Ontario Barrister Practice Questions - Ontario Barrister Licensing Examination Exam

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A lawyer receives funds from a client to be held pending the outcome of a transaction. Under the Law Society by-laws governing trust accounts, how must the lawyer handle these funds?

Deposit them into the lawyer's general operating account and track them on a ledger Hold the funds in cash in the office safe until the transaction closes Deposit them into a designated trust account, keep them separate from the lawyer's own funds, and maintain required trust records Invest the funds at the lawyer's discretion to maximize return for the client

Correct Answer:

Deposit them into a designated trust account, keep them separate from the lawyer's own funds, and maintain required trust records

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