What do I do with monies that have been held in my escrow account for a long time? I can’t decide who has them and who to pay.
This is a question that was answered about three weeks ago. In the interim, a new rule under 1.15 of the Rules of Professional Conduct was adopted on April 30, and effective 60 days after that. It is titled Rule 1.15(v), Safe-Keeping Property. The rule specifically states if there is unclaimed or unidentified property in one’s escrow/IOLTA fund, then the rule gives guidance. The rule notes if the lawyer has funds and can’t, after reasonable efforts, determine who the owners of the funds are or if the funds are in a deceased lawyer’s account then the funds have to be paid to the Pennsylvania IOLTA Board. The rule notes at the time funds are paid, the lawyer or firm shall submit to the IOLTA board, the name and last address of each person appearing from the lawyer or lawyer’s firm entitled to the funds in the amount of the unclaimed funds.
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