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Legal Opinion

Federal National Mortgage Ass'n v. County of Orange (In Re County of Orange)

United States Bankruptcy Court, C.D. California

Decided May 26, 1995No. Bankruptcy SA 94-22272 JR, SA 94-22273 JRPublishedCited by 19 opinions

1Opinion of the Court

MEMORANDUM OPINION

JOHN E. RYAN, Bankruptcy Judge.

Under California state law, certain governmental entities may deposit, or are required to deposit, excess funds into the county treasury. The county treasurer, in turn, is authorized to invest the funds in a variety of securities. Acting pursuant to this statutory authority, the Orange County Treasurer, Robert L. Citron (the “Treasurer”), commingled the funds he received and deposited them into the Orange County Investment Pool (the “OCIP”). By December 1994, 190 municipal entities had approximately $7.6 billion invested in the OCIP.

In June and…

2Cases cited48 opinions

  1. United States v. Ron Pair Enterprises, Inc.Supreme Court of the United States · 1989
  2. Cumberland Glass Manufacturing Co. v. De Witt & Co.Supreme Court of the United States · 1915
  3. Cherry Cotton Mills, Inc. v. United StatesSupreme Court of the United States · 1946
  4. In Re Cascade Roads, Inc., Debtor. United States of America v. Peter H. Arkison, TrusteeCourt of Appeals for the Ninth Circuit · 1994
  5. Kruger v. Wells Fargo BankCalifornia Supreme Court · 1974

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3Cited by19 opinions

  1. HAL, Inc. v. United States (In Re HAL, Inc.)United States Bankruptcy Appellate Panel for the Ninth Circuit · 1996
  2. Commercial Financial Services, Inc. v. Jones (In Re Commercial Financial Services, Inc.)United States Bankruptcy Court, N.D. Oklahoma · 2000
  3. Biggs v. Stovin (In Re Luz International, Ltd.)United States Bankruptcy Appellate Panel for the Ninth Circuit · 1998
  4. United States v. Carey (In Re Wade Cook Financial Corp.)United States Bankruptcy Appellate Panel for the Ninth Circuit · 2007
  5. County of Orange v. Merrill Lynch & Co. (In Re County of Orange)United States Bankruptcy Court, C.D. California · 1996

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