Ethics Forum: Questions and Answers on Professional Responsibility
Where can I find the record-keeping requirements for my escrow account?
February 21, 2019 at 12:37 PM
9 minute read
Rule 221 outlines the terms of record-keeping requirements for attorneys.
Where can I find the record-keeping requirements for my escrow account?
Record-keeping requirements are set forth in Pennsylvania Rules of Professional Conduct 1.15. But the Rules of Disciplinary Enforcement, under Rule 221, are very specific in terms of what a lawyer must do and not do in terms of keeping records. Rule 221 also sets forth potential penalties for failure to maintain the records.
Rule 221, which has probably not been read by most attorneys requires escrow funds to be held in an approved account. The lawyer is responsible under Rule 221 for identifying the name of the account on the annual registration form. The lists of approved banks are published each year.
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