CHAPTER 6. INTEREST BEARING ATTORNEY TRUST ACCOUNTS

IC 33-44-6
    Chapter 6. Interest Bearing Attorney Trust Accounts

IC 33-44-6-1
Trust accounts containing qualified funds; transition to interestbearing attorney trust account
    Sec. 1. If the depositor and depository financial institution agree,a trust account that contains qualified funds held by an attorneysubject to this article may be made an interest bearing attorney trustaccount.
As added by P.L.98-2004, SEC.23.

IC 33-44-6-2
Terms and conditions
    Sec. 2. The terms and conditions of an interest bearing attorneytrust account, except as required under this chapter, shall bedetermined by the depositor and the depository financial institution.A depository financial institution is not required to offer an interestbearing attorney trust account.
As added by P.L.98-2004, SEC.23.

IC 33-44-6-3
Interest accrued by account; board ownership of beneficial interest
    Sec. 3. The board owns the beneficial interest in the interestaccrued by an interest bearing attorney trust account of an attorneywho is subject to this article.
As added by P.L.98-2004, SEC.23.

IC 33-44-6-4
Remittance of interest earned on account
    Sec. 4. Except for amounts deducted under terms or conditionsagreed upon under section 2 of this chapter, a depository financialinstitution shall remit any interest earned on an interest bearingattorney trust account to the board.
As added by P.L.98-2004, SEC.23.

IC 33-44-6-5
Remittance of interest; procedure
    Sec. 5. A depository financial institution shall make theremittance required under section 4 of this chapter not less frequentlythan quarterly and not later than fifteen (15) days after the end of theremittance period.
As added by P.L.98-2004, SEC.23.

IC 33-44-6-6
Statement of depository financial institution required uponremittance
    Sec. 6. A depository financial institution shall transmit astatement to:
        (1) the board; and        (2) the attorney who maintains the interest bearing attorney trustaccount;
when the depository financial institution remits interest under section4 of this chapter.
As added by P.L.98-2004, SEC.23.

IC 33-44-6-7
Contents of statement of depository financial institution
    Sec. 7. The statement described in section 6 of this chapter mustcontain the following information:
        (1) The name of the account.
        (2) The amount of interest remitted from the account.
As added by P.L.98-2004, SEC.23.

IC 33-44-6-8
Duty of institution to determine or inquire into type of fundsdeposited
    Sec. 8. A depository financial institution is not required todetermine or inquire whether a deposit includes qualified funds.
As added by P.L.98-2004, SEC.23.

IC 33-44-6-9
Release and discharge of depository financial institution
    Sec. 9. The remittance of interest by a depository financialinstitution to the board from an interest bearing attorney trustaccount is a valid and sufficient release and discharge of a claim byan entity against the depository financial institution for theremittance.
As added by P.L.98-2004, SEC.23.

IC 33-44-6-10
Limitation on actions against depository financial institution
    Sec. 10. An entity may not maintain an action against a depositoryfinancial institution solely for:
        (1) offering, opening, or maintaining an interest bearingattorney trust account;
        (2) accepting funds for deposit in an interest bearing attorneytrust account; or
        (3) remitting interest to the board.
As added by P.L.98-2004, SEC.23.

IC 33-44-6-11
Confidentiality of information identifying beneficial owner ofaccount
    Sec. 11. A paper, a record, a document, or other informationidentifying an attorney, a client, or a beneficial owner of an interestbearing attorney trust account is confidential.
As added by P.L.98-2004, SEC.23.

IC 33-44-6-12 Disclosure of account information by board or institution
    Sec. 12. The board or a depository financial institution may notdisclose information described by section 11 of this chapter except:
        (1) with the consent of the attorney maintaining the account; or
        (2) as permitted by:
            (A) law; or
            (B) rule adopted by the judicial department of stategovernment.
As added by P.L.98-2004, SEC.23.