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 on, interest, lawyer, trust and/or accounts:
“I should consider it a greater success to interest one wise and earnest soul, than a million unwise and frivolous.”
—Henry David Thoreau (1817–1862)
“Parents do not give up their children to strangers lightly. They wait in uncertain anticipation for an expression of awareness and interest in their children that is as genuine as their own. They are subject to ambivalent feelings of trust and competitiveness toward a teacher their child loves and to feelings of resentment and anger when their child suffers at her hands. They place high hopes in their children and struggle with themselves to cope with their children’s failures.”
—Dorothy H. Cohen (20th century)
“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)
“We have been educated to such a fine—or dull—point that we are incapable of enjoying something new, something different, until we are first told what it’s all about. We don’t trust our five senses; we rely on our critics and educators, all of whom are failures in the realm of creation. In short, the blind lead the blind. It’s the democratic way.”
—Henry Miller (1891–1980)
“... by and large, wife-changing and high office are not compatible. This inequity accounts for the many dull women in Washington and is the cause of much smug complacency on the distaff side of political marriages.”
—Barbara Howar (b. 1934)