Author Question: What is the purpose of the IOLTA account program? Is it in use in your jurisdiction? What will be ... (Read 27 times)

burchfield96 · **on:** Aug 3, 2018

What is the purpose of the IOLTA account program? Is it in use in your jurisdiction?

What will be an ideal response?

Question 2

Some judges may not approve of any large-screen displays, while others may think a large-projection screen is appropriate.

a. True
b. False
Indicate whether the statement is true or false

Chocorrol77 · **Reply #1 on:** Aug 3, 2018

Answer to Question 1

IOLTA account programs were set up by the states for several purposes. One was to permit attorneys to aggregate small sums of money held on behalf of multiple clients and allow them to be placed in a single escrow account, so long as the attorney maintained separate paper accounting. However, a single account was troublesome if interest was earned. The interest earned on the account is not credited to the individual clients or the law firm but goes instead to a client protection fund or legal aid fund administered by the state. Thus, the second purpose of IOLTA is funding legal services.

Answer to Question 2

TRUE