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 AND MUST BE DONATED TO A CHARITABLE ORGANIZATION.

 

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 considered to be unclaimed property as provided for in this chapter and must be donated to a charitable organization that is a tax exempt organization pursuant to Section 501(c)(3) of the Internal Revenue Code.

 

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

----XX----