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Indicates Matter Stricken
Indicates New Matter
H. 3943
STATUS INFORMATION
General Bill
Sponsors: Rep. Young
Document Path: l:\council\bills\agm\18722mm07.doc
Introduced in the House on April 24, 2007
Currently residing in the House Committee on Judiciary
Summary: Marital property
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/24/2007 House Introduced and read first time HJ-2 4/24/2007 House Referred to Committee on Judiciary HJ-2
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 20-7-479.5 SO AS TO REQUIRE THE SIGNATURES OF BOTH SPOUSES AS SETTLORS OF AN IRREVOCABLE TRUST THAT IS FUNDED BY PROPERTY THAT MAY BE DEEMED MARITAL PROPERTY IF MARITAL LITIGATION IS FILED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 6, Chapter 7 of Title 20 is amended by adding:
"Section 20-7-479.5. (A) Both spouses in a marital relationship shall sign as settlors of an irrevocable trust created during the marriage and funded by property that may be deemed marital property if marital litigation is filed.
(B) Failure to obtain signatures of both spouses as provided in subsection (A) renders the trust fraudulent and void ab initio."
SECTION 2. This act takes effect upon approval by the Governor and applies to all irrevocable trusts created or amended after that date.
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