Monday, October 22, 2007

Mandatory IOLTA For North Carolina Lawyers

The North Carolina Supreme Court has adopted a mandatory program for placing escrowed funds in an interest bearing account. Lawyers retain the "complete discretion to determine whether a trust deposit is of sufficient size and duration to justify placement in a seperate...interest bearing account." The state bar must design and implement the program so that lawyers comply with the requirements by June 30, 2008. (Mike Frisch)

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