South Carolina Statutes
§ 62-7-414 — Modification or termination of uneconomic trust.
(a)After notice to the qualified beneficiaries, and without court approval, the trustee of a trust consisting of trust property having a total value less than one hundred thousand dollars may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
(b)The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
(c)Upon termination of a trust under this section, the trustee shall distribute the trust property as ordered by the court or, if the court does not specify the manner of distribution, or if no court approval is required, in a manner consistent with the purpos
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South Carolina § 62-7-414 (Modification or termination of uneconomic trust.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2005 Act No. 66, SECTION 1; 2010 Act No. 244, SECTION 49, eff June 7, 2010; 2013 Act No. 100, SECTION 2, eff January 1, 2014. Effect of Amendment The 2010 amendment in subsection (a) added "and without court approval," following "After notice to the qualified beneficiaries,"; and in subsection (c) added "or if no court approval is required," following "the manner of distribution,".
Nearby Sections
15
§ 62-1-100
Effective date.§ 62-1-101
Short title.§ 62-1-102
Purposes; rules of construction.§ 62-1-104
Severability.§ 62-1-105
Construction against implied repeal.§ 62-1-106
Effect of fraud and evasion.§ 62-1-107
Evidence as to death or status.§ 62-1-108
Acts by holder of general power.§ 62-1-111
Authority to award costs and expenses.§ 62-1-112
Inherent power of court.§ 62-1-201
General definitions.§ 62-1-301
Territorial application.