Talk:Interest on Lawyers' Trust Accounts

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USA-centricity

I note with regret that nearly all the information I have on this topic refers to American practice only. I hope our friends in Canada, New Zealand etc may contribute as appropriate. rewinn 02:37, 15 June 2007 (UTC)[reply]

Hear, hear! Bearian 17:29, 15 June 2007 (UTC)[reply]

I'm not sure now that those other nations even have an IOLA program. Bearian (talk) 22:09, 9 October 2008 (UTC)[reply]

Hostile Viewpoint

This article contains extreme POV and is hostile toward IOLTA and the legal profession generally. It presents a very inaccurate and distorted view of the program.

Lawyers place short-term deposits into a checking account. Prior to 1981, commercial banks were prohibited by federal law from paying interest on demand deposits (e.g. checking accounts), so the question who was entitled to the interest did not arise, since there was no interest paid. After 1981, interest was not paid to the client, because the deposits credited to each client were nominal in amount, and the administrative cost of tracking the interest was too great.

It was about that time that the state bar organizations came up with the idea of having all of the interest swept from the account and used for public purposes.

I happen to agree that such activity is improper, but the Supreme Court has upheld the constitutionality of IOLTA programs.

John Paul Parks (talk) 05:58, 6 October 2008 (UTC)[reply]

So I've done a clean-up. Bearian (talk) 22:09, 9 October 2008 (UTC)[reply]

Name of program

Should the first sentence be changed to match what the National Association of IOLTA Programs uses? According to them, IOLTA stands for "Interest on Lawyers’ Trust Accounts" with the plural possessive on Lawyers'. https://iolta.org/what-is-iolta/iolta-basics/ Cslabrador (talk) 16:42, 22 February 2024 (UTC)[reply]

I've moved the page. ⟲ Three Sixty! ^Talk? _Work. 14:09, 13 March 2024 (UTC)[reply]