What is an IOLTA program, and how does it work?
What will be an ideal response?
IOLTA stands for Interest on Lawyer’s Trust Account. IOLTA programs are in place across
the country and are designed to promote the funding of legal aid and other pro bono–type
services. IOLTA programs require that interest earned on client trust accounts that are
nominal or of a short duration be turned over to the state bar association. The U.S. Supreme
Court ruled in 1998, in Phillips v. Washington Legal Foundation, that the interest earned in
those accounts was the private property of the client, and other federal Courts have ruled that
there can be no taking of that private property without just compensation, as the Fifth
Amendment requires.
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Answer the following statement true (T) or false (F)
Events that have no sample points in common are
A. independent events. B. supplements. C. mutually exclusive events. D. complements.
The August 31 bank statement of Mervin Inc showed a balance of $113,000 . Deducted in arriving at this amount was a customer's NSF check for $2,400 that had been returned. Mervin had received no prior notice concerning this check. In addition to the bank statement, other records showed there were deposits in transit totaling $17,200 and that outstanding checks totaled $10,800 . What is the cash
balance per books at August 31 (prior to adjustments)? a. $121,800 b. $119,400 c. $117,000 d. $115,400
Companies use virtual meetings to
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