[WSBAPT] Landlord trust account

[Paul]

Maybe its just me but I wouldn't touch this because of paranoia in being
in technical breach of ethics regarding my IOLTA account.  First, it is my
understanding that the IOLTA account is to be used to hold my client's
funds.  The tenant is NOT my client so that may be a technical breach.
Also, you might get caught in a legal squeeze if the tenant says that the
tenant is entitled to a refund of the deposit AND your client orders you
to not release the funds.  Then what are you going to do?  What if the
tenant then sues you for breach of fiduciary duty as a third party escrow?
I do not know the answers to these questions but it scares me enough for
me to just tell my client to put the money in a bank account.  Lastly, I
would see no upside or compensation for me taking on such a risk. 

  _____  

From: lisa at lisaschuchman.com
To: wsbapt at LISTSERV.NETHELPS.COM
Subject: [WSBAPT] Landlord trust account
Date: Sat, 4 Jan 2014 21:33:56 +0000



My client is leasing his house to his neighbors for a short term and is
going to take a deposit.   Does anyone know if I can use my IOLTA account
as a trust account for this purpose?  Thanks.

 

Lisa E. Schuchman

206-325-2801

www.lisaschuchman.com

 

=======================
- To contact the list administrator, send a message to:
webmaster at wsbarppt.com
- To unsubscribe, send a new email addressed to:
imail at listserv.nethelps.com, with the message: unsubscribe wsbapt - OR -
send a message to webmaster at wsbarppt.com asking that you be removed from
the list.
Information provided on this list should not be considered legal advice.
As with all lists - let the reader beware! No warranties or
representations are made as to the accuracy of any information provided.
All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 


=======================
- To contact the list administrator, send a message to:
webmaster at wsbarppt.com

- To unsubscribe, send a new email addressed to:
imail at listserv.nethelps.com, with the message: unsubscribe wsbapt - OR -
send a message to webmaster at wsbarppt.com asking that you be removed from
the list.

Information provided on this list should not be considered legal advice.
As with all lists - let the reader beware! No warranties or
representations are made as to the accuracy of any information provided.
All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

-------------- next part --------------
A non-text attachment was scrubbed...
Name: winmail.dat
Type: application/ms-tnef
Size: 5070 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20140104/b167e1bd/winmail.dat>