South Carolina General Assembly
113th Session, 1999-2000

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Bill 542

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COMMITTEE REPORT

April 21, 1999

S. 542

Introduced by Senators McConnell and Passailaigue

S. Printed 4/21/99--H.

Read the first time March 17, 1999.

THE COMMITTEE ON JUDICIARY

To whom was referred a Bill (S. 542), to amend Section 27-18-20, Code of Laws of South Carolina, 1976, relating to definitions for terms used in the Uniform Unclaimed Property Act, etc., respectfully

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

JAMES H. HARRISON, for Committee.

A BILL

TO AMEND SECTION 27-18-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR TERMS USED IN THE UNIFORM UNCLAIMED PROPERTY ACT, SO AS TO AMEND THE DEFINITION OF "INTANGIBLE PROPERTY" BY EXCLUDING TRADING STAMPS AND ELECTRONIC ENTRIES REPRESENTING TRADING STAMPS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 27-18-20(10) of the 1976 Code is amended to read:

"(10) `Intangible property' includes:

(a) monies, checks, drafts, deposits, interest, dividends, and income;

(b) credit balances, customer overpayments, gift certificates, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances except that intangible property does not include trading stamps and electronic entries representing trading stamps which are awarded to retail customers incident to the purchase of goods;

(c) stocks and other intangible ownership interests in business associations;

(d) monies deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;

(e) amounts due and payable under the terms of insurance policies;

(f) amounts distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits."

SECTION 2. This act takes effect upon approval by the Governor.

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