South Carolina § 34-26-750 Ownership interests in share accounts; joint accounts.

South Carolina Statutes

§ 34-26-750 — Ownership interests in share accounts; joint accounts.

South Carolina § 34-26-750

Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY

Ch. 26SOUTH CAROLINA CREDIT UNION ACT

This text of South Carolina § 34-26-750 (Ownership interests in share accounts; joint accounts.) 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. § 34-26-750 (2026).

Text

(1)A member may designate any person or persons to own a share account with the member in joint tenancy with the right of survivorship, as a tenant in common or under any other form of joint ownership permitted by law, but no co-owner, unless a member in his own right, shall be permitted to vote, obtain loans, or hold office or be required to pay a membership fee. Credit union bylaws or policy, or both, shall establish membership and member's right to vote, obtain loans, or hold office.

(2)Payment of part or all of such accounts to any of the co-owners shall, to the extent of such payment, discharge the liability to all unless the account agreement contains a prohibition or limitation on such payment.

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(1) A member may designate any person or persons to own a share account with the member in joint tenancy with the right of survivorship, as a tenant in common or under any other form of joint ownership permitted by law, but no co-owner, unless a member in his own right, shall be permitted to vote, obtain loans, or hold office or be required to pay a membership fee. Credit union bylaws or policy, or both, shall establish membership and member's right to vote, obtain loans, or hold office. (2) Payment of part or all of such accounts to any of the co-owners shall, to the extent of such payment, discharge the liability to all unless the account agreement contains a prohibition or limitation on such payment.

Legislative History

HISTORY: 1996 Act No. 371, SECTION 1, eff May 29, 1996; 2007 Act No. 51, SECTION 6, eff upon approval (became law without the Governor's signature on June 7, 2007). Effect of Amendment The 2007 amendment, in subsection (1), added the second sentence relating to credit union bylaws.