BILL ANALYSIS
AB 2766
Page 1
ASSEMBLY THIRD READING
AB 2766 (Judiciary)
As Introduced February 25, 2010
Majority vote
JUDICIARY 10-0
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|Ayes:|Feuer, Tran, Brownley, | | |
| |Evans, Hagman, Jones, | | |
| |Knight, Huffman, Monning, | | |
| |Nava | | |
|-----+--------------------------+-----+--------------------------|
| | | | |
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SUMMARY : Corrects an error regarding lawyer trust accounts.
Specifically, this bill substitutes the word "in" for the word
"on" with respect to interest-bearing lawyer trust funds.
EXISTING LAW requires attorneys to establish trust accounts for
specified client funds in the manner specified by the State Bar.
FISCAL EFFECT : None
COMMENTS : Last year, AB 940 (Judiciary Committee), sponsored by
the State Bar to codify existing rules and practices, passed
both houses unanimously and was signed by the Governor.
Unfortunately, that bill was inadvertently chaptered with a
typographical error, using the word "in" when the word "on" was
intended with respect to interest rates and dividends. Because
interest and dividends are correctly paid "on" an account, not
"in" an account, it would be prudent to correct this error in
order to promote compliance and avoid unnecessary confusion.
Analysis Prepared by : Kevin G. Baker / JUD. / (916) 319-2334
FN: 0004047