The Florida Bar
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PROFESSIONAL ETHICS OF THE FLORIDA BAR

OPINION 68-15
May 7, 1968

A nonprofit lending fund financed by contributions from attorneys for the purpose of providing loans to accident victims, which loans would be secured by assignment of the victims' claims and would be repaid from the proceeds of the victims' cases, would be improper.

Canon: 10

Chairman MacDonald stated the opinion of the committee:

A member of The Florida Bar proposes the institution of a nonprofit lending fund which would be financed by contributions from attorneys, and which would provide loans for accident victims. The proposal contemplates that the loans would be processed by applications through attorneys representing the prospective borrowers in connection with their accident claims. The loan would be secured by an assignment of this claim and would be repaid out of the proceeds of the settlement.

In our judgment this plan would be violative of Canon 10.

[Revised: 08-24-2011]