safekeeping funds and property

Question 1

what is the cardinal rule of handling client property?

Answer 1

do not commingle with your own property
you are a fiduciary

Question 2

when is the only time when you can deposit your own money into the client account?

Answer 2

for the sole purpose of paying bank service charges in the amount necessary to cover them

Question 3

true or false: every client must have a separate trust account

Answer 3

false; if funds are small, then use a IOLTA pool trust account, but need ot keep good records

Question 4

who keeps interest on IOLTA accounts?

Answer 4

charitable causes

Question 5

for how long do you have to preserve records after representation ends?

Answer 5

5 years

Question 6

when do you have to notify and deliver client property?

Answer 6

promptly

Question 7

if a 3P has a lien on client property, but client doesn’t want you to pay them, what should you do?

Answer 7

if you think the 3P has a valid claim, you have to hold the disputed amount in the trust account until the dispute is resolved