WILLIAM DONALD SCHAEFER, Governor Ch. 502

(a) (1) If any attorney is entrusted with, or receives and
accepts, or otherwise holds, deposit moneys or other trust
moneys, of whatever kind or nature, such moneys, in the absence
of court order to the contrary shall be expeditiously deposited
in an account or accounts maintained as a separate account or
accounts for funds belonging to others. In no event shall the
attorney commingle any such funds with such attorney's funds or
use any such funds for any purpose other than the purpose for
which they were entrusted to the attorney.

(2)  Each attorney shall have discretion to determine
whether such trust moneys are to be deposited in a noninterest
bearing checking account, in an interest bearing checking
account, in one or more savings accounts, in one or more accounts
subject to negotiable orders of withdrawal ("NOW accounts"), or
in any combination thereof with any bank or savings and loan
association authorized by federal or State law to do business in
this State. If in the judgment of the attorney any trust moneys
received from any client or beneficial owner are too small in
amount or are reasonably expected to be held for too short a
period of time to generate at least $50 of interest or such
larger amount of interest as in the judgment of the attorney may
be equivalent to the cost of administering an account for the
benefit of the client or beneficial owner, such moneys [may]
SHALL be pooled and commingled by the attorney with other such
moneys held for other clients or beneficial owners, and the
aggregate interest earned on such commingled account shall be
paid at least quarterly, net of any service charges, by the
depository bank or savings and loan association, to the Maryland
Legal Services Corporation exclusively for the charitable
purposes defined in its statutory charter. THE MARYLAND LEGAL
SERVICES CORPORATION MAY WAIVE THE PROVISIONS OF THIS PARAGRAPH
WITH RESPECT TO AN ATTORNEY OR LAW FIRM THAT DEMONSTRATES THAT IT
WILL COST THE MARYLAND LEGAL SERVICES CORPORATION MORE IN SERVICE
CHARGES TO OPEN AND MAINTAIN AN ACCOUNT FOR THE PURPOSES OF THE
MARYLAND LEGAL SERVICES CORPORATION THAN WILL BE GENERATED IN
INTEREST BY THE ACCOUNT.

(3)   [The implementation of programs for the
generation of interest on attorneys' trust accounts for
charitable purposes pursuant to subsection (a)(2) of this section
shall be optional, not mandatory, and no attorney shall be liable
in damages if such attorney continues to maintain such trust
moneys in noninterest bearing checking accounts separate and
apart from such attorney's own funds as required by subsection
(a)(1) of this section and in accordance with law and the Code of
Professional Responsibility.

(4)] Except for trust moneys placed by the attorney
in a commingled account for charitable purposes pursuant to
subsection (a)(2) of this section, trust moneys in the hands of
attorneys may be invested in any other investment vehicle

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