1976 South Carolina Code of Laws
Unannotated
Updated through the end of the 2000 Session

Copyright and Disclaimer

The State of South Carolina owns the copyright to the Code of Laws of South Carolina, 1976, as contained herein. Any use of the text, section headings, or catchlines of the 1976 Code is subject to the terms of federal copyright and other applicable laws and such text, section headings, or catchlines may not be reproduced in whole or in part in any form or for inclusion in any material which is offered for sale or lease without the express written permission of the Chairman of the South Carolina Legislative Council or the Code Commissioner of South Carolina.

This statutory database is current through the 2000 Regular Session of the South Carolina General Assembly. Changes to the statutes enacted by the 2001 General Assembly, which will convene in January 2001, will be incorporated as soon as possible. Some changes enacted by the 2001 General Assembly may take immediate effect. The State of South Carolina and the South Carolina Legislative Council make no warranty as to the accuracy of the data, and users rely on the data entirely at their own risk.

The Legislative Council by law is charged with compiling and publishing the 1976 Code and it is maintained in a database which may be accessed for commercial purposes by contacting the Legislative Council or the office of Legislative Printing, Information and Technology Resources.

Title 34 - Banking, Financial Institutions and Money

CHAPTER 15.

BANK ACTING AS FIDUCIARY

SECTION 34-15-10. General authority to act as fiduciary.

Subject to the provisions of Sections 62-3-203 and 62-7-207, any banking corporation or trust company with at least two hundred fifty thousand dollars total unimpaired capital may be appointed executor of a will, codicil or writing testamentary, administrator with the will annexed, administrator of the estate of any person, receiver, assignee, guardian or trustee under a will or instrument creating a trust for the care and management of property, under the same circumstances, in the same manner and subject to the same control by the court having jurisdiction of such appointment as a legally qualified person. Any such appointment as guardian shall apply to the estate and not to the person of the ward. Such corporation shall not be required to receive or hold property or money or assume or execute a trust under the provisions of this section without its assent.

SECTION 34-15-20. Fiduciary bonds.

Every such banking corporation appointed administrator, receiver, assignee, guardian or trustee, when fiduciary bonds are required of individual persons under like circumstances, shall be required to execute and file approved fiduciary bonds similar in every respect to the bonds required by law of private persons acting as such fiduciaries.

SECTION 34-15-30. Capital stock shall be held security for fiduciary obligations.

The capital stock of such corporation shall be held as security for the faithful performance of the duties undertaken by virtue of Section 34-15-10 or of any similar provision of law.

SECTION 34-15-40. Papers may be executed by authorized officer.

In all proceedings in the probate court or elsewhere connected with any authority exercised under the provisions of Section 34-15-10 or under any similar provisions of law all accounts, returns and other papers may be signed and sworn to in behalf of the corporation by any officer thereof duly authorized by it. The answer and examination under oath of such officer shall be received as the answer and examination of the corporation. The court may order and compel an officer of such corporation to answer and attend the examination in the same manner as if he, instead of the corporation, were a party to the proceeding.

SECTION 34-15-50. Liability when acting as trustee of partnership interest for minors.

Any banking corporation or trust company authorized under this chapter to act as a fiduciary which acts or is acting as trustee of a partnership interest for minor beneficiaries shall not be liable as a partner except to the extent of the assets in the trust, the provisions of Sections 33-41-350 to 33-41-390 to the contrary notwithstanding; provided, however, nothing in this section shall waive, limit or restrict the duty and liability otherwise of the bank as trustee of a partner's interest.





Legislative Services Agency
h t t p : / / w w w . s c s t a t e h o u s e . g o v