Interest on funds in court to abide the decision in proceedings
41.8 Interest on funds in court to abide the decision in proceedings
(cf SCR Part 50, rule 6)
This rule applies if money is paid into court pursuant to an order to abide the decision in the proceedings, and is either invested or paid to the NSW Trustee and Guardian.
The court may, on application by a party or by its own motion, order the payment of interest to any party.
Despite subrule (2), if—
the court makes an order that the whole of the money be paid to one or more parties, and
the order does not expressly provide for the payment (or non-payment) of any interest accruing on the money,
any interest accruing on the money is to be paid to the party or parties.
Unless the court orders otherwise, the interest paid to a party under subrule (3) is to bear the same proportion to the total interest accruing on the total amount of money paid into court as the money paid to the party bears to the total amount of money paid into court.
In this rule, interest accruing on money means interest accruing on the money as a result of its investment under rule 41.5 or payment to the NSW Trustee and Guardian under rule 41.7.
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