$125 Members | $225 Non-Members
Attorney Escrow Accounts | Rules, Regulations and Related Topics
Free NYSBA Book with Registration
Friday, March 21, 2014 | 9:00 a.m. – 12:45 p.m.
4.0 MCLE Ethics Credits
NYC | Concierge Conference Center | 780 Third Avenue (Between 48th and 49th)
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.
This program will also be streamed as a live webcast.