A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 27-18-410 SO AS TO PROVIDE THAT CERTAIN FUNDS HELD IN A TRUST ARE CONSIDERED TO BE UNCLAIMED PROPERTY.

 

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

 

SECTION 1.  Chapter 18, Title 27 of the S.C. Code is amended by adding:

 

    Section 27-18-410. Notwithstanding any other provision of law, when no disbursements have been made from any fund in a trust including, but not limited to, a lawyer's trust account, or similar monetary holding fund, or other financial setup with a fiduciary who authorizes disbursements from it, for a period of five years, the funds are to be considered to be unclaimed property as provided for in this chapter.

 

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

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