Ha!  I like "actuarial retentions"!

In the legal industry, we also employ a similar concept.  If a lawyer
doesn't have an agreement with a client about the disposition of the
client's portion of the file (those records in the file that the client has
an ownership interest in), then he/she will often come up with a period
that, in intent, is long enough that any probability of prejudice to the
client has been exhausted.

Lawyers are generally expected to seek permission from the client before
they destroy any client property, however that is sometimes impossible to do
if the client has either 1) passed away, or 2) cannot be located using
reasonable search methods.  Holding onto, and paying for the maintenance of,
client property that has, in essence, been abandoned can carry significant
financial burden.  Thankfully the test of "reasonably practicable" can be
employed thus allowing lawyers to, at some point, mitigate their exposure
and move on with their business.

I LOVE my job!  This stuff is fun!

Julie

-- 
Julie J. Colgan, CRM

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