Attorney Escrow Accounts (2015) – DVD
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. For additional information, visit www.iola.org.
This program 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).Participants 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.
• Handling of Escrow Funds by Attorneys – Escrow Agreements
• Statutes and Regulations | Recent Cases and Ethics Opinions
• Handling Client Funds
• The Interest on Lawyer Account Fund of the State of New York (IOLA)
• The Lawyers’ Fund for Client Protection of the State of New York
Reasons to watch, or listen
• 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
Peter V. Coffey, Esq., Englert, Coffey, McHugh & Fantauzzi, LLP, Schenectady, NY
Monica A. Duffy, Esq., State of New York Supreme Court Appellate Division Third Judicial Department
Christine M. Fecko, Esq., Counsel, IOLA Fund of NY, New York, NY
Michael G. Gaynor, Esq., Committee on Professional Standards, Albany, NY
Deborah A. Scalise, Esq., Scalise, Hamilton & Sheridan LLP, Scarsdale, NY
Timothy J. O'Sullivan, New York State Lawyers' Fund for Client Protection, Albany, NY