IOLTA and Unclaimed Funds: What is TR 88?-IOLTA and Unclaimed Funds: What is TR 88?

Video Transcription

Video Summary

This presentation explained Ohio’s unclaimed funds law and how holders, including businesses and attorneys, must report dormant property. Speakers defined unclaimed funds as money or intangible property with no owner-generated activity for a statutory period, and described common dormancy periods such as one year for wages, three years for many checks and attorney trust-account funds, five years for savings accounts, and 15 years for travelers’ checks.<br /><br />The session also covered Ohio’s new system for reporting and claiming. Holders must now file electronically through unclaimedfunds.ohio.gov using NAPA-format files or manual entry; paper forms are no longer accepted. Even if there is nothing to report, holders must submit a non-report. Due diligence mailings are required for items of $50 or more, with certified mail required for amounts of $1,000 or more. Reporting deadlines are generally November 1 for most holders and May 1 for life insurance companies.<br /><br />A major section focused on attorney unclaimed funds, including dormant IOLTA/IOTA funds and certain settlement funds. The presenters explained trust account rules, recordkeeping, commingling prohibitions, overdraft issues, and ethical duties under Ohio professional conduct rules. They emphasized best practices such as monthly reconciliations, clear client ledgers, and prompt distribution of earned fees.<br /><br />The webinar also highlighted the Voluntary Compliance Agreement program, which lets holders come into compliance by reporting past-due funds and avoiding penalties. Finally, it addressed claim procedures, deceased owners, business-to-business exemptions, and the importance of using missingmoney.com and the state database to reunite owners with their property.

Keywords

Ohio unclaimed funds

dormant property

unclaimed property reporting

electronic filing

NAPA format

non-report

due diligence mailing

certified mail

attorney trust accounts

IOLTA

IOTA

recordkeeping

Voluntary Compliance Agreement

missingmoney.com

claim procedures