Supreme Court of Missouri
en banc
December 18, 2007
Effective January 1, 2008
Effective January 1, 2008
In re:
Correction of order of August 21, 2007, repealing subdivision 4-1.15, entitled "Safekeeping Property," of Rule 4, entitled "Rules of Professional Conduct."
ORDER
1. By order of August 21, 2007, this Court adopted a new subdivision 4-1.15 of Rule 4 to be effective January 1, 2008. The order is included in the September 25, 2007, advance sheets of the South Western Reporter, Third, Missouri Cases series, beginning at page Ct.R-5. The Court hereby corrects the order so that a sentence is added to subdivision 4-1.15(i)(5) of Rule 4 clarifying the accounts to be maintained by those exempt under that subdivision. As corrected, effective January 1, 2008, subdivision 4-1.15(i)(5) of Rule 4 shall read as follows:
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4-1.15 SAFEKEEPING PROPERTY
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- (i) Every lawyer shall certify in connection with this Court's annual enrollment statement that the lawyer or the law firm with which the lawyer is associated either maintains an IOLTA account with an eligible institution as provided in Rule 4-1.15(h) or is exempt because the:
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(5) Foundation has exempted the lawyer or law firm from the requirement of maintaining an IOLTA account and depositing client and third person funds therein because a lawyer or law firm:
(A) maintains an IOLTA account that has not and cannot reasonably be expected to produce interest or dividends in excess of allowable reasonable fees;
or
(B) establishes that no eligible institution within reasonable proximity to his, her or its office offers IOLTA accounts.
The foundation may establish criteria and procedures by which an exemption under this Rule 4-1.15(i)(5) may be obtained.
The trust accounts of lawyers or law firms exempt under this Rule 4-1.15(i)(5) shall be non-interest-bearing, except that such accounts shall be interest-bearing if funds held for particular clients or matters warrant one or more non-IOLTA accounts under Rule 4-1.15(h)(3).
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2. It is ordered that notice of this order be published in the Journal of The Missouri Bar.
3. It is ordered that this order be published in the South Western Reporter.
Day - to - Day
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LAURA DENVIR STITH
Chief Justice
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LAURA DENVIR STITH
Chief Justice