The Florida Bar

Ethics Opinion

Opinion 68-15

May 7, 1968
Advisory ethics opinions are not binding.
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.


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.