Advisory Opinion: 845

Year Issued: 1985

RPC(s): DR 9-102

Subject: Ownership of interest on trust account

The Committee reviewed an inquiry regarding DR 9-102 and entitlement to interest earned in IOLTA accounts in which the lawyer has an ownership interest in a portion of the funds. The only advice the Committee could give was that the interest on a trust account goes to the individual who owns the funds. The underlying legal issue of when ownership in the fund vests in the lawyer can not be answered by the Committee.

[Editor's Note: The Code of Professional Responsibility was superseded by the Rules of Professional Conduct after this opinion was issued.]

Advisory Opinions are provided for the education of the Bar and reflect the opinion of the Committee on Professional Ethics (CPE) or its predecessors. Advisory Opinions are provided pursuant to the authorization granted by the Board of Governors, but are not individually approved by the Board and do not reflect the official position of the Bar association. Laws other than the Washington State Rules of Professional Conduct may apply to the inquiry. The Committee's answer does not include or opine about any other applicable law other than the meaning of the Rules of Professional Conduct.