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Pennsylvania Statutes Title 62 P.S. Poor Persons and Public Welfare § 4025. Attorney participation

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Participation.--Each attorney shall participate under the provisions of this act and shall place all qualified funds in an IOLTA account, unless an election not to participate is submitted in writing to the board at times and under conditions as specified by the board.

(b) Liability.--No attorney shall be liable in damages or held to have breached any fiduciary duty or responsibility because of a deposit of moneys to an IOLTA account pursuant to a judgment in good faith that the moneys were qualified funds.

(c) Other investments.--Nothing in this act shall be construed as regulating the ability of an attorney to invest nonqualified funds in any other investment vehicle specified by the client or beneficial owner or as they and the attorney may agree upon.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 62 P.S. Poor Persons and Public Welfare § 4025. Attorney participation - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-62-ps-poor-persons-and-public-welfare/pa-st-sect-62-4025/

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