South Carolina H 3422: Real estate trust accounts

Bill Text

2025-2026 Bill 3422 Text of Previous Version (Dec. 06, 2024) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3422

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

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.

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This web page was last updated on December 06, 2024 at 11:51 AM