2017 South Carolina Code of Laws
Title 62 - South Carolina Probate Code
ARTICLE 7 - SOUTH CAROLINA TRUST CODE
Section 62-7-927. Transfer to principal of cash receipts from asset subject to depreciation.
(A) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.
(B) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:
(1) of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;
(2) during the administration of a decedent's estate; or
(3) under this section if the trustee is accounting pursuant to Section 62-7-912 for the business or activity in which the asset is used.
(C) An amount transferred to principal need not be held as a separate fund.
HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
