CHAPTER 5. PARTICIPATION BY ATTORNEYS
IC 33-44-5
Chapter 5. Participation by Attorneys
IC 33-44-5-1
Application of chapter
Sec. 1. Except as provided in section 2 of this chapter, each
attorney is subject to this article.
As added by P.L.98-2004, SEC.23.
IC 33-44-5-2
Attorneys not subject to article
Sec. 2. An attorney is not subject to this article if the attorney:
(1) does not place any qualified funds in an interest bearing
attorney trust account; and
(2) submits a written statement to the board.
As added by P.L.98-2004, SEC.23.
IC 33-44-5-3
Written statement of attorney; procedure
Sec. 3. The statement submitted under section 2 of this chapter
must:
(1) be filed in accordance with rules adopted under IC 4-22-2 by
the board; and
(2) state that the attorney is acting under section 2 of this
chapter to exempt the attorney from the application of this
article.
As added by P.L.98-2004, SEC.23.
IC 33-44-5-4
Presumption if written statement not filed
Sec. 4. If an attorney does not act under section 2 of this chapter,
the board shall presume that the attorney has elected to be subject to
this article.
As added by P.L.98-2004, SEC.23.
IC 33-44-5-5
Placement of funds; interest bearing attorney trust account
Sec. 5. An attorney subject to this article shall place all qualified
funds in an interest bearing attorney trust account.
As added by P.L.98-2004, SEC.23.
IC 33-44-5-6
Qualified funds; determination by attorney
Sec. 6. An attorney subject to this article shall determine if money
received from a client or beneficial owner constitutes qualified
funds.
As added by P.L.98-2004, SEC.23.
IC 33-44-5-7
Determination of qualified funds; considerations
Sec. 7. In making the determination under section 6 of this
chapter, the attorney shall consider the following:
(1) The amount of interest the money would earn during the
period the money is expected to be deposited.
(2) The cost of establishing and administering the account.
(3) The capability of the depository financial institution to
calculate and pay the interest earned by each client's funds, after
deduction of any service charges, to the client.
As added by P.L.98-2004, SEC.23.
IC 33-44-5-8
Good faith judgment concerning deposit of funds; attorney liability
Sec. 8. An attorney:
(1) does not breach a fiduciary duty;
(2) is not liable in damages; and
(3) is not subject to disciplinary action;
because of a deposit of money in an interest bearing attorney trust
account if the attorney acted in accordance with a good faith
judgment that the money constituted qualified funds.
As added by P.L.98-2004, SEC.23.