Ethics Opinions
Iowa Supreme Court Board of Professional Ethics and Conduct
Date of Opinion:
09/06/2000
Opinion Number:
00-02
Title:
BONDS -- SELLING TO CLIENT
Opinion:
You have requested an opinion as to the propriety of a lawyer selling bonds such as “probate and other similar bonds” to his clients.
It is the opinion of the Board that the Iowa Code of Professional Responsibility for Lawyers does not prohibit the sale by a lawyer of such bonds but the commissions, rebates, discounts, etc. belong to the client and must be disclosed to the client and credited to the client unless the client consents to their being retained by the lawyer. Please see Formal Opinions 66-15 (1966), 79-34 (1979) and 81-16 (1981).
If such sales are to be offered the lawyer must also fully disclose and explain to the client any commitments required by the bonding company.