CHAPTER 5. PARTICIPATION BY ATTORNEYS

IC 33-44-5
    Chapter 5. Participation by Attorneys

IC 33-44-5-1
Application of chapter
    Sec. 1. Except as provided in section 2 of this chapter, eachattorney is subject to this article.
As added by P.L.98-2004, SEC.23.

IC 33-44-5-2
Attorneys not subject to article
    Sec. 2. An attorney is not subject to this article if the attorney:
        (1) does not place any qualified funds in an interest bearingattorney trust account; and
        (2) submits a written statement to the board.
As added by P.L.98-2004, SEC.23.

IC 33-44-5-3
Written statement of attorney; procedure
    Sec. 3. The statement submitted under section 2 of this chaptermust:
        (1) be filed in accordance with rules adopted under IC 4-22-2 bythe board; and
        (2) state that the attorney is acting under section 2 of thischapter to exempt the attorney from the application of thisarticle.
As added by P.L.98-2004, SEC.23.

IC 33-44-5-4
Presumption if written statement not filed
    Sec. 4. If an attorney does not act under section 2 of this chapter,the board shall presume that the attorney has elected to be subject tothis article.
As added by P.L.98-2004, SEC.23.

IC 33-44-5-5
Placement of funds; interest bearing attorney trust account
    Sec. 5. An attorney subject to this article shall place all qualifiedfunds in an interest bearing attorney trust account.
As added by P.L.98-2004, SEC.23.

IC 33-44-5-6
Qualified funds; determination by attorney
    Sec. 6. An attorney subject to this article shall determine if moneyreceived from a client or beneficial owner constitutes qualifiedfunds.
As added by P.L.98-2004, SEC.23.

IC 33-44-5-7
Determination of qualified funds; considerations    Sec. 7. In making the determination under section 6 of thischapter, the attorney shall consider the following:
        (1) The amount of interest the money would earn during theperiod the money is expected to be deposited.
        (2) The cost of establishing and administering the account.
        (3) The capability of the depository financial institution tocalculate and pay the interest earned by each client's funds, afterdeduction of any service charges, to the client.
As added by P.L.98-2004, SEC.23.

IC 33-44-5-8
Good faith judgment concerning deposit of funds; attorney liability
    Sec. 8. An attorney:
        (1) does not breach a fiduciary duty;
        (2) is not liable in damages; and
        (3) is not subject to disciplinary action;
because of a deposit of money in an interest bearing attorney trustaccount if the attorney acted in accordance with a good faithjudgment that the money constituted qualified funds.
As added by P.L.98-2004, SEC.23.