M.R. Prof. Conduct 1.15

(a) A lawyer shall hold property of clients or third persons that is in a

lawyer’s possession in connection with a representation separate

from the lawyer’s own property.

(b) (1) A lawyer shall deposit into a client trust account any advance

payment of fees or retainer and any expenses that have been

paid in advance, to be withdrawn by the lawyer only as fees are

earned or expenses incurred, except that an advance or

retainer may be placed temporarily in a non-trust account,

where necessary to effectuate payment by the client’s chosen

means (e.g., by credit card), so long as such funds are

transferred promptly, and no later than two business days

following receipt, into a client trust account. A lawyer shall not

accept any advance payment or retainer into a non-trust

account if the lawyer has any reason to suspect that the funds

will not be successfully transferred into the client trust account

within two business days of receipt. All such funds shall be

deposited in one or more identifiable accounts maintained

pursuant to Maine Bar Rule 6. No funds belonging to the

lawyer or law firm shall be deposited therein except as follows:

(i) Funds reasonably sufficient to pay institutional service

charges may be deposited therein; and

(ii) Funds belonging in part to a client and in part presently or

potentially to a lawyer or law firm must be deposited

therein, but the portion belonging to the lawyer or law

firm may be withdrawn when due unless the right of the

lawyer or law firm to receive the funds is disputed by the

client; in that event the disputed portion shall not be

withdrawn until the dispute is finally resolved.

(2) A lawyer shall:

(i) Promptly notify a client of the receipt of the client’s funds,

securities, or other properties;

(ii) Identify and label securities and properties of a client

promptly upon receipt and place them in a safe-deposit

box or other place of safekeeping as soon as practicable;

(iii) Maintain complete records of all funds, securities and

other properties of a client coming into possession of the

lawyer and render prompt and appropriate accounts to

the client regarding them, which records shall be kept by

the lawyer and shall be preserved for a period of eight

years after termination of the representation; and

(iv) Promptly pay or deliver to the client, as requested by the

client, the funds, securities, or other properties in the

possession of the lawyer which the client is entitled to

receive.

(3) Unless the client directs otherwise, when a lawyer or law firm

reasonably expects that client funds will earn interest or

dividends for the client in excess of the costs incurred to secure

such income, such funds shall be deposited in a client trust

account that may be either

(i) separate trust account for the particular client or client’s

matter, on which the earnings net of any transaction costs

or other account-related charges will be paid or credited

to the client; or

(ii) A pooled trust account with subaccounting which will

provide for computation of earnings accrued on each

client’s funds and the payment thereon, net of any

transaction costs or other account-related charges to the

client.

(4) All funds of any client held by the lawyer or law firm that are

small in amount or held for a short period of time so that they

cannot earn interest or dividends for the client in excess of the

costs incurred to secure such income shall be deposited in an

Interest on Lawyer’s Trust Account (IOLTA) account. The

account shall be established and maintained pursuant to Maine

Bar Rule 6.

(5) [Reserved – abrogated by July 2015 amendment.]

(6) [Reserved – abrogated by July 2015 amendment.]

(7) For purposes of this rule, the following definitions apply:

(i) “Interest or dividends in excess of costs” means the net of

interest or dividends earned on a particular amount of one

client’s funds over the administrative costs allocable to

that amount. In estimating the gross amount of interest or

dividends to be earned, the lawyer or law firm shall

consider the principal amount involved; available interest

or dividend rates; and the time the funds are likely to be

held, taking into account the likelihood of delay in any

relevant proceeding or transaction.

(ii) “Administrative costs” means that portion of the following

costs properly allocable to a particular amount of one

client’s funds paid to a lawyer or law firm:

(A) Financial institutional service charges for opening,

maintaining, or closing an account, or accounting for

the deposit and withdrawal of funds and payment of

interest or dividends.

(B) Reasonable charges of the lawyer or law firm for

opening, maintaining or closing an account; accounting

for the deposit and withdrawal of funds and payment of

interest or dividends; and obtaining information and

preparing or forwarding any returns or reports that

may be required by a revenue taxing agency as to the

interest or dividends earned on a client’s funds.

(c) [Reserved – included in (b), above.]

(d) Upon receiving funds or other property in which a client or

third person has an interest, a lawyer shall promptly notify the client

or third person. Except as stated in this rule or otherwise permitted

by law or by agreement with the client, a lawyer shall promptly

deliver to the client or third person any funds or other property that

the client or third person is entitled to receive and, upon request by

the client or third person, shall promptly render a full accounting

regarding such property.

(e) When in the course of representation, a lawyer is in possession of

property in which two or more persons (one of whom may be the

lawyer) claim interests, the property shall be kept separate by the

lawyer until the dispute is resolved. The lawyer shall promptly

distribute all portions of the property as to which the interests are

not in dispute.

(f) Upon termination of representation, a lawyer shall return to the

client or retain and safeguard in a retrievable format all information

and data in the lawyer’s possession to which the client is entitled.

Unless information and data are returned to the client or as

otherwise ordered by a court, the lawyer shall retain and safeguard

such information and data for a minimum of eight (8) years, except

for client records in the lawyer’s possession that have intrinsic value

in the particular version, such as original signed documents, which

must be retained and safeguarded until such time as they are out of

date and no longer of consequence. A lawyer may enter into a

voluntary written agreement with the client for a different period. In

retaining and disposing of files, a lawyer shall employ means

consistent with all other duties under these rules, including the duty

to preserve confidential client information.