Section 10-303 – Accounts Earning Interest for Maryland Legal Services Corporation
(a) Subject to this section a lawyer shall deposit trust money in an attorney trust account, all interest on which is payable to the Maryland Legal Services Corporation Fund established under § 11–402 of the Human Services Article. (b) A lawyer shall deposit trust money in an interest bearing account under this section whenever the lawyer reasonably […]
Section 10-304 – Deposit of Trust Money
(a) Except as provided in subsection (b) of this section, a lawyer expeditiously shall deposit trust money into an attorney trust account. (b) Subsection (a) of this section does not apply if there is a court order to the contrary. (c) Notwithstanding subsection (a) of this section or any other law, a lawyer may disburse, at settlement in […]
Section 10-305 – Investment on Direction of Client or Beneficial Owner
Except for trust money that a lawyer is required to deposit in an attorney trust account that earns interest payable to the Maryland Legal Services Corporation, a lawyer may withdraw trust money from an attorney trust account and invest it: (1) as the client or beneficial owner of the trust money instructs; or (2) as the lawyer […]
Section 10-306 – Misuse of Trust Money
A lawyer may not use trust money for any purpose other than the purpose for which the trust money is entrusted to the lawyer.
Section 10-307 – Disciplinary Action
A lawyer who willfully violates any provision of this Part I of this subtitle, except for the requirement that a lawyer deposit trust money in an attorney trust account for charitable purposes under § 10–303 of this subtitle, is subject to disciplinary proceedings as the Maryland Rules provide.
Section 10-310 – “Fund” Defined
In this Part II of this subtitle, “Fund” means the Client Protection Fund of the Bar of Maryland.
Section 10-311 – Establishment of Fund; Trustees
(a) The Court of Appeals may adopt rules that: (1) establish a Client Protection Fund of the Bar of Maryland; (2) provide for the appointment of trustees to administer the Fund; and (3) provide for the operation of the Fund. (b) The purpose of the Fund is to maintain the integrity of the legal profession by paying money to reimburse […]
Section 10-312 – Powers and Duties of Trustees
(a) The trustees appointed under § 10-311 of this subtitle shall: (1) receive contributions to the Fund; and (2) manage the assets of the Fund. (b) To the extent the trustees consider reimbursement proper and reasonable, the trustees may use the Fund to reimburse a person for a loss that was caused by a defalcation of a lawyer if: […]
Section 10-313 – List of Lawyers Paying Fees to Fund
(a) By August 31 of each year, the Fund shall provide a list of lawyers who have paid an annual fee to the Fund during the previous fiscal year to: (1) the Department of Assessments and Taxation, to assist the Department in identifying new businesses within the State; and (2) the Comptroller, to assist the Comptroller in determining […]
Section 10-301 – Definitions
(a) In this Part I of this subtitle the following words have the meanings indicated. (b) (1) “Attorney trust account” means an account that a lawyer or law firm maintains at a financial institution for the deposit of trust money. (2) “Attorney trust account” includes an escrow account. (c) “Beneficial owner” means a person, other than the client of a […]