1. A lawyer must retain the property of another person with the care of a professional agent. Securities must be kept in a locker, unless another form of retention is justified by special circumstances. All property belonging to clients or third parties must be kept separate from the commercial and personal property of the lawyer and, in the case of money, in one or more fiduciary accounts. Separate trust accounts may be justified if you manage estate funds or act in a similar fiduciary capacity. Paragraph (a) requires that complete records of funds and other property be kept. (b) After receiving funds or other property of interest to a client or third party, a lawyer must immediately inform the client or a third party. The undisputed portion of the funds should be distributed without delay to the beneficiaries under representation. A lawyer should not even use the lawyer`s portion of the trust account to make direct payments to the lawyer`s general creditors of the lawyer`s law firm, since such a transaction increases the risk that all the assets in that account will be considered the lawyer`s property and not the clients` property. as well as to satisfy the claims of these creditors. If a lawyer receives funds from a client that constitute an advance payment of fees and that belongs to the client until the services are provided, the lawyer should treat the fund in accordance with paragraph (c).
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