South Carolina Statutes
§ 38-9-120 — Exchange of deposited securities.
A depositing insurer may exchange for the deposited securities, or any of them, other securities eligible for deposit under Sections 38-9-80 to 38-9-140 if, in the opinion of the director or his designee, the aggregate value of the deposit will not be reduced below the amount required by law.
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South Carolina § 38-9-120 (Exchange of deposited securities.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Former 1976 Code SECTION 38-9-120 [1918 (30) 763; 1919 (31) 133; Civ. C. '22 SECTION 5461; 1932 Code SECTION 9049; 1934 (38) 1493; 1942 Code SECTION 9049; 1952 Code SECTION 37-149.1; 1952 (47) 1893; 1955 (49) 152; 1962 Code SECTION 37-149.1; 1973 (58) 335] has no comparable provisions in 1987 Act No. 155; Former 1976 Code SECTION 38-5-720 [1962 Code SECTION 37-185.5; 1962 (52) 2148] recodified as SECTION 38-9-120 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 535.
Nearby Sections
15
§ 38-9-120
Exchange of deposited securities.§ 38-9-130
Interest on deposited securities.§ 38-9-140
Principal of deposited securities.§ 38-9-150
Return of deposited securities.§ 38-9-160
Enforcement of trust created by deposit.§ 38-9-170
Unearned premium reserve.§ 38-9-180
Standard Valuation Law.§ 38-9-190
Loss and claim reserves.