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NOTICE TO FINANCIAL INSTITUTIONS DATE: FROM:
TO: Financial Institution Name
Lawyer or Law Firm Name
Address
Address
City
State
Zip
City
State
Zip
Telephone Number
Telephone Number
The undersigned elect(sl to participate in the Arkansas Interest on Lawyers' Trust Accounts Program (lOLTA) as authorized by the Arkansas Supreme Court, Under this program, interest on the trust account described below will be paid directly to the Arkansas 10LTA Foundation, Inc" rather than being credited to the undersigned:
Account Number
Account Name
The funds currently deposited to this account. and all future deposits, should be placed in an interest-bearing account subject to negotiable orders of withdrawal. Interest on the average monthly balance in the account. or as otherwise computed in accordance with your standard accounting practice, should be remitted to the ARKANSAS IOLTA FOUNDATION, INC" 209 W. CAPITOL AVENUE, SUITE 337, UTTLE ROCK, ARKANSAS 72201. The Foundation's tax identification number is 710611874, You are not required to report the interest income (IRS Form 1099), but if you elect to do so, show the Arkansas 10LTA Foundation, Inc, as recipient. Each remittance must be paid by check at least quarterly. If your institution has trust accounts for more than one lawyer or law firm participating in this program, you may make a single remittance for all at the same time. Each remittance must be accompanied by a document which shows the exact allocation of a lump sum payment among the participating lawyers and firms who have accounts at your institution. This document requirement may be fulfilled by choosing one of two methods: I) Enclose a copy of each participating lawyer's or law firm's account statement that is routinely prepared by your institution with each remittance or 2) Enclose an "Interest on Lawyers' Trust Accounts Interest Remittance Report" with each remittance. We hope that you will waive any charges in order to benefit Arkansas citizens, but reasonable service and activity charges may be deducted from each remittance and should be listed on the "Interest on Lawyers' Trust Accounts Interest Remittance Report."
Authorized Signatory or Signatories:
Return this form to: Arkansas 10LTA Foundation, Inc. 209 W. Capitol Avenue, Suite 337 Little Rock. AR 72201 luly 1987/Arkansas Lawyer/1l3