-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.