R.I. Sup. Ct. R. Art. IV, R. 2

(a) Lawyers and law firms who practice law in this state shall deposit all funds

held in trust in accordance with Rule 1.15 of the Rules of Professional Conduct

(Article V of the Supreme Court Rules) in accounts clearly identified as “trust,”

“client” or “escrow” accounts, collectively referred to herein as “trust accounts,” and

shall take all steps necessary to inform the depository institution in which the trust

accounts are deposited of the purpose and identity of such accounts. For the purposes

of this Rule 2, trust accounts shall not include funds held by a lawyer as trustee under

an inter vivos or testamentary trust, guardian, executor, receiver or similar fiduciary

capacity. Trust accounts shall be maintained only in financial institutions approved

by this Court. The names of financial institutions in which such trust accounts are

maintained and identification numbers of each such account shall be recorded on the

annual lawyer registration form filed with this Court. Trust accounts, and the

maintenance thereof, shall be subject to the following additional provisions.

(b) A financial institution shall be approved as a depository for trust accounts if

it shall file with this Court an agreement, in a form provided by the Court, to report

to the Disciplinary Board in the event any properly payable instrument is presented

against a trust account containing insufficient funds, irrespective of whether the

instrument is honored. This Court shall establish rules governing approval and

termination of approved status for financial institutions, and shall annually publish

a list of approved financial institutions. No trust account shall be maintained in any

financial institution which does not agree to make such reports. Any such agreement

shall apply to all branches of the financial institution and shall not be cancelled

except upon thirty (30) days’ notice in writing to this Court. Every financial

institution so approved shall, within thirty (30) days of any change in the facts set

forth in the approved agreement, file a change of circumstances statement prescribed

by the Clerk of the Supreme Court describing such change. Every financial

institution so approved shall, every year between December first and December

thirty-first, file a completed annual renewal statement prescribed by the Clerk of the

Supreme Court.

(c) The overdraft notification agreement shall provide that all reports made by

financial institutions shall be in the following format:

(1) In the case of dishonored instrument, the report shall be identical to the

overdraft notice furnished to the depositor, and shall include:

(i) A copy of the dishonored instrument;

(ii) The name of the financial institution;

(iii) The name and address of the attorney or law firm;

(iv) The account number;

(v) The date of presentation for payment;

(vi) The amount of the dishonored instrument; and

(vii) The account balance at the time of presentment.;

(2) In the case of instruments that are presented against insufficient funds but

which instruments are honored, the report shall include:

(i) A copy of the paid instrument;

(ii) The name of the financial institution;

(iii) The name and address of the attorney or law firm;

(iv) The account number;

(v) The date of presentation for payment;

(vi) The date paid;

(vii) The amount of the instrument paid; and

(viii) The amount of the overdraft created thereby.

Such reports shall be made simultaneously with, and within the time provided by

law for notice of dishonor, if any, to depositors. If an instrument presented against

insufficient funds is honored, then the report shall be made within five (5) banking

days of the date of presentation for payment against insufficient funds.

(d) Every lawyer or law firm practicing or admitted to practice in this state shall,

as a condition thereof, release a participating financial institution from any cause of

action resulting from a report provided to the Court or the Court's Disciplinary Board

and be conclusively deemed to have consented to the reporting and production

requirements by financial institutions mandated by this rule.

(e) Nothing herein shall preclude a financial institution from charging a lawyer

or law firm for the reasonable cost of producing the reports and records required by

this rule.