What is the purpose of the IOLTA account program? Is it in use in your jurisdiction?
What will be an ideal response?
IOLTA account programs were set up by the states for several purposes. One was to permit attorneys to aggregate small sums of money held on behalf of multiple clients and allow them to be placed in a single escrow account, so long as the attorney maintained separate paper accounting. However, a single account was troublesome if interest was earned. The interest earned on the account is not credited to the individual clients or the law firm but goes instead to a client protection fund or legal aid fund administered by the state. Thus, the second purpose of IOLTA is funding legal services.
You might also like to view...
Expert witnesses can be valuable, as they can testify to:
A. Eyewitness accounts at trial B. Hearsay evidence C. Opinion testimony on the issue at hand D. All of the above E. None of the above
What is the difference between depositions taken upon oral examination and those taken upon written questions?
What will be an ideal response?
Encyclopedias do not contain similar subject matter and references; content and resources vary by the specific encyclopedia
Indicate whether the statement is true or false
Delivery of goods can be made only to a common carrier.
Answer the following statement true (T) or false (F)