Pennsylvania Code › Title 204 - JUDICIAL SYSTEM GENERAL PROVISIONS › Part V - PROFESSIONAL ETHICS AND CONDUCT › Subpart A - PROFESSIONAL RESPONSIBILITY › Chapter 81 - RULES OF PROFESSIONAL CONDUCT › Subchapter C - MINOR JUDICIARY INTEREST ON TRUST ACCOUNTS › Section 81.302 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and phrases when used in these
						Regulations shall have the meanings given to them in this section unless the
						context clearly indicates otherwise:
AOPC.
The Administrative Office of
						Pennsylvania Courts.
AOPC Magisterial District Judge Case Reporting
						System
. The computerized docket activity tracking and accounting
						system developed by the AOPC for use by the Magisterial District Judges
						throughout the state.
Beneficial Owner
. The third party whose
						funds are in the custody of a Judicial Official .
Comparability Guidance
. Guidance
						developed and updated from time to time by the IOLTA Board which addresses how
						Depository Institutions should determine the comparable interest or dividend
						rate to be applied to MJ-IOTA Accounts. This guidance is made available online
						at
www.paiolta.org
and may also be
						obtained by writing to the IOLTA Board at P.O. Box 62445, Harrisburg, PA
						17106-2445.
Custodial Account
. Any account
						maintained in a Depository Institution in which or with respect to which a
						Judicial Official holds the funds of a Beneficial Owner.
Custodial Capacity
. The capacity in
						which the Judicial Official holds funds of a Beneficial Owner received by a
						Judicial Official in his or her capacity as a Judicial Official.
Custodial Funds
. Funds, whether cash,
						check, money order, or other negotiable instrument, received by a Judicial
						Official in his or her capacity as a Judicial Official .
Depository Institution
. A financial
						institution in which a Judicial Official holds funds of Beneficial Owners in a
						Custodial Account.
Good Faith
. Honesty in fact in the
						conduct or transaction concerned.
IOLTA Board
. The Pennsylvania Interest
						on Lawyers Trust Account Board.
Judicial Official
. Each judge and
						justice of all courts created pursuant to Article V, Sections 6 and 7 of the
						Pennsylvania Constitution are judicial officials. These include Magisterial
						District Judges, judges of the Philadelphia Municipal Court, judges of the
						Philadelphia Municipal Court, Traffic Division and judges of the Pittsburgh
						Municipal Court .
MJ-IOTA
Account
. An un-segregated
						income-producing account with a Depository Institution for the deposit of
						Qualified Funds by a Judicial Official, the income from which is beneficially
						owned by the IOLTA Board.
MJ-IOTA
Order
. The Order of the Supreme
						Court of Pennsylvania dated August 3, 2004 which established the Minor
						Judiciary Interest on Trust Account Program.
Qualified Funds
. Funds, whether cash,
						check, money order, or other negotiable instrument received by a Judicial
						Official in his or her capacity as a Judicial Official which, in the Good Faith
						judgment of the Judicial Official , are nominal in amount or are reasonably
						expected to be held for such a short period of time that sufficient income will
						not be generated to justify the expense of earning income to benefit the
						Beneficial Owner of the funds.
Regulations
. These regulations adopted
						by the IOLTA Board, and approved by the Supreme Court of Pennsylvania, as they
						may be amended from time to time.