Rule 45.2 - Action required upon receiving funds; accounting; records(1)Authority to endorse or sign client's name. Upon receipt of funds or other property in which a client or third person has an interest, a lawyer must not endorse or sign the client's name on any check, draft, security, evidence of encumbrance, transfer of ownership of realty or personalty, or any other document without the client's prior express authority. A lawyer signing an instrument in a representative capacity must so indicate by initials or signature.(2)Accounting and returning funds or property. Except as stated in this chapter or otherwise permitted by law or by agreement with the client, a lawyer must promptly deliver to the client or third person any funds or other property that the client or third person is entitled to receive and must promptly render a full accounting regarding such property.(3)Maintaining records.a. A lawyer who practices in this jurisdiction must maintain current financial records as provided in these rules and required by Iowa Rule of Professional Conduct 32:1.15. The following records must be retained for each client trust account for a period of six years after termination of the representation: (1) A receipt and disbursement journal with a running balance containing a record of all deposits to and withdrawals from the client trust account. The journal must specifically identify the date, source, amount, and description of each item deposited, as well as the date, payee, amount, and purpose of each disbursement.(2) A ledger record with a running balance for each separate trust client or beneficiary. The ledger record must show the source of all funds deposited, the names of all persons for whom the funds are or were held, the amount of such funds, the descriptions and amounts of charges or withdrawals, and the names of all persons or entities to whom such funds were disbursed.(3) Copies of retainer and compensation agreements with clients as required by Iowa Rule of Professional Conduct 32:1.5.(4) Copies of accountings to clients or third persons showing the disbursement of funds to them or on their behalf.(5) Copies of bills for legal fees and expenses rendered to clients.(6) Copies of records showing disbursements on behalf of clients.(7) Copies of all bank statements, records of deposit, prenumbered canceled checks, and substitute checks.(8) Record of all electronic transfers to and from the client trust account, including for each transfer, the date of transfer, the amount of transfer, the name of the trust client or beneficiary to whom the transfer pertains, the name of the sender, the name of the recipient, the purpose of the transfer, and in the case of disbursement from trust the name of the person authorizing transfer.(9) Copies of monthly lists of individual client ledger balances and monthly triple reconciliations of bank statement balance to receipt and disbursement journal balance to sum of individual client ledger balances.(10) Copies of those portions of client files that are reasonably related to client trust account transactions.b. With respect to trust accounts required by Iowa Rule of Professional Conduct 32:1.15: (1) Only a lawyer admitted to practice law in this jurisdiction or a person under the direct supervision of the lawyer may be an authorized signatory or authorize transfers from a client trust account.(2) Receipts must be deposited intact and records of deposit should be sufficiently detailed to identify each item.(3) Withdrawals must be made only by check payable to a named payee and not to cash, or by authorized bank transfer.c. Records required by this rule may be maintained by electronic, photographic, computer, or other media provided that the records otherwise comply with these rules and that printed copies can be produced. These records must be accessible to the lawyer.d. Upon dissolution of a law firm or of any legal professional corporation, the partners must make reasonable arrangements for the maintenance of the records specified in this rule.e. Upon the sale of a law practice, the seller must make appropriate arrangements for the maintenance of the records specified in this rule. Court Order April 20, 2005, effective 7/1/2005; 2/20/2012; 12/13/2017, effective 1/1/2018; court order September 19, 2022, effective 10/1/2022; court order July 11, 2023, effective 7/11/2023; court order September 9, 2024, effective 9/9/2024.