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S. 722
STATUS INFORMATION
General Bill
Sponsors: Senator Campsen
Document Path: l:\council\bills\dka\3304mm05.doc
Introduced in the Senate on April 7, 2005
Currently residing in the Senate Committee on Judiciary
Summary: Surviving spouse's rights
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/7/2005 Senate Introduced and read first time SJ-10 4/7/2005 Senate Referred to Committee on Judiciary SJ-10 4/15/2005 Senate Referred to Subcommittee: Gregory (ch), Elliott, Anderson, Ritchie, Cleary 3/22/2006 Senate Committee report: Majority favorable with amend., minority unfavorable Judiciary SJ-20 5/17/2006 Senate Recommitted to Committee on Judiciary SJ-37
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VERSIONS OF THIS BILL
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
March 22, 2006
S. 722
S. Printed 3/22/06--S.
Read the first time April 7, 2005.
To whom was referred a Bill (S. 722) to amend Section 62-2-204, Code of Laws of South Carolina, 1976, relating to a surviving spouse's rights to an elective share, homestead allowance, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, by striking all after the enacting words and inserting the following:
/ SECTION 1. Section 62-2-204 of the 1976 Code is amended to read:
"Section 62-2-204. (A) The right of election rights of a surviving spouse and the rights of the surviving spouse to an elective share, homestead allowance, and exempt property, or any of them, may be waived, wholly or partially, before or after marriage, by a written contract, agreement, or waiver voluntarily signed by the party waiving party after fair and reasonable disclosures to the waiving party of the other party's property and financial obligations, unless the waiving party also voluntarily waives, in writing, the right to the disclosure.
(B) Unless it provides to the contrary, a waiver of all rights in the property or estate of a present or prospective spouse or a complete property settlement entered into after or in anticipation of separation or divorce is a waiver of all rights to elective share, homestead allowance, and exempt property by each spouse in the property of the other and a disclaimer by each of all benefits which would otherwise pass to him from the other by intestate succession or by virtue of the provisions of any a will executed before the waiver or property settlement."
SECTION 2. This act takes effect upon approval by the Governor and applies to all waivers executed after that date. /
Renumber sections to conform.
Amend title to conform.
Majority favorable. Minority unfavorable.
GEORGE E. CAMPSEN III ROBERT FORD
For Majority. For Minority.
TO AMEND SECTION 62-2-204, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO A SURVIVING SPOUSE'S RIGHTS TO AN ELECTIVE SHARE, HOMESTEAD ALLOWANCE, AND EXEMPT PROPERTY, SO AS TO PROVIDE FOR THE VOLUNTARY WAIVER OF THOSE RIGHTS UPON FAIR AND REASONABLE DISCLOSURE BY THE OTHER SPOUSE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 62-2-204 of the 1976 Code is amended to read:
"Section 62-2-204. (A) The right of election rights of a surviving spouse and the rights of the surviving spouse to an elective share, homestead allowance, and exempt property, or any of them, may be waived, wholly or partially, before or after marriage, by a written contract, agreement, or waiver voluntarily signed by the party waiving party after fair and reasonable disclosures to the waiving party of the other party's property and financial obligations, unless the waiving party also waives, in writing, the right to the disclosure.
(B) Unless it provides to the contrary, a waiver of all rights in the property or estate of a present or prospective spouse or a complete property settlement entered into after or in anticipation of separation or divorce is a waiver of all rights to elective share, homestead allowance, and exempt property by each spouse in the property of the other and a disclaimer by each of all benefits which would otherwise pass to him from the other by intestate succession or by virtue of the provisions of any a will executed before the waiver or property settlement."
SECTION 2. This act takes effect upon approval by the Governor and applies to all waivers executed after that date.
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