Unclaimed Funds
The Unclaimed Funds Form is to be used when a lawyer or LLP has funds in their COLTAF account that meet one or more of the following criteria:
- Unclaimed funds – The lawyer or LLP knows the identity of the owner of the funds, but the owner has not claimed the funds, after reasonable efforts haven been made to deliver the funds to the owner. For example, you have repeatedly mailed checks to a client and the checks have been returned or have not been cashed.
- Unidentifiable funds – The lawyer or LLP is unable to determine the identity of the owner of the funds in the COLTAF account.
- Disclaimed funds – The lawyer or LLP knows the identity of the owner of the funds and the owner has refused to accept the funds. This is distinguishable from the unclaimed funds situation because the owner is actively disclaiming ownership, rather than passively failing to cash a check.
Lawyers and LLPs are not required to remit unclaimed or unidentifiable funds to COLTAF. Funds may alternatively be maintained in your COLTAF account. However, many lawyers and LLPs choose to remit funds to maintain cleaner COLTAF account records (see Rule 1.15B).
An office administrator or other person who assists with managing a COLTAF account may assist in the preparation of the form. However, a lawyer or LLP responsible for the COLTAF account must initial the required certifications and sign the form.
If you are remitting funds for more owners than will fit on the form, attach a spreadsheet with the same columns that appear on the form.
Send COLTAF only one check per COLTAF account for the total funds being remitted. Do not send one check per owner.
If, after remitting unclaimed funds, the owner of the funds requests a payment, you should complete COLTAF’s Unclaimed Funds Refund Request Form. COLTAF only issues unclaimed funds refunds to the responsible lawyer or LLP, not to the owner of the funds. It is the responsible lawyer or LLP’s duty to then return the funds to the owner.
