Alaska Bar R. 15.1

(a) Clearly Identified Trust Accounts in Financial

Institutions Required.

(1) Lawyers subject to Alaska Rule of Professional

Conduct 1.15 shall deposit all funds held in trust in accounts

clearly identified as “trust” or “escrow” accounts, referred to

herein as “trust accounts,” and shall take all steps necessary to

inform the depository institution of the purpose and identity of

the accounts. Funds held in trust include funds held in any

fiduciary capacity in connection with a representation, whether

as trustee, agent, guardian, executor, or otherwise.

(2) Lawyers subject to Alaska Rule of Professional

Conduct 1.15 shall maintain and preserve for a period of at

least five years after termination of the representation, the

records of the accounts, including checkbooks, canceled

checks, check stubs, vouchers, ledgers, journals, closing

statements, accountings or other statements of disbursements

rendered to clients or other parties with regard to trust funds or

similar equivalent records clearly and expressly reflecting the

date, amount, source, and explanation for all receipts,

withdrawals, deliveries, and disbursements of the funds or

other property of a client.

(b) Overdraft Notification Agreement Required. A

financial institution may be a depository for lawyer trust

accounts if it agrees in a form provided by the Bar Association

to report to Bar Counsel whenever any properly payable

instrument is presented against a lawyer trust account

containing insufficient funds, irrespective of whether the

instrument is honored. No trust account shall be maintained in

any financial institution that does not agree to so report. Any

such agreement shall apply to all branches of the financial

institution and shall not be cancelled except upon 30 days’

notice in writing to the Bar Counsel.

(c) Overdraft Reports. The overdraft notification

reports made by the financial institution shall be in the

following format:

(1) in the case of a dishonored instrument, the report shall

be identical to the overdraft notice customarily forwarded to the

depositor, and should include a copy of the dishonored

instrument, if such a copy is normally provided to depositors;

(2) in the case of an instrument that is presented against

insufficient funds but which instrument is honored, the report

shall identify the financial institution, the lawyer or law firm,

the account number, the date of presentation for payment, and

the date paid, as well as the amount of overdraft created

thereby.

(d) Timing of Reports. Reports under subsection (c)

shall be made simultaneously with, and within the time

provided by law for notice of dishonor, if any. If an instrument

presented against insufficient funds is honored, then the report

shall be made within five banking days of the date of presentation for payment against insufficient funds.

(e) Consent By Lawyers. Lawyers subject to Alaska

Rule of Professional Conduct 1.15 shall be conclusively

deemed to have consented to the reporting and production

requirements mandated by this rule. A lawyer shall sign a

waiver of confidentiality under AS 06.01.028.

(f) Costs. Nothing herein shall preclude a financial

institution from charging a particular lawyer or law firm for the

reasonable cost of producing the reports and records required

by this rule.

(g) Definitions. For purposes of this rule:

(1) “Financial institution” includes a bank, savings and

loan association, credit union, savings bank, and any other

business or person that accepts for deposit funds held in trust

by lawyers;

(2) “Properly payable” refers to an instrument which, if

presented in the normal course of business, is in a form

requiring payment under the laws of this jurisdiction; and

(3) “Notice of dishonor” refers to the notice that a

financial institution is required to give, under the laws of this

jurisdiction, upon presentation of an instrument that the

institution dishonors.