![]() Fiduciary Funds may be either Qualified Funds or Nonqualified Funds. A lawyer acting as a settlement agent, escrow agent, common law agent (other than agent under a durable power of attorney), or representative payee is not acting as a Fiduciary.įiduciary Funds.≿iduciary Funds are Rule 1.15 Funds which the lawyer holds as a Fiduciary. 221(h).įiduciary.≺ Fiduciary is a lawyer acting as a personal representative, guardian, conservator, receiver, trustee, agent under a durable power of attorney, or other similar position. Box 62445, Harrisburg, PA 17106-2445.Įligible Institution.≺n Eligible Institution is a Financial Institution which has been approved as a depository of Trust Accounts pursuant to Pa.R.D.E. This guidance is made available online at and may also be obtained by writing to the IOLTA Board at P.O. The following words and phrases when used in these Regulations shall have the meanings given to them in this section unless the context clearly indicates otherwise:Ĭomparability Guidance.Guidance developed and updated from time to time by the IOLTA Board which addresses how Eligible Institutions should determine the comparable interest or dividend rate to be applied to IOLTA Accounts. Immediately preceding text appears at serial page (315889). 6640 amended June 22, 2009, effective immediately, 39 Pa.B. ![]() ![]() The provisions of this preamble amended November 21, 2005, effective immediately, 35 Pa.B. IOLTA generates income where formerly there was none this income will aid the citizens of the Commonwealth of Pennsylvania by improving access to the civil legal system by those who otherwise could not afford legal representation, improving the legal educational system in Pennsylvania via funding for legal clinical programs and internships, and assisting in the general administration of justice in Pennsylvania. and the lawyer receives funds in connection with services (legal or nonlegal) to the recipient of those services. 5.7, the lawyer is subject to the Pa.R.P.C. mandates the maintenance of Trust Accounts (including IOLTA Accounts for Qualified Funds) if, under Pa.R.P.C. 1.15 mandates the maintenance of IOLTA Accounts for certain funds received by a lawyer in connection with a client-lawyer relationship or as otherwise described in the definition of Rule 1.15 Funds. for the protection of the client or third person, is designed to ensure the ethical conduct of lawyers, and may not be waived by the client or third person. Rule 1.15 of the Pennsylvania Rules of Professional Conduct (Pa.R.P.C.) has, since the adoption of the Rules of Professional Conduct, required lawyers to segregate property of clients and third persons from the lawyers own property, and by extension, not to profit by use of property belonging to clients or third persons. Immediately preceding text appears at serial pages (311374) and (309483) to (309491). 2285 amended November 21, 2005, effective immediately, 35 Pa.B. The provisions of this Subchapter B adopted May 9, 1997, effective May 10, 1997, 27 Pa.B. Annual Certification of Compliance with Pa.R.P.C. Requests for Exemptions and Reconsideration. Exclusion and Exemptions from IOLTA Participation. Subchapter B. RULES FOR INTEREST ON LAWYERS TRUST ACCOUNTS
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