True or False: An attorney opening an IOLTA account should be treated as the beneficial owner of the legal entity account.

An attorney opening an IOLTA (Interest on Lawyers' Trust Accounts) should indeed be treated as the beneficial owner of the legal entity account because they have control over the funds deposited in the account, even though the account is intended to hold funds for clients. Beneficial ownership refers to the right to enjoy the benefits of ownership even though legal title may be held by another party.

In this case, IOLTA accounts are designed specifically to manage client funds that are not expected to generate interest for the client (which is then collected by the state bar). The attorney, as the account holder, has the obligation and authority to manage these funds while ensuring that they are kept separate from their personal or business funds. This aligns with the definitions and requirements outlined under various regulatory frameworks that define beneficial ownership in a way that includes attorneys responsible for managing client funds.

The other choices suggest conditions or exceptions that do not apply in this context, as attorneys universally hold beneficial ownership in such accounts by default when they open IOLTA accounts.