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2020 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 53 - Business Trusts
Section 33-53-40. Suits brought by and against business trust; liability of shareholders and trustees.
Universal Citation: SC Code § 33-53-40 (2020)
A business trust may sue or be sued in the name and style by which it conducts business without naming the individual shareholders therein, and the liability of such business trust shall extend to the whole of the trust estate, or so much thereof as may be necessary to discharge such liability, but the instrument creating such trust may provide that no personal liability will attach to the individual shareholders or trustees of the trust, and such provision shall operate to limit the liability of the individual shareholders and trustees as to the obligations of the trust itself, but provided in all cases the trustees shall be liable for breach of trust.
HISTORY: 1962 Code Section 52-504; 1961 (52) 537.
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