There is created a Minnesota Client Security Fund to aid those persons directly injured by the dishonest conduct of any lawyer during an attorney-client or fiduciary relationship.
(Amended effective July 1, 1995.)
The Fund shall be financed from:
a. Lawyer restitution and subrogation for claims paid;
b. Gifts and contributions;
c. Upon order of the Supreme Court, assessments of licensed lawyers.
The Supreme Court may order, reinstate or cancel the collection of assessments after review of the financial condition of the Fund certified by the Client Security Board in its annual report.
Upon failure to pay the assessment when due, the lawyer's right to practice law in the state shall be automatically suspended.
(Amended effective July 1, 1995.)
a. Upon written authorization of the Board, claims may be paid from the Fund.
b. The Board shall annually prepare an administrative budget to be approved by the Supreme Court, from which the Board may pay necessary expenses.
c. The fund shall be invested as provided by law.
(Amended effective July 1, 1995.)