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Attorney Escrow Accounts: Rules and Regulations (2014)


4.0 MCLE Ethics Credits

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

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.

Additional Information:


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.

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.   

Total Credits: 4.00 | Ethics: 4.00

Click "Add to Cart" to purchase full program or click a title below to purchase by topic.

 1 Handling Of Escrow Accounts By Attorneys (2014)
Ethics: 1.00
 2 Traps For The Unwary (2014)
Ethics: 1.00
 3 Iola | Attorney Escrow Accounts (2014)
Ethics: 1.00
 4 Update On The Lawyers' Fund For Client Protection (2014)
Ethics: 0.50
Product Code:
C. Fecko, M. Gaynor, P. Coffey, T. O'Sullivan
Recorded/Publication Date:
March 21, 2014
Audio Online
Available for Immediate Download
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