These summaries were prepared by McGuireWoods LLP lawyer Thomas E. Spahn. They are based on the letter opinions issued by the Virginia State Bar. Any editorial comments reflect Mr. Spahn's current personal views, and not the opinions of the Virginia State Bar, McGuireWoods or its clients. 
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40-Trust Accounts

58-Real Estate Lawyers

A lawyer may not disburse funds from a trust account until they are irrevocably credited to the account. A law firm may agree to waive the right to certified funds in all closings occurring between the lender and the law firm's clients as long as all the transactions comply with the Wet Settlement Act (Va. Code § 6.1-2.10).

Copyright 2000, Thomas E. Spahn