
The attorney has the obligation to make sure that funds he or she is holding that rightfully belong to a client or third person get to that client or third person in a timely manner. Notwithstanding that the attorney is supposed to keep a list of all the checks that are outstanding from month to month, in some instances there may be a check that was not cashed within sixty days of its disbursement but the attorney is not aware of its existence. It is the obligation of the attorney to take all reasonable steps to determine who holds an interest in the to-date uncashed checks. The attorney shall remit the funds to the appropriate individuals or entitles. For the funds that can not reasonably be found to belong to specific individuals or entitles, or the individuals or entitles can not be located, those funds are to be removed from the IOLTA and placed in a separate account for safe keeping. If, after due diligence, the attorney is unable to ascertain the interest-holder, the funds should be earmarked to escheat to the state after the completion of the statutory waiting period. |