Foundation Top Stories

For the Person who has Everything - Give the Gift of Justice

If you're struggling to find a gift this season, why not donate to the Foundation or one of its grantees in a friend's name!  The Foundation will send a lovely card to the recipient acknowledging your gift in their honor.  Contact the Foundation at 602-340-7366 or donate online!

Arizona Attorney General's Office Issues Opinion on IOLTA Interest

Arizona Attorney General Opinion I09-005 concludes that, "under Arizona law, the Arizona Foundation for Legal Services & Education owns the entire beneficial interest in and has the exclusive right to the interest income generated, minus a reasonable service charge or fee, on trust accounts required to be established by attorneys pursuant to the provisions of the Arizona State Bar's Interest on Lawyers Trust Accounts ("IOLTA") program, established by Rule 43 of the Rules of the Supreme Court." Read Opinion.

Honoring Our Foundation Fellows - Mark Harrison

Like many of the founding fellows, Mark Harrison is an affable and successful member of Arizona's community of attorneys. A familiar theme resonates throughout each interview of a founding fellow: dedication to the practice of law through a commitment of volunteerism. This commitment is equally personally satisfying in that it lends itself in obtaining a gratifying and balanced law career. Read more.

Foundation News

Wills for Heroes has New Partner

Foundation proudly announces our latest partnership with the State Bar of Arizona, the Wills for Heroes program.  The partnership brings a new website:  http://az.willsforheroes.org/.

Congratulations, Barb Dawson

The Foundation would like to congratulate Barb Dawson on her win for the Greater Phoenix Chamber of Commerce's Athena awards. The award honors Valley businesswomen for their "excellence in business and leadership, exemplary community service, and their support and mentorship of other women." Finalists are chosen not only for excelling in their careers, but for outstanding work in the community. Barb Dawson is a Foundation hero and we are happy she is being recognized by the community as a whole. Thank you, Barb!

NEW IOLTA FDIC Insurance Coverage Notice

All financial institutions with FDIC coverage were automatically enrolled in the Transaction Account Guarantee Program of the TLGP for the period of October 14th through December 5, 2008. After that time, financial institutions could have elected to opt out of the program. Those that elected to opt out were required to post a notice to that effect in the lobby of their main and branch offices and on their websites. In addition, they are listed on the FDIC website as having opted out of the program. Financial institutions that elected to participate in the program were also to post a notice in their main and branch offices, as well as their website, indicating their participation.  These notice requirements were to be posted by December 19th. The TLGP is in effect until December 31, 2009, unless it is further extended by the FDIC. For the full text of the final rule, click here.

The FDIC has now posted the list of financial institutions that have opted out of the Transaction Account Guarantee Program of the TLGP.  To view the list, click here.

Attorneys Need to Take Extra Care in Watching Client Trust Accounts

With the precarious economy and the number of financial institutions either failing (such as IndyMac Bank) or being taken over by other institutions (such as Washington Mutual), lawyers who have client trust accounts should be thinking about the safety of those accounts.

Actually, lawyers with client trust accounts should be thinking about the safety of the accounts – property that belongs to clients and others -- all the time, not just in a financial crisis and not just to comply with the specific requirements of Rules 43 and 44, Ariz.R.Sup.Ct.

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