South Carolina § 62-7-927 Transfer to principal of cash receipts from asset subject to depreciation.

South Carolina Statutes

§ 62-7-927 — Transfer to principal of cash receipts from asset subject to depreciation.

South Carolina § 62-7-927

Title 62SOUTH CAROLINA PROBATE CODE

Ch.ARTICLE 7 - SOUTH CAROLINA TRUST CODE

This text of South Carolina § 62-7-927 (Transfer to principal of cash receipts from asset subject to depreciation.) 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. § 62-7-927 (2026).

Text

(A)In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.

(B)A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:

(1)of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;

(2)during the administration of a decedent's estate; or (3) under this section if the trustee is accounting pursuant to Section 62-7-912 for the business or activity in which the asset is used.

(C)An amount transferred

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

(A) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year. (B) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation: (1) of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; (2) during the administration of a decedent's estate; or (3) under this section if the trustee is accounting pursuant to Section 62-7-912 for the business or activity in which the asset is used. (C) An amount transferred to principal need not be held as a separate fund.