§ 34-15-10 — General authority to act as fiduciary.

South Carolina § 34-15-10

• Jurisdiction: South Carolina
• Title 34: BANKING, FINANCIAL INSTITUTIONS AND MONEY
• Ch. 15: BANK ACTING AS FIDUCIARY

Text

Subject to the provisions of Section 62-3-203, a banking corporation or trust company with at least two hundred fifty thousand dollars total unimpaired capital may be appointed executor of a will, codicil, or writing testamentary, administrator with the will annexed, administrator of the estate of any person, receiver, assignee, guardian or trustee under a will or instrument creating a trust for the care and management of property, under the same circumstances, in the same manner, and subject to the same control by the court having jurisdiction of the appointment as a legally qualified person. An appointment as guardian applies to the estate and not to the person of the ward. The corporation is not required to receive or hold property or money or assume or execute a trust pursuant to this section without its assent.

Legislative History

HISTORY: 1962 Code SECTION 8-241; 1952 Code SECTION 8-241; 1942 Code SECTION 7838; 1932 Code SECTION 7864; Civ. C. '22 SECTION 3994; Civ. C. '12 SECTION 2656; 1911 (27) 8; 1934 (38) 1245; 1972 (57) 2141; 1990 Act No. 521, Part II, SECTION 101, eff June 5, 1990; 2005 Act No. 66, SECTION 4, eff January 1, 2006. Effect of Amendment The 1990 amendment added "Subject to the provisions of Sections 62-3-203 and 62-7-207," at the beginning of the section. The 2005 amendment, in the first sentence, substituted "Section 62-3-203, a" for "Sections 62-7-203 and 62-7-207, any" and made nonsubstantive changes throughout.