[WSBARP] Escrow, LPO’s and IOLTA

[Michael Safren]

Hello:

I recommend that you also look at WAC 208-680-410 which specifies and
enumerates the trust account/ bank account type that Escrow Companies are
required to use for escrow funds.

Here's a link - http://apps.leg.wa.gov/wac/default.aspx?cite=208-680-410

Hope this helps.

Michael Safren
Assistant Vice President - Commercial Escrow Closer for Ticor Title
Web Editor, WSBA RPPT section

On Wed, Mar 28, 2018 at 4:01 PM, <nestor at pplsweb.com> wrote:

> Big problem for the company. All monies must be in pooled IOLTA according
> to the WSBA and LPO's are subject to the same rules.
>
> APR 12 f (4) and LPORPC 1.12A (h)
>
>
> Nestor Gorfinkel, Attorney at Law
> Licensed in Washington & Florida
> Florida Civil-Law (International) Notary
>
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> -----Original Message-----
> From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
> On Behalf Of Randy Cornwall
> Sent: Wednesday, March 28, 2018 3:17 PM
> To: wsbarp at lists.wsbarppt.com
> Subject: [WSBARP] Escrow, LPO’s and IOLTA
>
> Listmates - I have a question about escrow companies and IOLTA accounts.
>
> My understanding was that any escrow company that employed LPO‘s had to
> establish an IOLTA trust account and that any interest earned be paid to
> the Legal Foundation of Washington. I just spoke with a local bank that
> handles the banking for numerous escrow companies, and they told me that
> only one of them has an IOLTA account. All the rest have “regular” trust
> accounts that allow interest credits earned to be used to pay for bank fees
> - and even earn income!
>
> Does anybody have any experience with this or know of a bright line rule
> for when IOLTA accounts are required or not?
>
> Thanks in advance for your advice.
>
> Randy Cornwall
> Demco Law Firm
>
> Sent from my mobile device. Please forgive typos and incorrect "auto
> corrects".
>
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