Why Mandatory IOLTAs Should be Eliminated

Authors

Dan Chern

Publication Date

10-1-1997

Document Type

Comment

Abstract

The First and Eleventh Circuits have held that clients have no property right in interest earned through the IOLTA program. Contrary to both holdings, the Fifth Circuit found that clients do have a property right in this interest. Indeed, the Fifth Circuit's opinion consists almost entirely of a critique of these two contrary holdings. Curiously, all three circuits rely on the same United States Supreme Court case, Webb's Fabulous Pharmacies, Inc. v. Beckwith. This Comment concludes that the Fifth Circuit correctly applied Webb's in holding that the owner of principal has a property right in the interest earned on that principal.

DOI

10.37419/TWLR.V4.I1.5

First Page

123

Last Page

141

Recommended Citation

Dan Chern, Why Mandatory IOLTAs Should be Eliminated, 4 Tex. Wesleyan L. Rev. 123 (1997).
Available at: https://doi.org/10.37419/TWLR.V4.I1.5