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A48, R126, H3592
STATUS INFORMATION
General Bill
Sponsors: Reps. Delleney and Lucas
Document Path: l:\council\bills\pt\1247mm03.doc
Introduced in the House on February 12, 2003
Introduced in the Senate on March 26, 2003
Passed by the General Assembly on May 29, 2003
Governor's Action: June 6, 2003, Signed
Summary: Trusts and estates, technical changes
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/12/2003 House Introduced and read first time HJ-37
2/12/2003 House Referred to Committee on Judiciary HJ-37
3/19/2003 House Committee report: Favorable Judiciary HJ-9
3/25/2003 House Read second time HJ-25
3/26/2003 House Read third time and sent to Senate HJ-13
3/26/2003 Senate Introduced and read first time SJ-22
3/26/2003 Senate Referred to Committee on Judiciary SJ-22
5/21/2003 Senate Committee report: Favorable Judiciary SJ-10
5/22/2003 Senate Read second time SJ-24
5/29/2003 Senate Read third time and enrolled SJ-63
6/3/2003 Ratified R 126
6/6/2003 Signed By Governor
6/12/2003 Copies available
6/12/2003 Effective date 06/06/03
6/19/2003 Act No. 48
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
(A48, R126, H3592)
AN ACT TO AMEND SECTION 62-7-403, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ALLOCATION OF RECEIPTS AND DISBURSEMENTS BETWEEN PRINCIPAL AND INCOME FOR PURPOSES OF A TRUST OR ESTATE, SO AS TO EXPAND THE SCOPE OF THE SECTION BY MAKING A CHANGE IN A CROSS-REFERENCE.
Be it enacted by the General Assembly of the State of South Carolina:
Allocation of receipts and disbursements
SECTION 1. Section 62-7-403(A) of the 1976 Code, as last amended by Act 80 of 2001, is further amended to read:
"(A) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of Sections 62-7-405 through 62-7-409, a fiduciary:
(1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this part;
(2) may administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this part;
(3) shall administer a trust or estate in accordance with this part if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and
(4) shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this part do not provide a rule for allocating the receipt or disbursement to or between principal and income."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 3rd day of June, 2003.
Approved the 6th day of June, 2003.
This web page was last updated on Monday, December 7, 2009 at 10:27 A.M.