November 2009 - Information about Mandatory IOLTA Participation
Educational materials regarding compliance with the mandatory IOLTA program have been mailed to all lawyers holding Tennessee licenses. For the answers to Frequently Asked Questions, the form to open an IOLTA account (or convert a pre-existing trust/escrow checking account to an IOLTA account) and the list of Eligible Financial Institutions, click here.





September 2009 - Legal History Project video collages available online
All six collages that compile the “best of” moments of the video interviews conducted by the Legal History Project may be viewed online. Click here to enjoy the preserved memories, wit and wisdom of Tennessee’s senior lawyers!





July 2009 - IOLTA Program Changes
On July 8, 2009, the Supreme Court issued an Order that amends Rule 8, RPC 1.15 and Rule 43 of the Rules of the Supreme Court of Tennessee (click here for Order and amended Rules) with a compliance date for lawyers of January 1, 2010. Educational materials will be sent to all Tennessee lawyers this coming fall, with detailed information about what changes, if any, are necessary.

While no immediate action is required, the Tennessee Bar Foundation, administrator of the IOLTA program, is ready to assist those lawyers whose trust/escrow checking accounts are not currently participating in IOLTA. A "sign-up" form is available on this website under "Lawyer Resources." Select "Open an IOLTA account ('Notice to Financial Institution')". The form that appears should be printed, completed and submitted to the lawyer's bank (or to the Foundation that will, in turn, submit it to the bank).

For additional assistance, contact the Foundation at 615/242-1531 or 800/634-2516 or info@tnbarfoundation.org





February 2009 – Supreme Court Luncheon
The Board of Trustees hosted the annual luncheon for the members of the Tennessee Supreme Court. The event allows the Trustees to report on current issues regarding the IOLTA program, which the Foundation administers on the Court’s behalf.





December 2008/January 2009 – IOLTA Grants
The Board of Trustees announced awards from the Tennessee IOLTA program of $1,400,365 to 55 law-related organizations. The recipients are headquartered in 25 communities around the state and provide their services in many additional cities and counties. The awards range from $3,000 to $270,000. The grantees are listed here.





November 2008 – New FDIC Rule Creates Unlimited Protection for IOLTA Accounts
The Federal Deposit Insurance Corporation (FDIC) announced on November 21, 2008, effective immediately, that client funds deposited in IOLTA accounts at participating financial institutions are eligible for unlimited deposit insurance coverage as part of the Temporary Liquidity Guarantee Program (TLGP). All funds in an IOLTA account, regardless of the amount on deposit or number of clients, will now be insured in full by the FDIC and backed by the full faith and credit of the United States Government, as part of the Temporary Account Guarantee (TAG) provisions of the TLGP. The additional coverage is in effect until December 31, 2009, unless extended. See page 14 (within the full text of the final Rule):

http://www.fdic.gov/news/board/08BODtlgp.pdf

Note, however, that financial institutions may choose to opt out of the TAG Program. Non-participating institutions are required to post a notice in the lobby. They are also listed on the FDIC’s website:

http://www.fdic.gov/regulations/resources/TLGP/optout.html





June 2007 – Annual Meeting
The Annual Meeting of the Tennessee Bar Foundation was held June 14 at the Sheraton Music City Hotel in Nashville. Chairman Paul Plant’s report on the activities of the past year included the IOLTA program’s 55 grant awards (for a total of $1,000,000) to law-related public service providers for 2007; the completion of six Legal History Project interviews with senior lawyers and judges; and the fact that the strong economic condition of the Foundation warranted the selection of investment consultants who will assist in reaping the best return on IOLTA funds.

Howard H. Vogel, of Knoxville, assumed office as Chairman of the Foundation. The members of the Board of Trustees for 2007 – 2008 are listed here.

          




May 2007 – Points of Interest
The Foundation’s annual newsletter, Points of Interest, is in the mail to all Tennessee attorneys. The cover story describes the work of an IOLTA grant recipient organization, Community Reconciliation, Inc., the VORP (Victim Offender Reconciliation Program) of Chattanooga, which promotes mediation as a method of solving disputes. In addition to other information, the success of the Foundation’s own Legal History Project is detailed inside the newsletter, along with a list of its interviewees. Points of Interest is available by clicking here.





October 2006 – Legal History Project
Three lawyers went before the cameras in late summer, bringing the Project’s video collection to 48 interviews.

Senator Howard H. Baker, Jr., was questioned by his longtime law partner, Robert F. Worthington, Jr.  He described a career trajectory that began in Scott County’s Huntsville, went to Knoxville to Washington, D.C. to Tokyo, Japan and then back to Huntsville (population 1,128).

Donald F. Paine, of Knoxville, told his interviewer, Howard H. Vogel, that during high school he enjoyed a summer job as a jackhammer operator and considered making that his career - - until his parents intervened.

Floyd Flippin, of Milan, interviewed his mentor, Judge W. Frank Crawford, of Memphis.  In addition to practicing law and serving on the bench, Judge Crawford had a brief film career: in the movie, The Firm (from the John Grisham novel), he “acted” as the judge who swore in the lawyer/characters to the Tennessee bar.

All DVD/VHS copies of the interviews conducted by the Legal History Project may be borrowed from the Foundation. Contact info@tnbarfoundation.org.