[WSBARP] Depositing cash for marijuana sale to trust account.

[Cyrus Field]

Granted I haven't researched the broader issue, but as I recall the Wa Bar's
ethics opinion 3 years ago said something to the effect you could advise
clients re: marijuana businesses (and also burn rope yourself) because the
feds under Obama had taken the position they weren't going to pursue the
potential federal claims if such acts were valid under state law. But all
that that was subject to change if the feds attitude changed. 

 

And here we are potentially despite all the admin's talk of state's
rights/smaller federal government. Some of my elder law clients are going to
be pretty upset if these state laws go up in smoke (bad pun intended). 

 

I'd be curious to hear what the Bar says now.

 

Cyrus W. Field, Attorney at Law (admitted in Washington and Oregon)

phone: 360-472-1223 Mail: POB 367, Shaw Island, WA 98286 Office: 640 Mullis
St. Friday Harbor, WA

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From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Craig Gourley
Sent: Thursday, April 20, 2017 4:33 PM
To: WSBA Real Property Listserv
Subject: Re: [WSBARP] Depositing cash for marijuana sale to trust account.

 

We are the escrow and that is the trust account we would be using.  I am
sure the title companies have the same issue.  I am also going to ping the
bar ethics people to see what they have to say.  I do appreciate the offer
to come visit.  

 

Gourley Law Group

Snohomish Escrow

The Exchange Connection

 

1002 10th Street / PO Box 1091

Snohomish, WA 98291

 

360.568.5065

360.568.8092  fax

 <mailto:Craig at glgmail.com> Craig at glgmail.com

 

From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Paul Neumiller
Sent: Thursday, April 20, 2017 12:23 PM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Depositing cash for marijuana sale to trust account.

 

Craig, while I don't have an answer for you, it does remind me of advice
given to my criminal law course in first year law school, "If someone has to
go to jail, make sure it is the client and not you"

 

Why go through your trust account?  If the client is getting a lender's
policy of title insurance, have the client make a direct deposit of the
money into escrow just like a regular re-finance of real property.  While
there are associated costs with going through a third party escrow, it may
be worthwhile to avoid your trust account.  (And don't worry, I'm sure the
listerv can get together and draw straws to see who visits you in jail.
It's the right thing to do.)

 

cid:image002.jpg at 01D2B9D0.D38A2D70

 

From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Craig Gourley
Sent: Thursday, April 20, 2017 11:54 AM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Depositing cash for marijuana sale to trust account.

 

Listmates.  I have a client that is in the business of legally growing
marijuana.  He wants to loan a friend money to construct a new commercial
building.  Loan will be about $1,000,000.  Client has this in cash because
apparently, he can't deposit it in a bank due to its source being the grow
operation.   Does anyone have any experience with this type of scenario?  We
will need to deposit the money into our trust account and then fund the loan
and record a DOT against the real estate.  I don't want to get accused of
some sort of money laundering or other nonsense so I am hoping someone may
have already researched this issue.   Thank you in advance.  Craig 

 

Gourley Law Group

Snohomish Escrow

The Exchange Connection

 

1002 10th Street / PO Box 1091

Snohomish, WA 98291

 

360.568.5065

360.568.8092  fax

 <mailto:Craig at glgmail.com> Craig at glgmail.com

 

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