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Court Adopts New Obligations for Disposition of Unclaimed or Unidentifiable IOLTA Funds

By Order of the Supreme Court dated April 30, 2018, upon the recommendation of the Pennsylvania IOLTA Board, effective 60 days after the date of the Order, Rule of Professional Conduct 1.15(v) will require lawyers and law firms to remit unclaimed or unidentifiable IOLTA Funds to the IOLTA Board following reasonable efforts to identify or locate the owner of funds for a minimum of two years. If at any time thereafter, the owner of the funds is identified and/or located, the funds remitted to the IOLTA Board may be reclaimed by the lawyer or law firm. This Rule responds to the increasing number of attorneys seeking guidance from the IOLTA Board on the ethical distribution of such funds, usually in preparation for retirement.

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