The Michigan Supreme Court is in the process of entertaining comments for a proposed amendment. This amendment seeks to outline the process to contend with remaining funds in an attorney’s trust account, otherwise known as Interest on Lawyer Trust Account (IOLTA), when the attorney in possession of the account ascends into a judicial office. The period for accepting comments extends until the first day of April.
According to information released by Law.com, the addendum is to be added to Canon 7 of the Michigan Code of Judicial Conduct, Section C (1) and (2). It suggests that any elected or appointed official who discovers the existence of remaining, unclaimed funds in a trust account after June 30 or six months after they assume office should promptly facilitate the transfer of control of these funds to the elected candidate’s interim administrator. The transfer should be in accordance with subchapter 9.300 of the Michigan Court Rules and Rule 21 of the Rules Concerning the State Bar of Michigan.
Legal professionals and interested parties can express their views or concerns about the proposed amendment through the court’s website. The Michigan Supreme Court has published the order detailing the amendment proposal on December 20.