Effective November 27, 2018 – Unclaimed Funds
The Louisiana Supreme Court amended the Louisiana Rules of Professional Conduct 1.15 concerning how lawyers and law firms should handle unclaimed funds accumulated in their IOTA accounts. The amended rule directs lawyers who discover unclaimed funds defined as client or third-person funds on deposit in an IOLTA account for at least two years that after reasonable due diligence the owner cannot be located or the owner refused to accept the funds, to be remitted to the Louisiana Bar Foundation.
Unclaimed Funds Instructions and Remittance Report
Effective March 23, 2016 – Unidentified funds
The Louisiana Supreme Court amended the Louisiana Rules of Professional Conduct 1.15 concerning how lawyers and law firms should handle unidentified funds accumulated in their IOLTA accounts. The amended rule directs lawyers who discover unidentified funds defined as funds in an IOLTA account for at least one year that after reasonable due diligence cannot be documented as belonging to a client, a third person or the lawyer or law firm, to be remitted to the Louisiana Bar Foundation. The new rule was effective on March 23, 2016.
Unidentified Funds Instructions and Remittance Form
Louisiana Rules of Professional Conduct 1.15 (amended Nov. 2018)
Louisiana Supreme Court IOLTA Rule
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