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