There is a newer version of the South Carolina Code of Laws
2013 South Carolina Code of Laws
Title 62 - South Carolina Probate Code
ARTICLE 7 - SOUTH CAROLINA TRUST CODE
PART 1. GENERAL PROVISIONS AND DEFINITIONS- SECTION 62-7-101. Short title.
- SECTION 62-7-102. Scope.
- SECTION 62-7-103. Definitions.
- SECTION 62-7-104. Knowledge.
- SECTION 62-7-105. Default and mandatory rules.
- SECTION 62-7-106. Common law of trusts; principles of equity.
- SECTION 62-7-107. Governing law.
- SECTION 62-7-108. Principal place of administration.
- SECTION 62-7-109. Methods and waiver of notice.
- SECTION 62-7-110. Requirement of notice to others.
- SECTION 62-7-111. Nonjudicial settlement agreements.
- SECTION 62-7-112. Rules of construction.
- SECTION 62-7-201. Role of court in administration of trust.
- SECTION 62-7-202. Jurisdiction over trustee and beneficiary.
- SECTION 62-7-203. RESERVED.
- SECTION 62-7-204. Venue.
- SECTION 62-7-301. When parties bound by others.
- SECTION 62-7-302. Representation by holder of general testamentary power of appointment.
- SECTION 62-7-303. Representation by fiduciaries and parents.
- SECTION 62-7-304. Representation by person having substantially identical interest.
- SECTION 62-7-305. Appointment of representative.
- SECTION 62-7-401. Methods of creating trust.
- SECTION 62-7-402. Requirements for creation; merger of title.
- SECTION 62-7-403. Trusts created in other jurisdictions.
- SECTION 62-7-404. Trust purposes.
- SECTION 62-7-405. Charitable purposes; enforcement.
- SECTION 62-7-406. Creation of trust induced by fraud, duress, or undue influence.
- SECTION 62-7-407. Evidence of oral trust.
- SECTION 62-7-408. Trust for care of animal.
- SECTION 62-7-409. Noncharitable trust without ascertainable beneficiary.
- SECTION 62-7-410. Modification or termination of trust; proceedings for approval or disapproval.
- SECTION 62-7-411. Modification or termination of noncharitable irrevocable trust by consent with court approval.
- SECTION 62-7-412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively.
- SECTION 62-7-413. Equitable deviation.
- SECTION 62-7-414. Modification or termination of uneconomic trust.
- SECTION 62-7-415. Reformation to correct mistakes.
- SECTION 62-7-416. Modification to achieve settlor's tax objectives.
- SECTION 62-7-417. Combination and division of trusts.
- SECTION 62-7-418. Estate and possession of trust estates shall be in beneficiaries thereof.
- SECTION 62-7-501. Rights of beneficiary's creditor or assignee.
- SECTION 62-7-502. Spendthrift provision.
- SECTION 62-7-503. Exceptions to spendthrift provision.
- SECTION 62-7-504. Discretionary trusts; effect of standard.
- SECTION 62-7-505. Creditors' claims against settlor.
- SECTION 62-7-506. Overdue distribution.
- SECTION 62-7-507. Personal obligations of trustee.
- SECTION 62-7-601. Capacity of settlor of revocable trust.
- SECTION 62-7-602. Revocation or amendment of revocable trust.
- SECTION 62-7-602A. Powers of agent acting pursuant to power of attorney.
- SECTION 62-7-603. Settlor's powers.
- SECTION 62-7-604. Limitation on action contesting validity of revocable trust; distribution of trust property.
- SECTION 62-7-605. Effect of penalty clause for contest.
- SECTION 62-7-606. Anti-lapse provision in trust.
- SECTION 62-7-607. Divorce or annulment as revoking revocable trust.
- SECTION 62-7-701. Accepting or declining trusteeship.
- SECTION 62-7-702. Trustee's bond.
- SECTION 62-7-703. Cotrustees.
- SECTION 62-7-704. Vacancy in trusteeship; appointment of successor.
- SECTION 62-7-705. Resignation of trustee.
- SECTION 62-7-706. Removal of trustee.
- SECTION 62-7-707. Delivery of property by former trustee.
- SECTION 62-7-708. Compensation of trustee.
- SECTION 62-7-709. Reimbursement of expenses.
- SECTION 62-7-801. Duty to administer trust.
- SECTION 62-7-802. Duty of loyalty.
- SECTION 62-7-803. Impartiality.
- SECTION 62-7-804. Prudent administration.
- SECTION 62-7-805. Costs of administration.
- SECTION 62-7-806. Trustee's skills.
- SECTION 62-7-807. Delegation by trustee.
- SECTION 62-7-808. Powers to direct.
- SECTION 62-7-809. Control and protection of trust property.
- SECTION 62-7-810. Recordkeeping and identification of trust property.
- SECTION 62-7-811. Enforcement and defense of claims.
- SECTION 62-7-812. Exercise of powers by successor trustees; liability.
- SECTION 62-7-813. Duty to inform and report.
- SECTION 62-7-814. Discretionary powers; tax savings.
- SECTION 62-7-815. General powers of trustee.
- SECTION 62-7-816. Specific powers of trustee.
- SECTION 62-7-816A. Authority to appoint the property of original trust to second trust.
- SECTION 62-7-817. Distribution upon termination.
- SECTION 62-7-818. Powers and discretions of a trust protector.
- SECTION 62-7-819. Powers of a trust investment advisor.
- SECTION 62-7-901. Short title.
- SECTION 62-7-902. Definitions.
- SECTION 62-7-903. Allocation of receipts and disbursements.
- SECTION 62-7-904. Adjustments between principal and income.
- SECTION 62-7-904A. Judicial Control of Discretionary Power.
- SECTION 62-7-904B. Definitions for Sections 62-7-904C through 62-7-904P.
- SECTION 62-7-904C. Trustee's power to convert an income trust to a total return unitrust, reconvert a total return unitrust to an income trust, or change the percentage used to calculate the unitrust amount.
- SECTION 62-7-904D. Petition by trustee or qualified beneficiary to convert an income trust, reconvert a total return unitrust, or change the percentage used to calculate the unitrust amount.
- SECTION 62-7-904E. Fair market value of trust assets.
- SECTION 62-7-904F. Administration of a total return unitrust.
- SECTION 62-7-904G. Distribution of unitrust amount considered distribution of income and not of principal.
- SECTION 62-7-904H. Limitation of liability.
- SECTION 62-7-904I. Applicability of Sections 62-7-904B through 62-7-904P.
- SECTION 62-7-904J. RESERVED.
- SECTION 62-7-904K. RESERVED.
- SECTION 62-7-904L. RESERVED.
- SECTION 62-7-904M. Unitrust amount to be distributed by the express total return unitrust.
- SECTION 62-7-904N. Distribution from an express total return unitrust.
- SECTION 62-7-904O. Express total return unitrust governing instrument provision for changing the unitrust percentage, for converting from a unitrust to an income trust, or for a reconversion of an income trust to a unitrust.
- SECTION 62-7-904P. Trustee considerations for unitrust amount paid.
- SECTION 62-7-905. Determinations of income and principal; distributions upon death of decedent or end of an income interest in a trust.
- SECTION 62-7-906. Determination and distribution of net income.
- SECTION 62-7-907. Beginning and end of income interests.
- SECTION 62-7-908. Allocation of income receipts and disbursements.
- SECTION 62-7-909. Undistributed income.
- SECTION 62-7-910. Allocation of receipts from an entity to principal or income.
- SECTION 62-7-911. Allocations of income and principal received from a trust or an estate.
- SECTION 62-7-912. Separate accounting for a business activity.
- SECTION 62-7-913. Allocations to principal.
- SECTION 62-7-914. Accounting for receipts from rental property.
- SECTION 62-7-915. Allocation of interest as income; allocation of proceeds from disposition of an obligation as principal; exceptions.
- SECTION 62-7-916. Allocation of proceeds of insurance contracts; exception.
- SECTION 62-7-917. Insubstantial allocations.
- SECTION 62-7-918. Allocation of payments; interest, dividends, or payments made instead of interest or dividends; allocation of payments made from separate fund; exception.
- SECTION 62-7-919. Liquidating assets.
- SECTION 62-7-920. Allocation of receipts from interests in minerals or other natural resources.
- SECTION 62-7-921. Allocation of receipts from sale of timber and related products.
- SECTION 62-7-922. Marital deduction adjustments.
- SECTION 62-7-923. Allocation of derivatives; options.
- SECTION 62-7-924. Allocation of payments related to asset-backed securities.
- SECTION 62-7-925. Disbursements from income.
- SECTION 62-7-926. Disbursements from principal.
- SECTION 62-7-927. Transfer to principal of cash receipts from asset subject to depreciation.
- SECTION 62-7-928. Future principal disbursements reserves.
- SECTION 62-7-929. Payment of taxes from income and principal.
- SECTION 62-7-930. Certain adjustments between principal and income; reduction of marital deduction or charitable contribution deduction.
- SECTION 62-7-931. Application and construction of Uniform Principal and Income Act.
- SECTION 62-7-932. . RESERVED.
- SECTION 62-7-1001. Remedies for breach of trust.
- SECTION 62-7-1002. Damages for breach of trust.
- SECTION 62-7-1003. Damages in absence of breach.
- SECTION 62-7-1004. Attorney's fees and costs.
- SECTION 62-7-1005. Limitation of action against trustee.
- SECTION 62-7-1005A. Trust protector.
- SECTION 62-7-1005B. Trust investment advisor.
- SECTION 62-7-1006. Reliance on trust instrument.
- SECTION 62-7-1007. Event affecting administration or distribution.
- SECTION 62-7-1008. Exculpation of trustee.
- SECTION 62-7-1009. Beneficiary's consent, release, or ratification.
- SECTION 62-7-1010. Limitation on personal liability of trustee.
- SECTION 62-7-1011. Interest as general partner.
- SECTION 62-7-1012. Protection of person dealing with trustee.
- SECTION 62-7-1013. Certification of trust.
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