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How are IOLTA eligible funds determined?

April 26, 2017eligible funds IOLTA

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How are IOLTA eligible funds determined?

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“Nominal” or “short-term” funds are those of a client or third party that the lawyer has determined cannot provide a positive net return to the client or third party. An attorney shall exercise good faith judgment in determining whether or not funds belong in an IOLTA account. No lawyer shall be charged with ethical impropriety based on the exercise of good faith judgment.