H*3712(Rat #0227, Act #0156 of 1991)  General Bill, By T.E. Huff
 A Bill to amend Section 34-21-40, Code of Laws of South Carolina, 1976,
 relating to the requirement that funds received or held in a trust department
 awaiting investment or distribution must be secured to the trust department
 under certain conditions, so as to add a trust company as a fiduciary under
 this Section and clarify that a trust department or trust company may deposit
 funds in an affiliate bank.

   03/20/91  House  Introduced and read first time HJ-45
   03/20/91  House  Referred to Committee on Judiciary HJ-45
   04/24/91  House  Recalled from Committee on Judiciary HJ-44
   05/08/91  House  Debate adjourned until Thursday, May 9, 1991 HJ-28
   05/09/91  House  Read second time HJ-20
   05/09/91  House  Unanimous consent for third reading on next
                     legislative day HJ-21
   05/10/91  House  Read third time and sent to Senate HJ-1
   05/14/91  Senate Introduced and read first time SJ-10
   05/14/91  Senate Referred to Committee on Judiciary SJ-10
   05/22/91  Senate Committee report: Favorable Judiciary SJ-12
   06/05/91  Senate Read second time SJ-89
   06/05/91  Senate Unanimous consent for third reading on next
                     legislative day SJ-89
   06/06/91  Senate Read third time and enrolled SJ-27
   06/06/91         Ratified R 227
   06/12/91         Signed By Governor
   06/12/91         Effective date 06/12/91
   06/12/91         Act No. 156
   06/25/91         Copies available

AN ACT TO AMEND SECTION 34-21-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT THAT FUNDS RECEIVED OR HELD IN A TRUST DEPARTMENT AWAITING INVESTMENT OR DISTRIBUTION MUST BE SECURED TO THE TRUST DEPARTMENT UNDER CERTAIN CONDITIONS, SO AS TO ADD A TRUST COMPANY AS A FIDUCIARY UNDER THIS SECTION AND CLARIFY THAT A TRUST DEPARTMENT OR TRUST COMPANY MAY DEPOSIT FUNDS IN AN AFFILIATE BANK.

Be it enacted by the General Assembly of the State of South Carolina:

Funds must be secured

SECTION 1. Section 34-21-40 of the 1976 Code is amended to read:

"Section 34-21-40. Funds received or held in the trust department of the bank or by a trust company awaiting investment or distribution must be secured to the trust department or trust company if these funds have been deposited in its own bank, in any of its affiliate banks, or in any other banking corporation by bonds acceptable for the securing of public funds in this State equal in market value to the amount of funds deposited."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 12th day of June, 1991.