South Carolina § 59-153-40 Standards for discharge of duties by trustee or other fiduciary.

South Carolina Statutes

§ 59-153-40 — Standards for discharge of duties by trustee or other fiduciary.

South Carolina § 59-153-40

Title 59EDUCATION

Ch. 153ENDOWMENT FUNDS

This text of South Carolina § 59-153-40 (Standards for discharge of duties by trustee or other fiduciary.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 59-153-40 (2026).

Text

A trustee or other fiduciary shall discharge duties with respect to an endowment fund:

(1)solely in the interest of the endowment fund and beneficiaries;

(2)for the exclusive purpose of providing benefits to his beneficiary and paying reasonable expenses of administering the system;

(3)with the care, skill, and caution under the circumstances then prevailing which a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an activity of like character and purpose;

(4)impartially, taking into account any differing interests of beneficiaries;

(5)incurring only those costs that are appropriate and reasonable; and (6) in accordance with a good faith interpretation of this chapter.

Free access — add to your briefcase to read the full text and ask questions with AI

A trustee or other fiduciary shall discharge duties with respect to an endowment fund: (1) solely in the interest of the endowment fund and beneficiaries; (2) for the exclusive purpose of providing benefits to his beneficiary and paying reasonable expenses of administering the system; (3) with the care, skill, and caution under the circumstances then prevailing which a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an activity of like character and purpose; (4) impartially, taking into account any differing interests of beneficiaries; (5) incurring only those costs that are appropriate and reasonable; and (6) in accordance with a good faith interpretation of this chapter.