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A legal practitioner or law firm cannot appropriate money from a clients trust account in or towards satisfaction of a claim for legal costs unless a bill specifying the total amount of those costs, and describing the legal work to which the costs relate, has been delivered to the person liable to the costs either personally, or by post ...
Rooker v. Fidelity Trust Co., 263 U.S. 413 (1923), was a case in which the United States Supreme Court enunciated a rule of civil procedure that would eventually become known as the Rooker-Feldman doctrine (also named for the later case of District of Columbia Court of Appeals v. Feldman, 460 U.S. 462 (1983).
Fidelity Trust Co., 263 U.S. 413 (1923) and District of Columbia Court of Appeals v. Feldman , 460 U.S. 462 (1983). The doctrine holds that lower United States federal courts —i.e., federal courts other than the Supreme Court —should not sit in direct review of state court decisions unless Congress has specifically authorized such relief. [ 1 ]
The reason the accounts were non-interest-bearing is that prior to 1981, commercial banks were prohibited by federal law from paying interest on demand deposits (e.g. checking accounts). In addition, the lawyer could not earn interest on the account [ 5 ] because it is unethical for attorneys to derive any financial benefit from funds that ...
Fidelity, for example, provides the Fidelity Government Money Market Fund (SPAXX), yielding 4.94 percent as of Sept. 12, as the default on uninvested cash in brokerage accounts. And Fidelity IRA ...
The U.S. Congress enacted several pieces of legislation with respect to Washington, D.C.'s local judicial system. One required final judgments from the District of Columbia Court of Appeals to be treated like final judgments from the high court of any state; another permitted that Court of Appeals to create rules governing the qualifications and admissions of attorneys to practice in the D.C ...
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A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary.