UPON THE REQUEST OF A MEMBER OF THE SOUTH CAROLINA BAR, THE ETHICS ADVISORY COMMITTEE HAS RENDERED THIS OPINION ON THE ETHICAL PROPRIETY OF THE INQUIRER鈥橲 CONTEMPLATED CONDUCT. THIS COMMITTEE HAS NO DISCIPLINARY AUTHORITY. LAWYER DISCIPLINE IS ADMINISTERED SOLELY BY THE SOUTH CAROLINA SUPREME COURT THROUGH ITS COMMISSION ON LAWYER CONDUCT.
Ethics Advisory Opinion 07-10
SC Rules of Professional Conduct: 1.15(f)
Question
May a lawyer accept cashiers checks and certified checks from non-bank depository institutions such as credit unions and treat them as 鈥渃ollected funds鈥� under Rule 1.15(f), although the Rule uses only the word 鈥渂ank鈥�?
Opinion
Yes. Subject to future clarification from the Supreme Court, the Committee believes the term 鈥渂ank鈥� in Rule 1.15(f) should be read to include credit unions and other financial institutions as defined in IOLTA Rule 412(a)(4). The 鈥淪cope鈥� of the Rules of Professional Conduct state: 鈥淭he Rules of Professional Conduct are rules of reason. They should be interpreted with reference to the purposes of legal representation and of the law itself.鈥�