What is the role of the Pennsylvania IOLTA Board in handling Unclaimed and Unidentifiable IOLTA Funds?
Effective June 29, 2018, Pennsylvania Rule of Professional Conduct 1.15(v) requires lawyers and law firms to remit unclaimed or unidentifiable IOLTA Funds to the IOLTA Board following reasonable efforts to identify or locate the owner of funds for a minimum of two years. If at any time thereafter, the owner of the funds is identified and/or located, the funds remitted to the IOLTA Board may be reclaimed.