South Carolina § 34-15-50 Liability when acting as trustee of partnership interest for minors.

South Carolina Statutes

§ 34-15-50 — Liability when acting as trustee of partnership interest for minors.

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

Any banking corporation or trust company authorized under this chapter to act as a fiduciary which acts or is acting as trustee of a partnership interest for minor beneficiaries shall not be liable as a partner except to the extent of the assets in the trust, the provisions of Sections 33-41-350 to 33-41-390 to the contrary notwithstanding; provided, however, nothing in this section shall waive, limit or restrict the duty and liability otherwise of the bank as trustee of a partner's interest.

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Any banking corporation or trust company authorized under this chapter to act as a fiduciary which acts or is acting as trustee of a partnership interest for minor beneficiaries shall not be liable as a partner except to the extent of the assets in the trust, the provisions of Sections 33-41-350 to 33-41-390 to the contrary notwithstanding; provided, however, nothing in this section shall waive, limit or restrict the duty and liability otherwise of the bank as trustee of a partner's interest.

South Carolina § 34-15-50 (Liability when acting as trustee of partnership interest for minors.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 1962 Code SECTION 8-245; 1955 (49) 321.

Nearby Sections

5

§ 34-15-10

General authority to act as fiduciary.

§ 34-15-20

Fiduciary bonds.

§ 34-15-30

Capital stock shall be held security for fiduciary obligations.

§ 34-15-40

Papers may be executed by authorized officer.

§ 34-15-50

Liability when acting as trustee of partnership interest for minors.

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