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
Although banking law defines when funds are "cleared" (meaning that they are "available for withdrawal and disbursement with no chance of revocation or recall by the financial institution"), Rule 1.15 prohibits lawyers from disbursing on funds until they are cleared. This per se rule applies even if the trust account holds only one client's funds, or has somehow been "securitized."

Copyright 2000, Thomas E. Spahn