South Carolina General Assembly
111th Session, 1995-1996

Bill 545


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                       545
Type of Legislation:               General Bill GB
Introducing Body:                  Senate
Introduced Date:                   19950221
Primary Sponsor:                   Rose 
All Sponsors:                      Rose 
Drafted Document Number:           gjk\21422sd.95
Residing Body:                     Senate
Current Committee:                 Judiciary Committee 11 SJ
Subject:                           Attorneys, self-insurance
                                   guarantee



History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

Senate  19950221  Introduced, read first time,             11 SJ
                  referred to Committee

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

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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