Current Status Introducing Body:House Bill Number:3712 Ratification Number:227 Act Number:156 Primary Sponsor:Huff Type of Legislation:GB Subject:Trust company added as fiduciary under certain provisions Date Bill Passed both Bodies:Jun 06, 1991 Computer Document Number:436/11386.DW Governor's Action:S Date of Governor's Action:Jun 12, 1991 Introduced Date:Mar 20, 1991 Last History Body:------ Last History Date:Jun 12, 1991 Last History Type:Act No. 156 Scope of Legislation:Statewide All Sponsors:Huff Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
3712 ------ Jun 12, 1991 Act No. 156
3712 ------ Jun 12, 1991 Signed by Governor
3712 ------ Jun 06, 1991 Ratified R 227
3712 Senate Jun 06, 1991 Read third time, enrolled for
ratification
3712 Senate Jun 05, 1991 Read second time, unanimous
consent for third reading on
Thursday, June 6
3712 Senate May 22, 1991 Committee Report: Favorable 11
3712 Senate May 14, 1991 Introduced, read first time, 11
referred to Committee
3712 House May 10, 1991 Read third time, sent to
Senate
3712 House May 09, 1991 Unanimous consent for third
reading on next Legislative
day
3712 House May 09, 1991 Read second time
3712 House May 08, 1991 Debate adjourned until
Thursday, May 9
3712 House Apr 24, 1991 Recalled from Committee 25
3712 House Mar 20, 1991 Introduced, read first time, 25
referred to Committee
View additional legislative information at the LPITS web site.
(A156, R227, H3712)
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.