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BankersOnline.com Forums State-Specific Compliance Issues Florida Florida IOLTA (IOTA)
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#2021753 - 06/22/15 12:42 PM Florida IOLTA (IOTA)
SunnyFL, CRCM Offline
100 Club
Joined: Sep 2004
Posts: 205
FL
Please settle our debate .... In Florida, can a title company have an IOTA? Normally I would say no but would it make a difference if the title company as owned by an attorney?

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#2021763 - 06/22/15 01:10 PM Re: Florida IOLTA (IOTA) SunnyFL, CRCM
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX

Who's money is it??? The Title company's or the lawyer's clients in connection with a representation. If these are earnest money deposits, the lawyer is not representing the parties, they are just holding the money. If you have further questions, give the BAR a call.

RULE 5-1.1 TRUST ACCOUNTS


5 RULES REGULATING TRUST ACCOUNTS
5-1 GENERALLY

RULE 5-1.1 TRUST ACCOUNTS


A lawyer shall hold in trust, separate from the lawyer’s own property, funds and property of clients or third persons that are in a lawyer’s possession in connection with a representation.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2021766 - 06/22/15 01:24 PM Re: Florida IOLTA (IOTA) rlcarey
SunnyFL, CRCM Offline
100 Club
Joined: Sep 2004
Posts: 205
FL
Thanks much!

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