Rule 4 - Duty to Notify Financial Institutions of Trust AccountsA. Every attorney shall notify each financial institution in which he or she maintains any trust account, as defined above, that the account is subject to the provisions of overdraft reporting. For each trust account, a lawyer or law firm shall maintain a copy of each such notice throughout the period of time that the account is open and for a period of five (5) years following closure of the account. 1) For IOLTA accounts as required by Rule 1.15(f), notice by the attorney to the financial institution that the account is an IOLTA account shall constitute notice to the financial institution that the account is subject to overdraft reporting to the Disciplinary Commission. 2) For non-IOLTA trust accounts as permitted by Rule 1.15(h), every attorney shall notify each financial institution that the account is subject to overdraft reporting to the Disciplinary Commission by submitting a notice in the form attached as Exhibit B for each such account to the financial institution in which the account is maintained. B. In the case of a law firm that maintains one or more trust accounts in the name of the firm, only one notice from a member of the firm need be provided for each such trust account. However, every member of the firm is responsible for insuring that notice of each firm trust account is given to each financial institution wherein an account is maintained. Ind. R. Att'y Trust Acct. 4
Adopted Dec. 23, 1996, effective 7/1/1997.