Unidentifiable funds refers to funds accumulated in a Pennsylvania IOLTA account that cannot be reasonably documented as belonging to a client, former client, third party, or the lawyer or law firm for a minimum of two (2) years despite reasonable efforts to identify and return the funds to their rightful owner.
Unclaimed funds refers to funds in a Pennsylvania IOLTA account for which a client, former client, or third party appear to have an interest, but have not responded to the lawyer or law firm’s reasonable efforts to encourage the client, former client, or third party to claim their rightful funds for a minimum period of two (2) years.
A Remittance Report & Certification (add link to form) must be completed and sent to the IOLTA Board along with a check made payable to the Pennsylvania IOLTA Board in the amount of the Unclaimed and/or Unidentifiable funds.
If you have a large number of unclaimed funds owners to submit at once, include a separate list that contains the same information for each owner as is required in Section C of the Remittance Report.
A printed copy should be provided with the signed Remittance Report & Certification, and, for a list of more than ten (10) owners, an electronic version of a Word or Excel file should be sent to paiolta@pacourts.us to assist our administrative staff.
If you are a lawyer requesting the return of funds you previously transferred to the IOLTA Board in order to reunite them with their rightful owner, you must complete a Lawyer Fund Return Request.
No. Any other type of account which is not a Pennsylvania IOLTA account that contains unclaimed funds would follow the standard escheat process.
Conservators appointed pursuant to Pa. R.D.E. 321 should follow Pa. R.D.E. 324(c)(1) with respect to any Unidentifiable funds.
Please do not hesitate to contact the IOLTA Board via e-mail at paiolta@pacourts.us or by phone at (717) 238 2001.