South Carolina § 38-21-330 Seizure or sequestration of securities acquired in violation of chapter, regulations, or order.

South Carolina Statutes

§ 38-21-330 — Seizure or sequestration of securities acquired in violation of chapter, regulations, or order.

South Carolina § 38-21-330

Title 38INSURANCE

Ch. 21INSURANCE HOLDING COMPANY REGULATORY ACT

This text of South Carolina § 38-21-330 (Seizure or sequestration of securities acquired in violation of chapter, regulations, or order.) 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. § 38-21-330 (2026).

Text

In a case where a person has acquired or is proposing to acquire voting securities in violation of this chapter, or any regulation issued by the department or order issued by the director or his designee hereunder, the Circuit Court for Richland County or the circuit court for the county in which the insurer has its principal place of business may, on notice which the court considers appropriate, upon the application of the insurer or the director or his designee, seize or sequester any voting securities of the insurer owned directly or indirectly by this person and issue orders appropriate to effectuate this chapter. Notwithstanding any other provision of law, for the purposes of this chapter the situs of the ownership of the securities of domestic insurers is considered to be in this Sta

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In a case where a person has acquired or is proposing to acquire voting securities in violation of this chapter, or any regulation issued by the department or order issued by the director or his designee hereunder, the Circuit Court for Richland County or the circuit court for the county in which the insurer has its principal place of business may, on notice which the court considers appropriate, upon the application of the insurer or the director or his designee, seize or sequester any voting securities of the insurer owned directly or indirectly by this person and issue orders appropriate to effectuate this chapter. Notwithstanding any other provision of law, for the purposes of this chapter the situs of the ownership of the securities of domestic insurers is considered to be in this State.

Legislative History

HISTORY: Former 1976 Code SECTION 38-29-320 [1962 Code SECTION 37-1430; 1971 (57) 351] recodified as SECTION 38-21-330 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 589.