South Carolina General Assembly
115th Session, 2003-2004

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Bill 3592

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Indicates New Matter

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

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

May 21, 2003

H. 3592

Introduced by Reps. Delleney and Lucas

S. Printed 5/21/03--S.

Read the first time March 26, 2003.

            

THE COMMITTEE ON JUDICIARY

To whom was referred a Bill (H. 3592) 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, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

LARRY A. MARTIN for Committee.

            

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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