Go to the Mississippi Supreme Court website a Look under “rules” and the Rules of Professional Conduct. Rule 1.15 is entitled “Safekeeping Property”
Chapter 9 Assignment
1. Go to the Mississippi Supreme Court website a Look under “rules” and the Rules of Professional Conduct. Rule 1.15 is entitled “Safekeeping Property”. This rule provides information regarding Mississippi’s IOLTA plan and even includes the form. Answer the following questions about this rule: (worth 5 points each)
a. How many years should the attorney keep trust account records AFTER terminating representation?
b. What should the attorney do immediately if he/she receives a settlement check on behalf of a client?
c. What should the attorney do if the client and the attorney are in dispute regarding trust account funds?
d. Can an attorney place client funds in an interest- bearing account?
e. Any practicing attorney in Mississippi agrees to participate in the IOLTA plan. What should the attorney do if he/she doesn’t want to participate?
f. Do the earnings from the interest-bearing account go to the attorney or firm?
g. Can the attorney deposit the funds in any financial institution? What are the requirements when selecting the institution?
h. Can the institution assign lower interest rates to trust accounts than it would for any other types of accounts?
i. Where must the institution send the interest earned from the trust account?
j. Can client trust account funds be comingled with the firm’s account?
k. After reading this rule, is participation in this program mandatory, voluntary, or opt-out? (The chapter discusses the difference in each.)
Submit your work through the submission link by the date indicated on the schedule.