VETOES

Article 10 - Attorneys at Law and Attorneys in Pact

Section 44

Annotated Code of Maryland

(1987 Replacement Volume and 1988 Supplement)

BY repealing and reenacting, with amendments,

Article - Business Occupations

Section 10-303, 10-305, 10-307, and 10-607(h)

Annotated Code of Maryland

(As enacted by Chapter-----(S.B. 1) 3 of the

Acts of the General Assembly of 1989)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 10 - Attorneys at Law and Attorneys in Fact

44.

(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

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