Hannah L. Kilson Named Chair of Massachusetts IOLTA Committee

BBA Council Member Hannah L. Kilson has been Named the chair of the Massachusetts Interest on Lawyers Trust Accounts Committee. She will succeed Douglas W. Salvesen.

Kilson is a partner at Nolan Sheehan Patten who concentrates her practice on real estate transactions, particularly in the area of affordable housing and community development.  She represents nonprofit and for-profit developers, borrowers, equity investors, syndicators and lenders in transactions involving various financing sources.  Kilson is experienced in commercial real estate transactions, including land acquisition and disposition matters, leasing, and permitting.

Interest on Lawyers’ Trust Accounts, or "IOLTA", is a program mandated by the Supreme Judicial Court. It requires lawyers and law firms to establish interest-bearing accounts for client deposits which are nominal in amount or large amounts held for a short period of time. This site is designed to provide information about what the committee does, to provide lawyers information for opening an IOLTA account, and provide banks information for setting up, maintaining, and reporting on IOLTA accounts.

The Supreme Judicial Court created the Interest on Lawyers' Trust Accounts (IOLTA) program in 1985 by adding DR 9-102 (C) under Rule 3:07. On January 1, 1998 DR 9-102 (C) was replaced by Rule 1.15 (e) of the Massachusetts Rules of Professional Conduct. Originally voluntary, the SJC converted IOLTA to a "comprehensive" program in 1990. As a result, lawyers holding funds on a client’s behalf must place the funds either in an account which pays interest to the client or in an IOLTA account. An IOLTA account is selected if the funds are relatively modest, or large amounts held by the lawyer for only a short period: in either of these situations, the interest that might be earned for the client would be less than the cost of establishing and maintaining an account for the benefit of the client.