Connecticut Superior Court Finds Funds in Lawyer’s Trust Account Not Unclaimed Property

The Connecticut Superior Court Jan. 22 found that funds in a lawyer’s trust account weren’t unclaimed property for corporate income tax purposes. The superior court had ordered that certain funds in an Interest on Lawyer’s Trust Account (IOLTA), the owner(s) of which couldn’t be identified, should be held in escrow until further court order. Respondent, the lawyer who maintained the account, contended that the funds should return to him for distribution. The office of Chief Disciplinary Counsel (Petitioner) contended that the funds should escheat to the state’s Unclaimed Property Division. The superior court found that: 1) there wasn’t a presumption ...