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Agreement To Notify Office Of Lawyer Regualtion Of Overdraft On Lawyer Trust Accounts And Fiduciary Accounts LR-001 - Wisconsin
| Agreement To Notify Office Of Lawyer Regualtion Of Overdraft On Lawyer Trust Accounts And Fiduciary Accounts Form. This is a Wisconsin form and can be used in Office Of Lawyer Regulation Statewide . |
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OF AGREEMENT TO NOTIFY OFFICE OF LAWYER REGULATION OVERDRAFTS ON LAWYER TRUST ACCOUNTS AND FIDUCIARY ACCOUNTS Whereas, lawyer trust accounts and lawyer fiduciary accounts, as defined in SCR 20:1.15(a), shall only be maintained in financial or investment institutions that agree to notify the Office of Lawyer Regulation ("the OLR") of the presentation of a properly payable instrument against a lawyer trust account containing insufficient funds; Now, therefore, the undersigned lawyer or law firm and the undersigned financial or investment institution agree as follows: a) The undersigned lawyer or law firm acknowledges that, pursuant to SCR 20:1.15(b) and SCR 20:1.15(j), it is required to hold in trust, separate from the lawyer's own property, that property of clients and third persons that is in the lawyer's possession in connection with a representation or when acting in a fiduciary capacity. The undersigned lawyer or law firm further represents that the account(s) identified below, or attached hereto, by title(s) and account number(s) is/are account(s) subject to the overdraft notification requirements of SCR 20:1.15(h). The undersigned lawyer or law firm further acknowledges that no lawyer trust account(s) shall be maintained in any institution if the institution does not agree to provide the overdraft report required by this Agreement and SCR 20:1.15(h)(1). b) The undersigned financial or investment institution agrees to report to the OLR any properly payable instrument that is presented against the lawyer trust account(s) identified below, or attached hereto, whenever the account(s) contain(s) insufficient funds to pay such instrument, regardless of whether or not the instrument is honored. Such report shall be in the format described in SCR 20:1.15(h)(4), and shall be made to the OLR at the address listed below, simultaneously with the customary overdraft notice to the depositor or investor. c) The undersigned lawyer or law firm expressly consents to the below-named financial or investment institution providing such notice to the OLR as a condition of receiving a license to practice law in the State of Wisconsin. The undersigned lawyer or law firm also agrees to pay for the financial or investment institution's reasonable costs of producing the reports and records required under this Agreement. d) Neither this Agreement, nor SCR 20:1.15(h), creates any claims against the financial or investment institution or its officers, directors, employees and agents for failure to provide a trust account overdraft report, or for complying with SCR 20:1.15(h) or this Agreement. e) This Agreement shall be binding on the successors or assigns of the financial or investment institution that is identified below. f) In the event that the law firm changes its name, any successor firm using the trust/fiduciary account(s) that is/are identified below, or attached hereto, shall be bound by the terms of this Agreement, in light of the requirements specified in Paragraph a, above. Name of Lawyer or Law Firm Street Address/P.O. Box City, State, Zip Code Name of Financial/Investment Institution Street Address/P.O. Box City, State, Zip Code ( ) ( ) Telephone Number Signature of Managing Lawyer Name of Managing Lawyer (Print or Type) Dated: Contact Person at Law Firm Name of Former Law Firm Check Box if Former Firm is Defunct Telephone Number Signature of Authorized Person Name of Authorized Person (Print or Type) Dated: Account Name Account Number (Attach List of any additional accounts to this form.) OFFICE OF LAWYER REGULATION TRUST ACCOUNT PROGRAM 110 EAST MAIN STREET, SUITE 315, MADISON, WI 53703-3383 TOLL FREE TELEPHONE NO.: 877-315-6941 (EXT. 2) ATTACH VOIDED, PRE-PRINTED IOLTA CHECK TO OLR COPY LR001 1/1/2006) American LegalNet, Inc. www.FormsWorkflow.com INSTRUCTIONS 1. 2. 3. FOR OVERDRAFT NOTIFICATION AGREEMENT Insert the full name of the lawyer or law firm, along with the address and telephone number of the lawyer/law firm. Insert the full name of the financial/investment institution, along with its address and telephone number. Insert the name of a contact person at the law firm in the lower left corner of the form. The contact person should be the individual in the law firm to whom OLR staff should initially address inquiries regarding the firm's trust and/or fiduciary account(s), including questions regarding the Agreement and any overdrafts on the account. The person need not be an attorney, but should be able to refer OLR staff to the appropriate attorney within the firm who would be able to respond to any concerns that may arise regarding the trust and/or fiduciary account. If the lawyer/law firm formerly operated under a different name, insert the name of the former firm in the lower left corner of the form. If the former firm is no longer operating, please check the box indicating that the "Former Firm is Defunct." If this section does not apply to the firm, insert "N/A" (not applicable) in the line where the former firm's name would be inserted. In the lower right corner of the form, insert the name of the account as it appears on the account's checks and the account's signature card (or whatever similar record the financial/investment institution maintains). 4. 5. 6. Insert the account number immediately beneath the account name. NOTE: If the Agreement is intended to cover more than one account, a separate listing of the accounts and account numbers must be attached to the Agreement. That listing should include the name of each account as it appears on the account's checks and the account's signature card (or whatever similar record the financial/investment institution maintains). 7. The lawyer/law firm must obtain the signature of a representative of the financial/investment institution. The representative of the institution should also print his/her name beneath the signature and insert the date that he/she executes the Agreement. NOTE: The financial/investment institution is not responsible for completing or for filing the Agreement with the OLR. Consequently, mailing the Agreement to the financial institution, even with instructions to forward the Agreement to the OLR after execution, may be inadequate to assure that the paperwork is properly filed. 8. 9. Make two photocopies of the fully completed, fully executed Agreement. Provide the financial/investment institution with the original of the executed Agreement. 10. Maintain one copy of the executed Agreement with the law f
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