July 15, 2008
"The Good Funds Rule"
The South Carolina Supreme Court suspended an attorney for 30 days for misconduct that included a failure to insure that funds deposited in escrow were properly credited prior to writing checks. As a result, several checks were returned for insufficient funds. The attorney acknowledged that he was aware of the "good funds rule" and the need to verify availability of funds prior to disbursement. He also admitted that he failed to properly supervise a staff member who had taken funds. He filed criminal charges against the staffer and had replaced the missing funds. (Mike Frisch)
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