North Carolina Supreme Court Issues Order to Establish Mandatory IOLTA
Tuesday, October 23, 2007
- Organization: North Carolina IOLTA
On October 11, 2007, the North Carolina Supreme Court ordered the North Carolina State Bar to implement a comprehensive (mandatory) IOLTA program for lawyers in North Carolina, effective January 1, 2008.
What this order means is that all active members of the North Carolina State Bar who maintain general client trust accounts in North Carolina must ensure that all of their general client trust accounts are established as interest-bearing IOLTA accounts. Lawyers must be in compliance with this requirement no later than June 30, 2008.
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