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Attorney Escrow Accounts 101 | LPM CLE Program

- Location -
Holiday Inn Amherst
1881 Niagara Falls Blvd.
Amherst, NY 14228
(716) 691-8181

9:00 a.m. to 1:00 p.m.

4.0 MCLE Credits in Ethics

Live Webcast Option is Available for this Program

Attorney Escrow Accounts 101:
What Every Attorney Needs to Know in New York

Sponsored by the Real Property Law Section, Law Practice Management Committee and the
Committee on Continuing Legal Education of the New York State Bar Association

All registrants receive a free copy of Attorney Escrow Accounts - Rules, Regulations and Related Topics, Third Edition
(A $45 value)
This publication will be part of the course materials for the program.

Handling attorney trust accounts is a large part of the practice of law in New York. Statewide, attorneys maintain over 48,000 IOLA accounts in approximately 200 banking institutions. 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 will address the administration of attorney trust accounts – including IOLA accounts – and the rules governing the handling of funds in those accounts.

Panelists will 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. Speakers will provide an overview of IOLA's laws and regulations including State Finance Law §97-V, Judiciary Law §497, Trustees' Regulations (21 N.Y.C.R.R. Part 7000), the Rules of Professional Conduct (22 N.Y.C.R.R. Part 1200, Rule 1.15) and the Dishonored Check Rule (22 N.Y.C.R.R. Part 1300). Registrants will learn more about the correct titling of IOLA accounts, missing clients, deceased attorneys and the designation of successor signatories.

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

Each registrant will receive a copy of the New York State Bar Association’s publication, Attorney Escrow Accounts – Rules, Regulations and Related Topics, Third Edition. This invaluable resource provides a comprehensive review of the legal and ethical requirements pertaining to the handling of client funds and includes reference to the New York Rules of Professional Conduct and sample escrow agreements.

Register today and guarantee your seat at the live program. If you are unable to attend in person, the Albany location will be recorded and streamed as a live webcast.

Reasons to attend

-Includes a comprehensive review of the legal and ethical requirements pertaining to the handling of client funds
-Get practical and useful advice on how to avoid client complaints of misconduct and disciplinary proceedings
-Develop an appropriate record-keeping system to administer and account for clients’ funds
-Understand IOLA, how to establish an account and when its use is required
-Learn more about the Lawyers’ Fund for Client Protection
-Get sample escrow agreements
-Earn 4.0 MCLE Ethics credits

Agenda

8:30 a.m. Registration

9:00 a.m. – 9:10 a.m. Welcome and Introduction

Overview of Attorney Trust Accounts

9:10 a.m. – 10:00 a.m.
Handling of Escrow Funds by Attorneys – Escrow Agreements
Statutes and Regulations | Recent Cases and Ethics Opinions
Comprehensive review of escrow agents; duty; trustee aspects; fiduciary aspects; specific duties and liabilities; co-mingling; wrongful delivery; liability for interest; risk of loss; investigations by the Disciplinary Committee; need for and requirements of the escrow agreement; exculpation of escrow agent; required bookkeeping records

(1.0 Ethics Credit)

10:00 a.m. – 10:10 a.m. Break

Traps for the Unwary

10:10 a.m. – 11:25 a.m.
Interactive Discussion about Handling Client Funds 
Question and answer session about the practical application of ethics rules and recent cases to everyday law firm management as well as more unusual situations that a lawyer may encounter. Issues include innocent mistakes in account management; FDIC insurance; duty to invest; bank failure; use of foreign banks; “shared funds;” retainer agreements; and Rule 1.15 of the New York Rules of Professional Conduct

(1.5 Ethics Credits)

11:25 a.m. – 11:30 a.m. Break

IOLA and the Lawyers’ Fund for Client Protection

11:30 a.m. – 12:20 p.m.
The Interest on Lawyer Account Fund of the State of New York (IOLA)
Overview of the use of IOLA accounts; ethical considerations and recent cases; role of the Fund in supporting civil legal services for low-income New Yorkers; selection of depository banks as means of maximizing the Fund’s mission

(1.0 Ethics Credit)


12:20 p.m. – 12:45 p.m.
The Lawyers’ Fund for Client Protection of the State of New York
Update of the Fund’s role in protecting clients; the Dishonored Check Rule and its relation to an attorney’s ethical obligations; selection of a depository bank; the Fund’s role in court rules governing escrow funds owed to missing clients or in the escrow account of a deceased attorney and sole signatory

(0.5 Ethics Credit)

12:45 p.m. – 1:00 p.m. Questions and Answers

1:00 p.m. Adjournment

Overall Planning Chairs

Peter V. Coffey, Esq., Englert, Coffey, McHugh & Fantauzzi, LLP, Schenectady, NY

Christine M. Fecko, Esq., Counsel, IOLA Fund of NY, New York, NY

Program Faculty

Timothy J. O’Sullivan, Esq., New York State Lawyers' Fund for Client Protection, Albany, NY 

Roderick Quebral, Esq., Attorney Grievance Committee Fourth Department, Buffalo, NY

LIVE WEBCAST OPTION AVAILABLE
The webcast option is MCLE-accredited for all New York Attorneys except those admitted less than 24 months.

"Attorney Escrow Accounts 101 - What Every Attorney Needs to Know in New York"

9:00 a.m. - 1:00 p.m.

4.0 MCLE Credits
(4.0 Ethics Credits)

NYSBA Members - $125*
Non-Members - $225*

*Pre-registration fees. Registration fees increase ten days prior to the program date.
Price includes free copy of the Attorney Escrow Accounts book.

Please note: If you cannot attend in person, the October 12, 2012 Albany program will be also be streamed as a live webcast and recorded. Please note: Newly admitted attorneys cannot receive MCLE credit for participation in CLE webcasts and webconferences.

For questions about this program, please contact Kathy Suchocki, Director of Law Practice Management at the New York State Bar Association at
(518) 487-5590 or ksuchocki@nysba.org.

To learn more about law practice management resources available to NYSBA members, visit www.nysba.org/LPM.

Directions to the Buffalo Program Location | Holiday Inn Amherst

The last day to pre-register online was October 18, 2012.

Members, please login to get member discounts.

Seminar
BUFF-Registration	$140.00

Seminar
BUFF-Registration	$240.00

Seminar
BUFF-Registration	$60.00

Accommodations for Persons with Disabilities:
NYSBA welcomes participation by individuals with disabilities. NYSBA is committed to complying with all applicable laws that prohibit discrimination against individuals on the basis of disability in the full and equal enjoyment of its goods, services, programs, activities, facilities, privileges, advantages, or accommodations. To request auxiliary aids or services or if you have any questions regarding accessibility, please contact Cindy O'Brien at 800-582-2452 or cobrien@nysba.org.