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§ 10-302. Attorney trust account required to accept trust money

West's Annotated Code of MarylandBusiness Occupations and Professions

West's Annotated Code of Maryland
Business Occupations and Professions
Title 10. Lawyers (Refs & Annos)
Subtitle 3. Trust Money (Refs & Annos)
Part I. Attorney Trust Accounts
MD Code, Business Occupations & Professions, § 10-302
§ 10-302. Attorney trust account required to accept trust money
Currentness
In general
(a) Unless a lawyer or the firm of the lawyer maintains an attorney trust account in accordance with this subtitle and the Maryland Rules, the lawyer may not accept trust money.
Maintenance at approved financial institutions
(b) Each attorney trust account shall be maintained at an approved financial institution, as provided in the Maryland Rules.
Characteristics of trust account
(c)(1) An attorney trust account may be an interest bearing or noninterest bearing account.
(2) An attorney trust account may be:
(i) a savings account;
(ii) a checking account;
(iii) an account that is subject to negotiable orders of withdrawal; or
(iv) any combination of these accounts.
(3) A lawyer who deposits trust money in a noninterest bearing account is not liable for damages that relate to the loss of interest on the trust money if the deposit is made in compliance with:
(i) the provisions of this Part I of this subtitle; and
(ii) the applicable provisions of the Maryland Rules of Professional Conduct.

Credits

Added by Acts 1989, c. 3, § 1, eff. Oct. 1, 1989. Amended by Acts 1989, c. 632, § 3.
Formerly Art. 10, § 44.
MD Code, Business Occupations & Professions, § 10-302, MD BUS OCCUP & PROF § 10-302
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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