Interest on Lawyer Account (IOLA Account) Law and Legal Definition

Interest on Lawyer Account or an IOLA account is a creation of New York State Statute. An IOLA account is defined as “an un-segregated interest-bearing deposit account for the deposit by an attorney of qualified funds.” Gianoukas v. Campitiello, 2009 U.S. Dist. LEXIS 95354 (S.D.N.Y. Oct. 13, 2009)