Escrow accounts usually do not accrue interest. If they do, like New York, which is nominal, it belongs to the State. I'm sure your lawyer can better explain this to you.
Personal injury cases only; I'm good at it; you be the Judge! All information provided is for informational and educational purposes only. No attorney client relationship has been formed or should be inferred. Please speak with a local and qualified attorney. I truly wish you and those close to you all the best. Jeff www.nyelderinjurylaw.com
Its a small amount of interest and generally you share it according to your retainer agreement. Speak to your lawyer about the details and re-reread your retainer agreement.
The above is general information only and is not legal advice. The information provided does not form an attorney-client relationship, and should not be relied upon to take or refrain from taking any action. I am not your attorney until we sign a retainer agreement.
Not sure about MD, but in California settlement proceeds are usually placed in an attorney's trust account until disbursed - In California the interest goes to the California State Bar. Check with your MD attorney who settled your case.
This is not intended to be legal advise or as legal representation. I am a California personal injury attorney . Be aware that every state has its own statute of limitations; and statutes & case laws that govern the handling of these matters.
When I practiced in MD it went to a firm called IOLTA (Interest on Lawyer's Trust Accounts) and was used for indigent legal services. Check with your attorney.
In Maryland, all attorney escrow accounts are regulated by the state. All interest from these IOLTA (interest on lawyer trust accounts) goes to the Maryland Client Security Trust Fund.
Sign up to receive a 3-part series of useful information and advice about personal injury law.