The Massachusetts Supreme Judicial Court has issued an order amending Rules 1.15 and 1.15A of the state Rules of Professional Conduct regarding procedures for lawyers to follow when they discover the owner of funds in a trust account cannot be located.
If an attorney discovers the owner of the funds in an Interest on Lawyers’ Trust Account cannot be located or identified, the amendments provide procedures to transfer those funds to the Massachusetts IOLTA Committee. The amendments will go into effect Sept. 1, according to an announcement by the SJC.
