Accounting for Funds

Learn about the definition for this legal term.

What is Accounting for Funds?

Upon receiving funds or other property in which a client or third person has an interest, a lawyer shall promptly notify the client or third person. A lawyer shall promptly deliver to the client or third person any funds or other property that the client or third person is entitled to receive and, upon request by the client or third person, shall promptly render a full accounting regarding such property. Rule 1.15(d)

Further Reading

For more detailed information, see our related Ethics terms:

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