Interest on Lawyer Trust Accounts (IOLTA) is a method of raising money for charitable purposes, primarily the provision of civil legal services to indigent persons, through the use of interest earned on certain lawyer trust accounts. The establishment of IOLTA in the United States followed changes to federal banking laws passed by Congress in 1980 which allowed some checking accounts to bear interest. The Florida Bar Foundation launched the first American IOLTA program in 1981. Today, every state, the District of Columbia and the U.S. Virgin Islands operate IOLTA programs.
Read more about Interest On Lawyer Trust Accounts: How It Works, History, Legality
Famous quotes containing the words interest, lawyer, trust and/or accounts:
“A man’s interest in a single bluebird is worth more than a complete but dry list of the fauna and flora of a town.”
—Henry David Thoreau (1817–1862)
“When one wanted one’s interests looking after whatever the cost, it was not so well for a lawyer to be over honest, else he might not be up to other people’s tricks.”
—George Eliot [Mary Ann (or Marian)
“In order for an individual to partake of the world and contribute to it in a healthy way, he first needs to view that world as a basically kind, friendly, and supportive place. Such an outlook begins to be formed during infancy. It’s essential that the baby establish a fundamental trust in his environment. The infant needs to learn that the world is a nurturing place where his needs will be met.”
—Saf Lerman (20th century)
“Simplicity, simplicity, simplicity! I say, let your affairs be as two or three, and not a hundred or a thousand; instead of a million count half a dozen, and keep your accounts on your thumb-nail.”
—Henry David Thoreau (1817–1862)