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It is not, per se, a violation of the Code of Professional Responsibility for the lawyer for one party in a transaction to act as an escrow agent if all parties consent after full disclosure and if it appears obvious that the lawyer can adequately represent the interests of all parties. The consent should recognize the potential for conflicts of interest and a means to resolve the same. Acting as escrow agent may give rise to the potential for an appearance of impropriety or other potential problems for the lawyer which should be fully considered before undertaking to act as escrow agent.
This page was last modified on Tuesday, April 3, 2012