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IOLTA Guidelines Amended

By Massachusetts Trial Court Law Libraries

The Interest on Lawyers' Trust Accounts (IOLTA) Guidelines have been amended effective July 1, 2009. The amendments provide "clearer language about proper investment of IOLTA funds reserved in a stabilization fund. In Sections 5(d), 5(e) and 4(c), [the amendments provide] a more complete Guideline regarding the amounts of funds that may be reserved by and how such funds are to be accounted for by the three charities which receive IOLTA funds. In Sections 5(e), 5(f), 4(a) and 4(b), [the amendments provide] related procedural changes to reflect the new Guidelines."

Full post as published by Massachusetts Law Updates on May 28, 2009 (boomark / email).