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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 ...
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 ...
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.
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 Justice Law No. 44 of 1973 of the National State Assembly created a single group of practitioners known as Attorneys-at-law. The current equivalent to an advocate is a counsel who is a trial lawyer distinguished from an instructing attorney.
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 ]
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A trust account's entire investment portfolio is considered when determining the prudence of an individual investment. Under the Prudent Investor Act standard, a fiduciary would not be held liable for individual investment losses, so long as the investment, at the time of acquisition, is consistent with the overall portfolio objectives of the ...