S 545 Session 111 (1995-1996)
S 0545 General Bill, By M.T. Rose
A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
40-5-315 so as to provide that every attorney at law, as a condition of being
licensed to practice in this State, shall enter into a bond or self-insurance
guarantee approved by the Supreme Court conditioned upon faithful performance
of the attorney's duties to clients and the courts, to provide that this bond
or self-insurance guarantee, among other purposes, must protect clients from
loss arising from the attorney's misuse or conversion of funds belonging to
that client or for that client's benefit, and to provide that the amount and
duration of the bond or guarantee and the manner of its execution and filing
shall be specified by the Supreme Court.
02/21/95 Senate Introduced and read first time SJ-5
02/21/95 Senate Referred to Committee on Judiciary SJ-5
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA,
1976, BY ADDING SECTION 40-5-315 SO AS TO PROVIDE
THAT EVERY ATTORNEY AT LAW, AS A CONDITION OF
BEING LICENSED TO PRACTICE IN THIS STATE, SHALL
ENTER INTO A BOND OR SELF-INSURANCE GUARANTEE
APPROVED BY THE SUPREME COURT CONDITIONED
UPON FAITHFUL PERFORMANCE OF THE ATTORNEY'S
DUTIES TO CLIENTS AND THE COURTS, TO PROVIDE
THAT THIS BOND OR SELF-INSURANCE GUARANTEE,
AMONG OTHER PURPOSES, MUST PROTECT CLIENTS
FROM LOSS ARISING FROM THE ATTORNEY'S MISUSE OR
CONVERSION OF FUNDS BELONGING TO THAT CLIENT OR
FOR THAT CLIENT'S BENEFIT, AND TO PROVIDE THAT
THE AMOUNT AND DURATION OF THE BOND OR
GUARANTEE AND THE MANNER OF ITS EXECUTION AND
FILING SHALL BE SPECIFIED BY THE SUPREME COURT.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 40-5-315. Every attorney at law, as a condition
of being licensed to practice in this State, shall enter into a bond or
a self-insurance guarantee approved by the Supreme Court,
conditioned upon faithful performance of the attorney's duties to
clients and the courts. This bond or self-insurance guarantee,
among other purposes, must protect clients from loss arising from
the attorney's misuse or conversion of funds belonging to that client
or for that client's benefit. The amount and duration of the bond or
guarantee, and the manner of its execution and filing shall be
specified by the Supreme Court."
SECTION 2. This act takes effect upon approval by the
Governor.
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