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 […]
Section 10-302 – Attorney Trust Account
(a) Unless a lawyer or the firm of the lawyer maintains an attorney trust account in accordance with this subtitle and the Maryland Rules, the lawyer may not accept trust money. (b) Each attorney trust account shall be maintained at an approved financial institution, as provided in the Maryland Rules. (c) (1) An attorney trust account may be an […]
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.