§ 34-11-130 — Payment of withdrawal value of account to beneficiary upon death of trustee.

Subject to the provisions of Sections 62-6-101, et seq., of the South Carolina Probate Code, when an account, including a certificate of deposit, is opened by a person describing himself in the account title as trustee or custodian for another and no other or further notice of the existence and terms of a legal and valid trust than the description is given in writing to a bank, banking institution, or other depository transacting business in this State, in the event of the death of the person so described as trustee or custodian the withdrawal value of the account or any part thereof together with any earnings thereon may be paid to the person for whom the account title indicates the account was opened. The payment or delivery to any beneficiary, beneficiaries, or designated person, or a receipt or acquittance signed by any beneficiary, beneficiaries, or designated person, is for any payment or delivery a valid and sufficient release and discharge of an institution for the payment or delivery made.

Legislative History

HISTORY: 1985 Act No. 128, SECTION 9; 1990 Act No. 521, Part II, SECTION 100, eff June 5, 1990. Effect of Amendment The 1990 amendment added "Subject to the provisions of Sections 62-6-101 et seq. of the South Carolina Probate Code," at the beginning of the section.