A
lawyer shall hold property of clients or third persons that
is in a lawyer's possession in connection with a representation
separate from the lawyer's own property. Funds shall be kept
in a separate trust account maintained in the state of Wyoming,
or elsewhere with the written consent of the client or third
person. Such an account shall comply with the following provisions:
(1)
The
trust account shall include all client or third party
funds except those funds deposited pursuant to the
written instructions of the client or third party in
a special interest bearing account with such interest
being paid pursuant to such written instruction.
(2)
No
interest from such trust account shall be made available
to a lawyer or law firm.
(3)
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, provided however,
notification to interested parties whose funds are
nominal in amount or be held for a short period of
time is not required.
(4)
The
determination of whether client's funds are nominal
in amount or to be held for a short period of time
rests in the sound judgement of each lawyer or law
firm.
Trust
property other than funds shall be identified as such and
appropriately safeguarded.
(b)
Any
interest-bearing trust account established pursuant to subsection
I (a) of this rule may be established with any financial institution which is
authorized by federal or state law to do business in Wyoming and which is a member
of the Federal Deposit Insurance Corporation, or any successor agency. Funds
deposited in such accounts shall be subject to withdrawal upon request and without
delay.
(c)
Except
as stated in this rule or otherwise permitted by law or by
agreement with the client, 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. Complete
records of such account funds and other property shall be
kept by the lawyer and shall be preserved for a period of
five years after termination of the representation.
(d)
When in
the course of representation a lawyer is in possession of
property in which both the lawyer and another person claim
interests, the property shall be kept separate by the lawyer
from the lawyer's other property until there is an accounting
and severance of their interest. If a dispute arises concerning
their respective interests, the portion in dispute shall
be kept separate from the lawyer's other property by the
lawyer until the dispute is resolved.
(e)
This rule
does not apply to any member of the Wyoming State Bar, who,
1) is not engaged in the practice of law in Wyoming; 2) is
employed on a full-time basis by any governmental agency
or subdivision and is not engaged in the private practice
of law; or 3) is employed on a full-time basis by any corporation
or association which does not provide legal services to the
public and who is not otherwise engaged in the private practice
of law.
(f)
Each active
member of the Wyoming State Bar who practices within the
state shall certify each year upon making payment of annual
license fees that the member has and intends to keep in force
in the State of Wyoming a separate bank account or accounts
for the purpose of keeping money in trust for the member's
clients, which account conforms to the requirements of this
disciplinary rule, or that because of the nature of the member's
practice no client funds are received. Certification shall
be upon a form to be provided
by the Wyoming State Bar and shall include the following:
(1)
The
name and address of the lawyer or law firm filing the
certification;
(2)
The
name and address of each financial institution in which
the account
or accounts are maintained;
(3)
The
number of each account maintained pursuant to this
rule;
(4)
The
dates covered by the certification; and
(5)
The
signature, under penalty of perjury, of the lawyer
making the
certification.
