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§ 4025. Attorney participation

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 62 P.S. Poor Persons and Public Welfare

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 62 P.S. Poor Persons and Public Welfare (Refs & Annos)
Chapter 32. Interest on Lawyers' Trust Accounts Act
62 P.S. § 4025
§ 4025. Attorney participation
Currentness
(a) Participation.--Each attorney shall participate under the provisions of this act and shall place all qualified funds in an IOLTA account, unless an election not to participate is submitted in writing to the board at times and under conditions as specified by the board.
(b) Liability.--No attorney shall be liable in damages or held to have breached any fiduciary duty or responsibility because of a deposit of moneys to an IOLTA account pursuant to a judgment in good faith that the moneys were qualified funds.
(c) Other investments.--Nothing in this act shall be construed as regulating the ability of an attorney to invest nonqualified funds in any other investment vehicle specified by the client or beneficial owner or as they and the attorney may agree upon.

Credits

1988, April 29, P.L. 373, No. 59, § 5, effective in 6 months.
62 P.S. § 4025, PA ST 62 P.S. § 4025
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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