LEO: Client Funds - IOTA Accounts LE Op. 919
Client Funds - IOTA Accounts.
June 11, 1987
It is proper for an attorney to deposit a client's funds in an IOTA
account absent written consent from the client following full disclosure.
Disciplinary Rule 9-102 [ DR:9-102] allows attorneys to deposit nominal
short-term funds in a commingled interest-bearing account.
It is not proper for an attorney to participate in an IOTA account,
absent disclosure and permission of the client, should the attorney have
such funds as might draw appreciable interest or should such funds not be
subject to disbursement for a protracted period of time which might result
in appreciable interest. [ DR:9-102]
Committee Opinion June 11, 1987