Ohio Code 169.052 – Attorney unclaimed funds
(A) Every holder of attorney unclaimed funds shall, at the time of filing, remit to the director of commerce one hundred per cent of the aggregate amount of unclaimed funds as shown on the report. The funds may be claimed by the director of the Ohio access to justice foundation, created pursuant to section 120.521 of the Revised Code. Interest shall accrue on attorney unclaimed funds in accordance with division (D) of section 169.08 of the Revised Code while held by the Ohio access to justice foundation and shall be credited to attorney unclaimed funds.
Terms Used In Ohio Code 169.052
- Attorney unclaimed funds: means any unclaimed funds, as defined in division (B)(1) of this section, that are any of the following:
(1) Funds held in interest on lawyer trust accounts pursuant to section 4705. See Ohio Code 169.01
- Holder: means any person that has possession, custody, or control of moneys, rights to moneys, or other intangible property, or that is indebted to another, if any of the following applies:
(a) Such person resides in this state;
(b) Such person is formed under the laws of this state;
(c) Such person is formed under the laws of the United States and has an office or principal place of business in this state;
(d) The records of such person indicate that the last known address of the owner of such moneys, rights to moneys, or other intangible property is in this state;
(e) The records of such person do not indicate the last known address of the owner of the moneys, rights to moneys, or other intangible property and the entity originating or issuing the moneys, rights to moneys, or other intangible property in this state or any political subdivision of this state, or is incorporated, organized, created, or otherwise located in this state. See Ohio Code 169.01
- Unclaimed funds: means any moneys, rights to moneys, or intangible property, described in section 169. See Ohio Code 169.01
(B) The director of commerce or the director’s designee shall serve on the board of directors of the Ohio access to justice foundation which holds attorney unclaimed funds.
(C) Funds recovered by the Ohio access to justice foundation are subject to call at the discretion of the director of commerce to be returned to the department of commerce. Funds recovered by the Ohio access to justice foundation shall be used to provide financial assistance to legal aid societies, to enhance or improve access to justice, or to operate the foundation.
(D) Attorney unclaimed funds held by the Ohio access to justice foundation may be assessed the actual, reasonable cost the department of commerce incurs for administering attorney unclaimed funds as described in division (B) of section 169.03 of the Revised Code, this section, and section 169.08 of the Revised Code.