Attorney's Trust Account - Immediate Drawing Upon Depositing Client's Check

Appointed by the New Jersey Supreme Court

OPINION 454 (Amendment)

The Advisory Committee on Professional Ethics has received numerous inquiries concerning its holding in the above matter because the use of checks of savings and loan associations,
state or federally-chartered, in connection with real estate or commercial closing transactions was not sanctioned. After careful review of the problems which have arisen because of this exclusion, the Committee has decided that the use of such checks should be approved. Therefore, the first sentence of the last paragraph of Opinion 454 is expanded to read as follows:
"We wish to make it clear that the practice we are approving relates only to the use of bank, savings and loan (state or federal), cashiers' or certified checks."

* * *