Handling attorney trust accounts is a large part of the practice of law in New York. Every New York lawyer who handles client funds must maintain an IOLA account. Lawyers must use an IOLA account for qualifying funds, unless he or she uses an account that will generate compute and pay net interest to the client (net of all bank fees and the lawyer's or law-firms related services). A New York lawyer may not place qualifying funds in a non-interest bearing account.

This comprehensive program addresses the administration of attorney trust accounts – including IOLA accounts – and the rules governing the handling of funds in those accounts.

Panelists provide an overview of the statutes and regulations governing escrow agreements, IOLA accounts, provisions of the General Business Law governing treatment of a buyer’s down payment in the purchase and sale of a home, as well as various ethics opinions and judicial decisions.

The Lawyers’ Fund for Client Protection which reimburses clients for losses resulting from attorney thefts is also discussed.

Program Contents

• Overview of Attorney Trust Accounts

• Handling of Escrow Funds by Attorneys

• Traps for the Unwary

• Interactive Discussion about Handling Client Funds

• IOLA and the Lawyers’ Fund for Client Protection

Program Faculty

Peter V. Coffey, Esq. (Plannning Chair)
Englert, Coffey, McHugh & Fantauzzi, LLP
—Schenectady

Christine Fecko, Esq. (Plannning Chair)
Counsel, IOLA Fund of NY
—New York City

Michael G. Gaynor, Esq.
Committee on Professional Standards
—Albany

Timothy J. O’Sullivan, Esq.
New York State Lawyers' Fund for Client Protection
—Albany
 
Peter M. Torncello, Esq.
Committee on Professional Standards
—Albany

Total MCLE Credits      4.0
Ethics MCLE Credits      4.0

The product type below that starts with the letter 'V' is a video online program that you will view and listen to on your computer screen.