Re: I.O.L.T.A. Accounts

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Yes, things have changed. Now the big guys who run the legal
establishment, have devised a scheme to skim off the interest from
attorneys' clients. It's called IOLTA. It is a Robin Hood scheme,
except that they are not necessarily stealing from the rich to
give to the poor, it's the other way around, as I see it.

GS

On 7/06/06, Joel wrote:
> Have things changed or was I mistaken back in the 1990’s? I was
> under the impression that the Interest on Lawyer’s Account or
> IOLA was a voluntary account you could choose to put your
> clients funds in. When I worked for Chemical (now Chase) we gave
> them the option of an IOLA or an Attorney Trust Account the
> Interest from the IOLA would go to the State’s IOLA fund while
> the interest earned on the Attorney Trust Account would go to
> the client.
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> On 7/06/06, Carol wrote:
>> On 7/05/06, rrr wrote:
>>> On 7/05/06, W. B. Straight, Esq. wrote:
>>>> Is it morally permissible, according the tenets of the
>>>> Christian Religion--say the Roman Catholic Faith--for an
>>>> attorney to put his client's money held in trust by him in
>>>> an interest-bearing trust account and authorize the bank to
>>>> pay the interest earned off of his client's money to a
>>>> third party, such as a bar foundation?
>>>>
>>>> WBS, Esq.
>>>
>>> No, but he does not have any choice. The supreme court
>> orders
>>> him to do that.
>> I'm not Catholic but I was married to one for over 2
>> decades. Which tenent does IOLTA conflict with?