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Attorney Escrow Accounts 101 | LPM CLE Program
Thursday, October 25, 2012
- Location -
Affinia Manhattan
371 Seventh Avenue At 31st Street
New York, NY 10001-3984
(212) 563-1800
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
Nancy B. Gabriel, Esq.,
The Grievance Committee for the Tenth Judicial District, Appellate
Division, Second Judicial Department, Happaugue, 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 NYC Program Location | Affinia
Manhattan
From Long Island: Take I-495 WEST to MIDTOWN TUNNEL. Go through toll and
Enter LEFT TUBE in Midtown Tunnel. Exit Tunnel and stay in LANE. Go LEFT
toward Downtown. Turn RIGHT onto E 35TH ST – go STRAIGHT to 7TH
AVE. Turn LEFT onto 7TH AVE. Follow to 31st & 7th Hotel is on East
side of 7th Ave. From Connecticut: Merge onto I-95 S (Portions toll)
(Crossing into NEW YORK). Keep LEFT to take I-278 W via EXIT 6B toward
TRIBORO BR. Take the exit toward RANDALLS-WARDS IS MANHATTAN / FDR
DRIVE. Stay STRAIGHT to go onto TRIBOROUGH BRIDGE (Portions toll). Merge
onto FDR DR S. Take EXIT 8 toward I-495 / MIDTOWN TUN / E 34 ST. Stay
STRAIGHT to go onto FDR DR SERVICE RD W. Turn RIGHT onto E 37TH ST. Turn
LEFT onto PARK AVE. Turn RIGHT onto E 35TH ST. Turn LEFT onto 7TH AVE.
Follow to 31st & 7th. Hotel is on East side of 7th Ave. From New
Jersey: Take the N.J. TURNPIKE ramp toward NEW YORK AND NORTH. Merge
onto I-95 N / NEW JERSEY TURNPIKE N toward CARS / TRUCKS-BUSES (Portions
toll). Keep RIGHT to take I-95 N / NEW JERSEY TURNPIKE N toward I-80 /
EXITS 15E - 18E / US-46 / INCOLN TUNNEL (Portions toll). Take EXIT 16E
toward LINCOLN TUNNEL / NEW YORK CITY. Keep LEFT to take NJ-495 E toward
LINCOLN TUNNEL (Portions toll) (Crossing into NEW YORK). NJ-495 E
becomes I-495 E / LINCOLN TUNNEL. Take the exit on the LEFT toward I-495
E / 42 ST / RT-9A / ALL POINTS. Stay STRAIGHT to go onto DYER AVE. Turn
RIGHT onto W 40TH ST. Turn RIGHT onto 9TH AVE. Turn LEFT onto W 38TH ST.
Turn RIGHT onto 7TH AVE. Follow to 31st & 7th. Hotel is on East side
of 7th Ave. From JFK: Start out going SOUTHEAST, Turn SLIGHT LEFT to
take the ramp toward AIRPORT EXIT / OTHER TERMINALS. Stay STRAIGHT to go
onto JFK EXPY. Merge onto I-678 N / VAN WYCK EXPY toward AIRPORT EXIT /
RETURN TO TERMINALS / LONG TERM PARKING / RENTAL CAR RETURNS. Merge onto
GRAND CENTRAL PKWY W via EXIT 10 on the LEFT toward LA GUARDIA AIRPORT /
TRIBORO BR. Take the I-495 / LONG IS EXPWY exit- EXIT 10E-W- toward
EASTERN LONG IS / MANHATTAN. Merge onto I-495 W via EXIT 10W on the LEFT
(Portions toll). Take I-495 WEST to MIDTOWN TUNNEL. Go through toll and
Enter LEFT TUBE in Midtown Tunnel. Exit Tunnel and stay in LANE. Go LEFT
toward Downtown. Turn RIGHT onto E 35TH ST – go STRAIGHT to 7TH
AVE. Turn LEFT onto 7TH AVE. Follow to 31st & 7th. Hotel is on East
side of 7th Ave. From LaGuardia: Start out going NORTHEAST on LA GUARDIA
RD. Turn SLIGHT LEFT toward TERMINAL A / MARINE AIR TERMINAL / RENTAL
CAR RETURNS. Turn SLIGHT LEFT onto CENTRAL TERMINAL DR.Take the AIRPORT
EXIT ramp. Merge onto GRAND CENTRAL PKWY W toward MANHATTAN. Take the
BKLYN-QNS EXPWY exit- EXIT 4- toward STATEN ISLAND / I-278 W. Merge onto
BROOKLYN QUEENS EXPY E. Merge onto I-278 W / BROOKLYN QUEENS EXPY. Take
the L.I. EXPWY / I-495 exit- EXIT 35- toward MIDTOWN TUN / EASTERN L.I.
/ GREENPOINT AVE. Merge onto I-495 W via EXIT 35W on the LEFT toward
MIDTOWN TUN / MANHATTAN (Portions toll). Take I-495 WEST to MIDTOWN
TUNNEL. Go through toll and Enter LEFT TUBE in Midtown Tunnel. Exit
Tunnel and stay in LANE. Go LEFT toward Downtown. Turn RIGHT onto E 35TH
ST – go STRAIGHT to 7TH AVE. Turn LEFT onto 7TH AVE. Follow to
31st & 7th. Hotel is on East side of 7th Ave. From Newark: Take the
N.J. TURNPIKE ramp toward NEW YORK AND NORTH. Merge onto I-95 N / NEW
JERSEY TURNPIKE N toward CARS / TRUCKS-BUSES (Portions toll). Keep RIGHT
to take I-95 N / NEW JERSEY TURNPIKE N toward I-80 / EXITS 15E - 18E /
US-46 / LINCOLN TUNNEL (Portions toll). Take EXIT 16E toward LINCOLN
TUNNEL / NEW YORK CITY. Keep LEFT to take NJ-495 E toward LINCOLN TUNNEL
(Portions toll) (Crossing into NEW YORK). NJ-495 E becomes I-495 E /
LINCOLN TUNNEL. Take the exit on the LEFT toward I-495 E / 42 ST / RT-9A
/ ALL POINTS. Stay STRAIGHT to go onto DYER AVE. Turn RIGHT onto W 40TH
ST. Turn RIGHT onto 9TH AVE. Turn LEFT onto W 38TH ST. Turn RIGHT onto
7TH AVE. Follow to 31st & 7th. Hotel is on East side of 7th
Ave.
The last day to pre-register online was October 24, 2012.
Members, please login to get member discounts.
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NYC-Registration
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$140.00
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NYC-Registration
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$240.00
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NYC-Registration
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$60.00
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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.
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