Lawyers yearn to return money
Thousands in unclaimed trust funds transferred to NWT Law Foundation
Shane Magee
Northern News Services
Monday, April 10, 2017
NORTHWEST TERRITORIES
Lawyers are trying to return money to some of their clients.
The money was placed in a holding account by people or businesses as part legal transactions, such as a property deal or estate settlement.
"Sometimes at the end of those transactions there will be a bit of money left over," said Donna Allen, executive director of the NWT Law Society.
"It's the responsibility of the lawyer to make all efforts to return that money to clients - but people leave town or can't be reached."
Lawyers are required to try for at least two years to return the money.
If they are not successful, the funds are transferred to the law society, the organization that regulates the legal profession in the territory.
The society is the last step, and will hold on to the funds for five years.
As part of its efforts to return the money, the group will occasionally advertise and has a website people can use to search a name to find out if money is being held.
"I do things like a Facebook search and a LinkedIn search and sometimes we're successful but the lawyers have usually done a pretty good search already," said Allen.
The amount typically held in trust for a single client is typically less than $1,000, she said.
If after five years, the society's attempts to return the money still prove fruitless, the funds are transferred to the NWT Law Foundation.
The funds contributed to the foundation handing out $16,800 in legal education and $8,000 in scholarships in 2015-16, according to its last annual report.
