Model Rules for Trust Account Overdraft Notification - Rule 4

Rule 4 CONSENT BY LAWYERS

Every lawyer practicing or admitted to practice in this jurisdiction shall, as a condition thereof, be conclusively deemed to have consented to the reporting and production requirements mandated by this rule.

Comment
The rule establishes that consent to the reporting and production requirements mandated by the rule is a condition of the privilege to practice law in the jurisdiction which has adopted the rule. As a consequence, financial institutions are protected from claims by lawyer-depositors based on disclosures made in accordance with the rule, although the only parties to an overdraft notification agreement are the court and the financial institution.


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