IC 33-44-6
Chapter 6. Interest Bearing Attorney Trust Accounts
IC 33-44-6-1 Trust accounts containing qualified funds; transition to interest
bearing attorney trust account
Sec. 1. If the depositor and depository financial institution agree,
a trust account that contains qualified funds held by an attorney
subject to this article may be made an interest bearing attorney trust
account. 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 attorney
trust account, except as required under this chapter, shall be
determined by the depositor and the depository financial institution.
A depository financial institution is not required to offer an interest
bearing 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 interest
accrued by an interest bearing attorney trust account of an attorney
who 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 conditions
agreed upon under section 2 of this chapter, a depository financial
institution shall remit any interest earned on an interest bearing
attorney 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 the
remittance required under section 4 of this chapter not less frequently
than quarterly and not later than fifteen (15) days after the end of the
remittance period. As added by P.L.98-2004, SEC.23.
IC 33-44-6-6 Statement of depository financial institution required upon
remittance
Sec. 6. A depository financial institution shall transmit a
statement to:
(1) the board; and
(2) the attorney who maintains the interest bearing attorney trust
account;
when the depository financial institution remits interest under section
4 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 must
contain 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 funds
deposited
Sec. 8. A depository financial institution is not required to
determine 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 financial
institution to the board from an interest bearing attorney trust
account is a valid and sufficient release and discharge of a claim by
an entity against the depository financial institution for the
remittance. 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 depository
financial institution solely for:
(1) offering, opening, or maintaining an interest bearing
attorney trust account;
(2) accepting funds for deposit in an interest bearing attorney
trust 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 of
account
Sec. 11. A paper, a record, a document, or other information
identifying an attorney, a client, or a beneficial owner of an interest
bearing 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 not
disclose 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 state
government. As added by P.L.98-2004, SEC.23.
IC 33-44-6
Chapter 6. Interest Bearing Attorney Trust Accounts
IC 33-44-6-1 Trust accounts containing qualified funds; transition to interest
bearing attorney trust account
Sec. 1. If the depositor and depository financial institution agree,
a trust account that contains qualified funds held by an attorney
subject to this article may be made an interest bearing attorney trust
account. 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 attorney
trust account, except as required under this chapter, shall be
determined by the depositor and the depository financial institution.
A depository financial institution is not required to offer an interest
bearing 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 interest
accrued by an interest bearing attorney trust account of an attorney
who 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 conditions
agreed upon under section 2 of this chapter, a depository financial
institution shall remit any interest earned on an interest bearing
attorney 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 the
remittance required under section 4 of this chapter not less frequently
than quarterly and not later than fifteen (15) days after the end of the
remittance period. As added by P.L.98-2004, SEC.23.
IC 33-44-6-6 Statement of depository financial institution required upon
remittance
Sec. 6. A depository financial institution shall transmit a
statement to:
(1) the board; and
(2) the attorney who maintains the interest bearing attorney trust
account;
when the depository financial institution remits interest under section
4 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 must
contain 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 funds
deposited
Sec. 8. A depository financial institution is not required to
determine 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 financial
institution to the board from an interest bearing attorney trust
account is a valid and sufficient release and discharge of a claim by
an entity against the depository financial institution for the
remittance. 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 depository
financial institution solely for:
(1) offering, opening, or maintaining an interest bearing
attorney trust account;
(2) accepting funds for deposit in an interest bearing attorney
trust 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 of
account
Sec. 11. A paper, a record, a document, or other information
identifying an attorney, a client, or a beneficial owner of an interest
bearing 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 not
disclose 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 state
government. As added by P.L.98-2004, SEC.23.
IC 33-44-6
Chapter 6. Interest Bearing Attorney Trust Accounts
IC 33-44-6-1 Trust accounts containing qualified funds; transition to interest
bearing attorney trust account
Sec. 1. If the depositor and depository financial institution agree,
a trust account that contains qualified funds held by an attorney
subject to this article may be made an interest bearing attorney trust
account. 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 attorney
trust account, except as required under this chapter, shall be
determined by the depositor and the depository financial institution.
A depository financial institution is not required to offer an interest
bearing 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 interest
accrued by an interest bearing attorney trust account of an attorney
who 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 conditions
agreed upon under section 2 of this chapter, a depository financial
institution shall remit any interest earned on an interest bearing
attorney 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 the
remittance required under section 4 of this chapter not less frequently
than quarterly and not later than fifteen (15) days after the end of the
remittance period. As added by P.L.98-2004, SEC.23.
IC 33-44-6-6 Statement of depository financial institution required upon
remittance
Sec. 6. A depository financial institution shall transmit a
statement to:
(1) the board; and
(2) the attorney who maintains the interest bearing attorney trust
account;
when the depository financial institution remits interest under section
4 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 must
contain 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 funds
deposited
Sec. 8. A depository financial institution is not required to
determine 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 financial
institution to the board from an interest bearing attorney trust
account is a valid and sufficient release and discharge of a claim by
an entity against the depository financial institution for the
remittance. 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 depository
financial institution solely for:
(1) offering, opening, or maintaining an interest bearing
attorney trust account;
(2) accepting funds for deposit in an interest bearing attorney
trust 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 of
account
Sec. 11. A paper, a record, a document, or other information
identifying an attorney, a client, or a beneficial owner of an interest
bearing 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 not
disclose 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 state
government. As added by P.L.98-2004, SEC.23.
