September 2016
New Rules and Appointing a Trust Account
Oversight Officer

Last month we brought you an updated article by Peter Bolac, Trust Account Compliance Council with the NC State Bar, regarding the new trust account rules adopted this summer. 
At Lawyers Mutual we have received questions about the new optional Trust Account Oversight Officer (TAOO) described in Rule 1.15-4, particularly about a template to appoint a partner of the firm to this role and to satisfy the annual confirmation of appointment requirement. While no one form is currently required, attached is a sample of each form for your reference and use. Of course it is important to review any document and stay up to date on any changes in the rules and any additional requirements that may arise.
For further information about the new trust accounting rules, we recommend attending one of the many 1-hour CLE's offered around the state on the topic. Additionally, this satisfies one of the provisions of the rules in order to be a signatory on an account! Lawyers Mutual's 2016-2017 Put Into Practice CLE can be found here.  For a complete listing of other courses approved across the state you may visit www.nccle.org/courses and search with the "Trust Account Course" dropdown set to "Yes."
New forms available for indicating Trust Account Oversight Officer: 
  1. Trust Account Oversight Officer Agreement
  2. Trust Account Oversight Continuing Designation Agreement
This document is written for general information only. It presents some considerations that might be helpful in your practice.  It is not intended as legal advice or opinion. It is not intended to establish a standard of care for the practice of law. There is no guarantee that following these guidelines will eliminate mistakes. Law offices have different needs and requirements. Individual cases demand individual treatment. Due diligence, reasonableness and discretion are always necessary. Sound risk management is encouraged in all aspects of practice.    

Post Office Box 1929      Cary, NC 27512