On October 1, 2020, the Supreme Judicial Court issued its opinion In the Matter of Olchowski, 485 Mass. 807 (2020). The Court held that client funds on deposit in IOLTA accounts whose owners cannot be identified do not fall within the statutory definition of “abandoned property” under G.L. c. 200A, and therefore such funds should be remitted to the IOLTA Committee rather than escheated to the treasury.
Read more: SUPREME JUDICIAL COURT ORDERS UNIDENTIFIED IOLTA FUNDS TRANSFERRED TO IOLTA COMMITTEE
