LEO: Escrow Accounts - Disclosure -  LE Op. 573


Escrow Accounts - Disclosure - Certificates of Deposit.


May 29, 1984


It is not improper for an attorney, as trustee of an irrevocable trust,

to invest the funds of the trust in the purchase of a certificate of

deposit issued by a banking institution which does not agree to the terms

of DR:9-103(B)(1), if the attorney has proper authority, uses

appropriate discretion, and otherwise fulfills his or her fiduciary duties

and responsibilities.


If the attorney has the right or power to draw funds from the trust

account, whatever its nature or name, for disbursements or any other

purpose, the funds must be deposited in a financial institution which

agrees to comply with the reporting requirements of DR:9-103. [DR:9-103]


Committee Opinion May 29, 1984