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                                         116 N.J.L.J. 353
                                        September 12, 1985

ADVISORY COMMITTEE ON PROFESSIONAL ETHICS

Appointed by the Supreme Court of New Jersey

OPINION 574

Investment of Trust Funds

    An attorney raises a question as to whether funds held by an at torney temporarily pending the closing of a real estate deal may be placed in a U. S. Government securities fund.
    Both RPC 1.5(a) and R. 1:21-6(a) make it clear that such funds may be invested only in New Jersey financial institutions. Such institutions are defined as banks, savings and loan associations, credit unions, and savings banks. The Merrill Lynch Government Fund and other similar funds do not qualify, and an attorney may not deposit money for real estate closings in such funds.

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