TBA Law Blog


Posted by: Barry Kolar on Jul 8, 2020

An item in Tuesday’s TBA Today was unclear in its reference to a form that attorneys may use to remit unidentified trust funds in an IOLTA account to the Tennessee Lawyers’ Fund for Client Protection (TLFCP). Development of the form follows the Tennessee Supreme Court’s adoption of RPC 1.15(f). The Board of Professional Responsibility and the Tennessee Lawyers’ Fund for Client Protection (TLFCP) had jointly petitioned the Tennessee Supreme Court to adopt the new rule. This amendment has been adopted in several jurisdictions as a practical solution for attorneys with unidentified trust funds in an IOLTA account after having unsuccessfully attempted to ascertain ownership of the fund for 12 months. An attorney who remits funds in error may later file a claim for return of the funds subject to TLFCP verification. The unidentified funds form is NOT a new reporting form for the IOLTA program.