The Supreme Court of South Carolina
Amendment to Rule 1.15(f) of the Rules of
Professional Conduct, Rule 407, SCACR.
O R D E R
dated June 20, 2005, we substantially amended the Rules of Professional Conduct,
Rule 407, SCACR, to incorporate many of the changes made by the
Pursuant to Article V, § 4, of the South Carolina Constitution, we further amend Rule 1.15(f) of the Rules of Professional Conduct, Rule 407, SCACR, as follows:
(f) A lawyer shall not disburse funds from an account containing the funds of more than one client or third person unless the funds to be disbursed have been deposited in the account and are collected funds; provided, however, a lawyer may treat as equivalent to collected funds cash, verified and documented electronic fund transfers, or other deposits treated by the depository bank as equivalent to cash, properly endorsed government checks, certified checks, cashiers checks or other checks drawn by a bank, and any other instrument payable at or through a bank, if the amount of such other instrument does not exceed $5,000 and the lawyer has reasonable and prudent belief that the deposit of such other instrument will be collected promptly. If the actual collection of deposits treated as the equivalent of collected funds does not occur, the lawyer shall, as soon as practical but in no event more than five working days after notice of noncollection, deposit replacement funds in the account.
This amendment shall also become effective October 1, 2005.
IT IS SO ORDERED.
s/Jean H. Toal C.J.
s/James E. Moore J.
s/John H. Waller, Jr. J.
s/E. C. Burnett, III J.
s/Costa M. Pleicones J.
Columbia, South Carolina
July 6, 2005