safe keeping of funds and other property

Question 1

Duty to protect clients property

Answer 1

yes

Question 2

Client trust account

Answer 2

an attorney must deposit their clients money in a seperate, individual, interest bearing account

Account must be fully insured, ie the balance

Question 3

Unearned fees or expenses

Answer 3

A lawyer shall deposit unearned pre paid fees into an account and only take money as it is earned

Question 4

pooled client trust accounts

Answer 4

pooled trust accounts are used for smaller funds held for short periods of time for several clients at once. These funds must be held in a checking account and the interest generated must be used to pay bank fees and then given to the state bar for indigent defense.

Question 5

Commingling and borrowed funds

Answer 5

not cool, except a lawyer may deposit money to pay bank service charges but only enough to do so

Question 6

duty to keep records

Answer 6

Lawyers must keep records of client funds and property

Question 7

Duty to promptly notify and deliver

Answer 7

upon recieving funds or other property in which a client or a third party has an interest, a lawyer shall promptly notify and deliver those funds

Question 8

Third party property

Answer 8

same rules regarding client property applies to third party property recieved by a lawyer in connection with representation

Question 9

Disputed claims

Answer 9

If there is a dispute about money the lawyer needs to keep the disputed property seperate