11/15/2023 0 Comments Florida bar ethics on iota accountWhen the ARDC receives an overdraft notification from a bank, a letter is sent to the lawyer requesting an explanation for the account shortage and supporting documentation. Click here for a list of banks that have agreed to make such notification to the ARDC. Rule 1.15B(e) of the Illinois Rules of Professional Conduct requires Illinois lawyers to maintain client trust accounts only at banks that have agreed to notify the ARDC whenever a trust account is overdrawn or contains insufficient funds to pay an instrument presented against the account regardless of whether the instrument is honored. If funds are deposited into an IOLTA client trust account, Rule 1.15B(b) also requires that a lawyer must review the lawyer's IOLTA account(s) at reasonable intervals to determine whether changed circumstances require further action regarding the deposited client or third-person funds. Rule 1.15B(b) further states: “A lawyer who exercises reasonable judgment in determining whether to deposit client or third-person funds into an IOLTA account or a non-IOLTA client trust account pursuant to this rule will not be subject to a charge of ethical impropriety or other breach of professional conduct on the basis of that determination.”
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