CASB — General Order 183

Source: https://www.casb.uscourts.gov/sites/casb/files/documents/general-orders/GO183.pdf

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UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF CALIFORNIA

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IN THE MATTER OF PROCEDURAL RULES BANKRUPTCY GENERAL FOR DEPOSIT AND INVESTMENT OF ) ORDER NO. 183 REGISTRY FUNDS )

The Court, having determined that it is necessary to adopt local procedures to ensure

uniformity in the deposit and investment of funds in the Court's Registry,

IT IS ORDERED that the following governs the receipt, deposit, and investment of registry

funds:

I. Receipt of Funds

A. Prior to sending money to the Court or its officers for deposit in the Court's registry, a party must obtain a court order signed by the presiding judge in the case or proceeding.

B. The party making the deposit or transferring funds to the Court's registry must serve the order permitting the deposit or transfer on the Clerk of Court.

C. Unless provided for elsewhere in this Order, all monies ordered to be paid to the Court or received by its officers in any case pending or adjudicated must be deposited with the Treasurer of the United States in the name and to the credit of this Court pursuant to 28 U.S.C. § 2041 through depositories designated by the Treasury to accept such deposit on its behalf.

H. Investment of Registry Funds

A. Where, by order of the court, funds on deposit with the Court are to be placed in an interest­ bearing account, the Court Registry Investment System ("CRIS"), administered by the Administrative Office of the United States Courts under 28 U.S.C. § 2045, is the authorized investment mechanism.

B. The Director of Administrative Office of the United States Courts is designated as custodian for CRIS. The Director or the Director's designee shall perform the duties of custodian. Funds held in the CRIS remain subject to the control and jurisdiction of the Court.

C. Money from each case deposited in the CRIS will be "pooled" together with those on deposit with Treasury to the credit of other courts in the CRIS and used to purchase Government Account Series securities through the Bureau ofPublic Debt, which will be held at Treasury, in an account in the name and to the credit of the Director of Administrative Office of the United States Courts. The pooled funds will be invested in accordance with the principals of the CRIS Investment Policy as approved by the Registry Monitoring Group.

D. An account for each case will be established in the CRIS titled in the name of the case giving rise to the investment in the fund. Income generated from fund investments will be distributed to each case based on the ratio each account's principal and earnings has to the aggregate principal and income total in the fund. Reports showing the interest earned and the principal amounts contributed in each case will be prepared and distributed to each court participating in the CRIS and made available to litigants and/or their counsel.

III. Deductions of Fees

A. The custodian is authorized and directed by this Order to deduct the investment services fee for the management of investments in the CRIS and the registry fee for maintaining accounts deposited with the Court.

B. The investment services fee is assessed from interest earnings to the pool according to the Court's Miscellaneous Fee Schedule and is to be assessed before a pro rata distribution of earnings to court cases.

C. The registry fee is assessed by the custodian from each case's pro rata distribution of the earnings and is to be determined on the basis of the rates published by the Director of the Administrative Office of the United States Courts as approved by the Judicial Conference of the United States.

IT IS SO ORDERED.

DATED: 1a, cJo/4

./ A I L '7 -!-.) !efd>t LAURA S. TAYEOR, LOUIS DeCARL ADLER,
Chief Judge, U.S. Bankruptcy Court Judge, .S. Bankruptcy Court

ER B. LATHAM,
Judge, U.S. Bankruptcy Court . Bankruptcy Court