CHAPTER 479

AN ACT TO AMEND TITLE 10, SECTION 345, DELAWARE CODE, RELATING TO INVESTMENT OF MONIES HELD UNDER COURT ORDER AND TO PAYMENT OF THE INCOME THEREFROM TO THE STATE.

Be it enacted by the General Assembly of the State of Delaware:

Section 1. § 345, Title 10, Delaware Code, is hereby amended by adding at the end thereof a new paragraph as follows

A judge of the Court of Chancery may by general or special rule or order direct that any or all monies deposited with the Court of Chancery in connection with any action in such Court (a) be deposited in one or more interest-bearing accounts or deposits in any bank or savings institution upon such terms as shall be determined by the Court; or (b) be invested in securities of the United States of America of such duration that such money may be available when reasonably required. Any monies so deposited may be deposited or invested with similar monies from other actions, provided that records are maintained by said Court to identify the origin of all such monies so received and deposited or invested.

All income and interest earned on all such deposits and investments are declared to be public monies and shall from time to time on order of a judge of such Court be paid in equal shares to the State Treasurer and to Government of the County in which such funds are deposited with the Court or Register.

The Register in Chancery in the County in which such funds are deposited or invested shall be responsible for the deposit or investment thereof as provided herein, provided that he shall not be liable for any loss of deposit or investment not caused by his own negligence or misconduct.

Nothing contained herein shall prevent the Court from ordering that monies deposited in connection with any action be segregated or maintained in a special account or deposit if, in the judgment of the Court, that should be done.

Approved June 1, 1970.