Monday, November 26, 2007

Fiduciary Obligation

The Oklahoma Supreme Court disbarred an attorney for misappropriation of entrusted funds. The court found that an intent to eventually repay the funds did not warrant a lesssr sanction, quoting from an earlier case that quoted the decision of the New Jersey Supreme Court in in re Wilson:

"Lawyers who 'borrow' may, it is true, be less culpable than those who had no intent to repay, but the difference is negligible in this connection. Banks do not rehire tellers who 'borrow' depositors' funds. Our professional standard, if anything, should be higher. Lawyers are more than fiduciaries: they are representatives of a profession and officers of this Court." (Mike Frisch)

http://lawprofessors.typepad.com/legal_profession/2007/11/hold-3.html

Bar Discipline & Process | Permalink

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