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Simple English definitions for legal terms

IOLTA

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A quick definition of IOLTA:

Term: IOLTA

Definition: IOLTA stands for Interest on Lawyers' Trust Accounts. It is a program that allows lawyers to pool their clients' funds into one account, and the interest earned on that account is then used to fund legal aid programs for those who cannot afford legal representation. Essentially, it helps provide access to justice for those who may not have the financial means to hire a lawyer.

A more thorough explanation:

IOLTA

IOLTA stands for Interest on Lawyers' Trust Accounts. It is a program that allows lawyers to hold their clients' money in a special account that earns interest. The interest earned is then used to fund legal aid programs for people who cannot afford a lawyer.

For example, if a lawyer is holding $10,000 of their client's money in an IOLTA account, the interest earned on that money might be $100. Instead of keeping that $100 for themselves, the lawyer would donate it to a legal aid program to help people who cannot afford a lawyer.

Another example is if a lawyer is holding money for a real estate transaction in an IOLTA account. The interest earned on that money would be donated to a legal aid program, even though the money is not technically the client's.

IOLTA is a way for lawyers to use their clients' money to help people who cannot afford a lawyer. By earning interest on the money held in an IOLTA account, lawyers can donate that money to legal aid programs. This helps ensure that everyone has access to legal representation, regardless of their financial situation.

IO | IO mortgage

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JapaneseMacaque
20:55
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
JapaneseMacaque
20:57
TY
jackfrost11770
20:59
got a random stanford email and almost had a heart attack
jackfrost11770
20:59
ALSO CONGRATS!
texaslawhopefully
21:03
Congrats1!
Ratratta
21:15
Miami A, yall I'm so excited I could cry.
Ratratta
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
JazzyGazelle
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
JazzyGazelle
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
JazzyGazelle
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
180SupremeWarrior
23:53
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
JazzyGazelle
0:59
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
jackfrost11770
5:37
good morning lsd it is 5 am EST
jackfrost11770
5:37
also jazzy my ndls address went long ages ago i sadly do not think it means anything
jackfrost11770
5:38
my stanford address also went long LOL i think at most it's an indicator it's under review
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