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:
“Consider the difference between looking and staring. A look is voluntary; it is also mobile, rising and falling in intensity as its foci of interest are taken up and then exhausted. A stare has, essentially, the character of a compulsion; it is steady, unmodulated, “fixed.””
—Susan Sontag (b. 1933)
“No living orator would convince a grocer that coffee should be sold without chicory; and no amount of eloquence will make an English lawyer think that loyalty to truth should come before loyalty to his client.”
—Anthony Trollope (1815–1882)
“Ideas are only lethal if you suppress and don’t discuss them. Ignorance is not bliss, it’s stupid. Banning books shows you don’t trust your kids to think and you don’t trust yourself to be able to talk to them.”
—Anna Quindlen (b. 1952)
“We must love one another, yes, yes, that’s all true enough, but nothing says we have to like each other. It may be the very recognition of all men as our brothers that accounts for the sibling rivalry, and even enmity, we have toward so many of them.”
—Peter De Vries (b. 1910)