Local Rule L.R. 66-1: Receiverships

N.D. Ind. L.R. 66-1 Receiverships

(a) Applicability. This rule applies to the administration of estates (excluding estates in bankruptcy) by court-appointed officers such as receivers.

(b) Officer's Duties.

(1) Inventories. Within 28 days after taking possession of an estate, the court-appointed officer must file:

(A) an inventory and appraisal of the estate's property and assets held by the officer or the officer's agent; and

(B) on a separate schedule, an inventory of the estate's property and assets held by others.

(2) Regular Reports. Within 28 days after the inventory is filed and every three months after that, the court-appointed officer must file a report:

(A) describing the acts and transactions the officer undertakes on the estate's behalf; and

(B) accounting for any monies received by or expended for the estate.

(c) Compensation of Receiver, Attorneys, and Other Officers.

(1) Amount. The court, in its discretion, will determine what to pay court-appointed officers, their attorneys, and others the court appoints to help administer an estate.

(2) Procedures for Payment. To get paid, persons seeking compensation must petition the court and notify:

(A) the estate's creditors; and

(B) any other interested parties the court requires to receive notice.

(d) Administration Generally. In all other respects the court-appointed officer must—to the extent it is reasonable to do so—administer the estate in the way that bankruptcy estates are typically administered unless the court authorizes a different practice.

(e) Deadlines. The court may alter any deadline imposed by this rule.