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RULE 19-410. PROHIBITED TRANSACTIONS

West's Annotated Code of MarylandMaryland Rules

West's Annotated Code of Maryland
Maryland Rules
Title 19. Attorneys
Chapter 400. Attorney Trust Accounts
MD Rules Attorneys, Rule 19-410
RULE 19-410. PROHIBITED TRANSACTIONS
(a) Generally. An attorney or law firm may not borrow or pledge any funds required by the Rules in this Chapter to be deposited in an attorney trust account, obtain any remuneration from the financial institution for depositing any funds in the account, or use any funds for any unauthorized purpose.
(b) No Cash Disbursements. An instrument drawn on an attorney trust account may not be drawn payable to cash or to bearer, and no cash withdrawal may be made from an automated teller machine or by any other method. All disbursements from an attorney trust account shall be made by check or electronic transfer.
(c) Negative Balance Prohibited. No funds from an attorney trust account shall be disbursed if the disbursement would create a negative balance with regard to an individual client matter or all client matters in the aggregate.
Source: This Rule is derived from former Rule 16-609 (2016).

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[Adopted June 6, 2016, eff. July 1, 2016.]
MD R Attorneys, Rule 19-410, MD R ATTORNEYS Rule 19-410
Current with amendments received through December 15, 2019.
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