§ 81.302. Definitions.
The following words and phrases when used in these Regulations shall have the meanings given to them in this section unless the context clearly indicates otherwise:
AOPC. The Administrative Office of Pennsylvania Courts.
AOPC Magisterial District Judge Case Reporting System. The computerized docket activity tracking and accounting system developed by the AOPC for use by the Magisterial District Judges throughout the state.
Beneficial Owner. The third party whose funds are in the custody of a Judicial Official.
Comparability Guidance. Guidance developed and updated from time to time by the IOLTA Board which addresses how Depository Institutions should determine the comparable interest or dividend rate to be applied to MJ-IOTA Accounts. This guidance is made available online at www.paiolta.org and may also be obtained by writing to the IOLTA Board at P.O. Box 62445, Harrisburg, PA 17106-2445.
Custodial Account. Any account maintained in a Depository Institution in which or with respect to which a Judicial Official holds the funds of a Beneficial Owner.
Custodial Capacity. The capacity in which the Judicial Official holds funds of a Beneficial Owner received by a Judicial Official in his or her capacity as a Judicial Official.
Custodial Funds. Funds, whether cash, check, money order, or other negotiable instrument, received by a Judicial Official in his or her capacity as a Judicial Official.
Depository Institution. A financial institution in which a Judicial Official holds funds of Beneficial Owners in a Custodial Account.
Good Faith. Honesty in fact in the conduct or transaction concerned.
IOLTA Board. The Pennsylvania Interest on Lawyers Trust Account Board.
Judicial Official. Each judge and justice of all courts created pursuant to Article V, Sections 6 and 7 of the Pennsylvania Constitution are judicial officials. These include Magisterial District Judges, judges of the Philadelphia Municipal Court, judges of the Philadelphia Municipal Court, Traffic Division and judges of the Pittsburgh Municipal Court.
MJ-IOTA Account. An un-segregated income-producing account with a Depository Institution for the deposit of Qualified Funds by a Judicial Official, the income from which is beneficially owned by the IOLTA Board.
MJ-IOTA Order. The Order of the Supreme Court of Pennsylvania dated August 3, 2004 which established the Minor Judiciary Interest on Trust Account Program.
Qualified Funds. Funds, whether cash, check, money order, or other negotiable instrument received by a Judicial Official in his or her capacity as a Judicial Official which, in the Good Faith judgment of the Judicial Official, are nominal in amount or are reasonably expected to be held for such a short period of time that sufficient income will not be generated to justify the expense of earning income to benefit the Beneficial Owner of the funds.
Regulations. These regulations adopted by the IOLTA Board, and approved by the Supreme Court of Pennsylvania, as they may be amended from time to time.
Source The provisions of this § 81.302 adopted January 6, 2005, effective February 1, 2005, 35 Pa.B. 497; amended August 7, 2017, effective immediately, 47 Pa.B. 4802. Immediately preceding text appears at serial pages (309494) to (309495).
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