Ch. 3

LAWS OF MARYLAND

(1)  DEDUCT FROM THE TOTAL INTEREST ACCUMULATED IN THE
ACCOUNT ANY SERVICE CHARGE DUE ON THE ACCOUNT; AND

(2)  PAY THE NET INTEREST TO THE MARYLAND LEGAL
SERVICES CORPORATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first, second, and
fourth clauses of the second sentence of former Art.
10, § 44(a)(2) and the first clause of (3).

In subsection (a)(2) of this section, the reference to
the "sole discretion of the lawyer" is added to
clarify and emphasize that the decision to deposit
money into an account under this section is made
solely by the lawyer, not by the client or beneficial
owner.

In subsection (b)(2)(ii) of this section, the
reference to an "interest bearing" account is added
for clarity.

The third clause of the second sentence of former Art.
10, § 44(a)(2), which enabled a lawyer to commingle
trust money in accounts on which the interest is
payable to the Maryland Legal Services Corporation, is
deleted to avoid the erroneous implication that only
this trust money may be commingled. See Md. Rule
BU7b3.

Defined terms: "Attorney trust account" § 10-301

"Beneficial owner" § 10-301

"Lawyer" § 10-101 "Trust money" § 10-301

10-304. DEPOSIT OF TRUST MONEY.

(A)  GENERAL REQUIREMENT.

EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, A
LAWYER EXPEDITIOUSLY SHALL DEPOSIT TRUST MONEY INTO AN ATTORNEY
TRUST ACCOUNT.

(B)  EXCEPTIONS -- DIRECTION OF COURT.

SUBSECTION (A) OF THIS SECTION DOES NOT APPLY IF THERE IS A
COURT ORDER TO THE CONTRARY.

(C)  SAME -- REAL ESTATE TRANSACTION.

NOTWITHSTANDING SUBSECTION (A) OF THIS SECTION OR ANY OTHER
LAW, A LAWYER MAY DISBURSE, AT SETTLEMENT IN A REAL ESTATE
TRANSACTION, TRUST MONEY THAT THE LAWYER RECEIVES IN THE
TRANSACTION.

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