Ethics Advisory Committee--FAQ #6, Draft B
Re: ---- Trust Account #
Attention Customer Service
The South Carolina Supreme Court has adopted new rules of professional conduct governing attorneys effective October 1, 2005.
New Rule 1.15(h) provides as follows:
(h) Every lawyer maintaining a law office trust account shall file with the financial institution a written directive requiring the institution to report to the Commission on Lawyer Conduct when any properly payable instrument drawn on the account is presented for payment against insufficient funds. No law office trust account shall be maintained in a financial institution that does not agree to make such reports. The inadvertent failure of the institution to provide the report required by this rule shall not be construed to establish a breach of duty of care, or contract with, the Court or any third party who may sustain a loss as a result of an overdraft of a lawyer trust account.
This letter constitutes my directive to you in accordance with that rule.
PLEASE ADVISE ME IMMEDIATELY IF ---- DOES NOT AGREE TO MAKE REPORTS IN ACCORDANCE WITH THIS RULE BECAUSE IT WILL BE NECESSARY FOR ME TO MOVE MY ESCROW ACCOUNT TO ANOTHER INSTITUTION IF THE BANK DOES NOT AGREE TO MAKE SUCH REPORTS.
Attorney at Law