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2017 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.
Disclaimer: These codes may not be the most recent version. South Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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