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:
“The heights of popularity and patriotism are still the beaten road to power and tyranny; flattery to treachery; standing armies to arbitrary government; and the glory of God to the temporal interest of the clergy.”
—David Hume (1711–1776)
“[A] lawyer without books would be like a workman without tools.”
—Thomas Jefferson (1743–1826)
“Sometimes I think we’re the only two lawyers in Washington who trust each other.”
—Elizabeth Dole (b. 1936)
“But, on more accounts than one, I had had enough of moose-hunting. I had not come to the woods for this purpose, nor had I foreseen it, though I had been willing to learn how the Indian manvred; but one moose killed was as good, if not as bad, as a dozen.”
—Henry David Thoreau (1817–1862)