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 law firm may not write checks on a trust account during the period in which the bank put the entire trust account on hold, even though the bank's hold also blocked access to funds other than the checks that had just been deposited, and even though the lawyers had complied with the Wet Settlement Act. Despite what could be seen as the unreasonable nature of the bank's policy, the law firm may not write checks that it knows will bounce.

Copyright 2000, Thomas E. Spahn