Opinion ID: 1924383
Heading Depth: 1
Heading Rank: 4

Heading: DR 9-103. Interest Bearing Trust Accounts

Text: (A) Each trust account referred to in DR 9-102 shall be an interest bearing trust account in a bank, savings bank, trust company, savings and loan association, savings association, credit union, or federally regulated investment company selected by a lawyer in the exercise of ordinary prudence. (B) A lawyer who receives client funds shall maintain a pooled interest bearing trust account for deposit of client funds that are nominal in amount or expected to be held for a short period of time. The interest accruing on this account, net of any transaction costs, shall be paid to the Lawyer Trust Account Board established by the Minnesota Supreme Court. (C) All client funds shall be deposited in the account specified in subdivision (B) unless they are deposited in: (1) A separate interest bearing trust account for the particular client or client's matter on which the interest, net of any transaction costs, will be paid to the client; or (2) A pooled interest bearing trust account with subaccounting which will provide for computation of interest earned by each client's funds and the payment thereof, net of any transaction costs, to the client. (D) In determining whether to use the account specified in subdivision (B) or an account specified in subdivision (C), a lawyer shall take into consideration the following factors: (1) The amount of interest which the funds would earn during the period they are expected to be deposited; (2) The cost of establishing and administering the account, including the cost of the lawyer's services; and (3) The capability of financial institutions described in subdivision (A) to calculate and pay interest to individual clients.