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Must the IOLTA account be with a bank or savings and loan association which is FDIC insured and authorized to do business in Nebraska?

April 26, 2017account Association authorized Bank Business FDIC insured IOLTA loan savings

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Must the IOLTA account be with a bank or savings and loan association which is FDIC insured and authorized to do business in Nebraska?

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A. Yes. “Financial Institution” includes any state or federally chartered bank, savings bank, savings and loan association, or building and loan association insured by the Federal Deposit Insurance Corporation. The Nebraska Rules of Professional Conduct [Rule 1.15(a)] provides, in part, that a lawyer shall hold property of clients or third persons that is in a lawyer’s possession in connection with a representation separate from the lawyer’s own property. Funds shall be kept in a separate account maintained in the state where the lawyer’s office is located.