Does the mandatory IOLTA statute conflict with the Chapter 600 of the Maryland Rules on attorney trust accounts?
A. No. Chapter 600 of the Maryland Rules, entitled “Attorney Trust Accounts,” permits attorney participation in IOLTA and does not conflict with the statute requiring attorneys to deposit appropriate trust funds in IOLTA accounts. Rule 16-608 states: Any interest paid on funds deposited in an attorney trust account, after deducting service charges and fees of the financial institution, shall be credited and belong to the client or third person whose funds are on deposit during the period the interest is earned, except to the extent that interest is paid to the Maryland Legal Services Corporation as authorized by law (emphasis added).
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