In re OlchowskiAnnotate this Case
The Supreme Judicial Court held that trust funds on deposit in an Interest on Lawyers' Trust Account (IOLTA) do not fall within the statutory definition of "abandoned property," and therefore, the disposition of these funds is not governed by the abandoned property statute, Mass. Gen. Laws ch. 200A.
Attorney was temporarily suspended from the practice of law. Attorney's attorney later notified the Office of Bar Counsel that there were unidentified funds in Attorney's two IOLTA accounts and moved to order the transfer of the unidentified funds to the IOLTA committee. The Treasurer and Receiver General moved to intervene, requesting that the funds be remitted to the treasury as "abandoned property" under chapter 200A. The IOLA committee subsequently moved to intervene, requesting that the funds be remitted to it. The Supreme Judicial Court held that unidentified client funds on deposit in an IOTLA account do not fall within the statutory definition of "abandoned property" under chapter 200A and that such funds be transferred to the IOLTA committee for disposition under the conditions set forth in this opinion.