Beware of Rule 1.15: banks are dropping a dime on you

If you have an inactive IOLTA account, you may soon be receiving unwelcome mail from your bank.

Following the Supreme Judicial Court's ruling in Matter of Olchowski, the court modified Rule 1.15 to require financial institutions to first give notice to an attorney when an IOLTA account has been inactive for at least two and a half years and then notify the Board of Bar Overseers if nothing has been done within the following six months.

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