United States Bankruptcy Court
In the Matter of
|GENERAL ORDER NO. 14|
DEPOSITS INTO THE
REGISTRY OF THE COURTS
Good cause appearing, IT IS HEREBY ORDERED,
(1) That the Clerk of the United States Bankruptcy Court ("the Clerk") shall open and maintain an appropriate number of savings accounts at a designated local depository.
(2) That the Clerk will supply the designated local depository with a statement of and signature cards from individuals authorized to act in behalf of the United States Bankruptcy Court in regard to those accounts.
(3) That savings accounts will be opened upon a court order indicating case number and title. A "case" may be any proceeding under United States Code Title 11 including but not limited to adversary proceedings.
(4) That a moving party must include the following information in a motion or proposed order to invest in an interest bearing instrument approved by the Court or to depositregistry funds in the Clerk's registry account:
(a) Whether one of the litigants wishes to request court approval for a particular type of registry investment; the form of deposit or investment; and the name and address of the depository.
(b) The name(s) and address(es) of all claimants.
(c) The approximate length of time for the deposit, if known. and
(d) All other information deemed appropriate by the court under the facts and circumstances of the case.
(5) That in the case of deposit(s)
(a) When the sum exceeds the federally insured limit extant, the funds will be held by the Clerk pending receipt of assurance from the designated local depository that collateral will be posted with the Federal Reserve Bank.
(b) The account title shall include the following information:
(i) "Clerk, United States Bankruptcy Court," as the account name;
(ii) Bankruptcy case number; and
(iii) Adversary case name and number if applicable.
(6) That a quarterly statement will be provided by the designated local depository to include each case as well as astatement upon the closing of each case account.
(7) That accounts be maintained as appropriate at the existing market interest rates, if required.
(8) That case accounts will be closed by court order authorizing the bank to transfer funds, including full interest to date of closing, to a non interest-bearing checking account.
(9) That the order of the court authorizing disbursement of funds held in case accounts shall state:
(a) The name and address of the party receiving the award;
(b) The name and address of the party to whom the check shall be made payable if different from the party receiving the award;
(c) The social security number or tax identification number of the party to whom the disbursement is made; and
(d) The order shall state to whom the accrued interest is to be paid.
(10) That unless otherwise ordered by a bankruptcy judge of this court, the party to whom any deposit is disbursed also shall receive the interest earned on such deposit.
(11) Nothing in this order prevents any bankruptcy judge of this court from requiring that interested parties make arrangements for the purchase of securities or bonds for placement in the registry of this court.
(12) Nothing in this order prevents parties from entering into an escrow agreement entirely within and under their own control where registry funds are not involved.
|DATED: December 5, 1995||
THOMAS E. CARLSON
Chief Bankruptcy Judge