South Carolina General Assembly
115th Session, 2003-2004

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Bill 3592


Indicates Matter Stricken
Indicates New Matter


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

A BILL

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:

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 and 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."

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

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