Home Table of Contents

§ 4024. Establishment of Lawyer Trust Account Board

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. § 4024
§ 4024. Establishment of Lawyer Trust Account Board
Currentness
(a) Establishment.--There is hereby established the Lawyer Trust Account Board as an independent not-for-profit corporation. The board shall be responsible for administering the IOLTA fund and shall receive and distribute moneys in the IOLTA fund to qualified recipients as further specified in this act.
(b) Source of fund revenues.--The IOLTA fund will receive the interest generated by qualified funds deposited by attorneys in unsegregated interest-bearing accounts designated IOLTA accounts.
(c) Ownership.--The board shall hold the beneficial interest in trust accounts participating in the IOLTA program.
(d) Open meeting law.--The meetings of the board shall be subject to the act of July 3, 1986 (P.L. 388, No. 84),1 known as the Sunshine Act.

Credits

1988, April 29, P.L. 373, No. 59, § 4, imd. effective.

Footnotes

1
65 P.S. § 271 et seq. (repealed); see, now, 65 Pa.C.S.A. § 701 et seq.
62 P.S. § 4024, PA ST 62 P.S. § 4024
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document