Title 62, South Carolina Probate Code

(A) In this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or other organization in which a trustee has an interest other than a trust or estate subject to Section 62-7-…

A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or e…

(A) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the general accounting records of the trust, the trustee may m…

A trustee shall allocate to principal: (1) to the extent not allocated to income pursuant to this part, assets received from a transferor during his lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trus…

To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received …

(A) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without provision for amortization of pr…

(A) Except as otherwise provided in subsection (B), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss f…

If a trustee determines that an allocation between principal and income required by Section 62-7-918, 62-7-919, 62-7-920, 62-7-921, or 62-7-924 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances provided in Section 62-7-904(C…

(A) In this section: (1) "Payment" means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future payments. The term includes a payment …

(A) In this section, "liquidating asset" means an asset whose value diminishes or terminates because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a…

(A) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them if: (1) received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to inco…

(A) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts to: (1) income, to the extent that the amount of timber removed from the land does not exceed the rate of grow…

(A) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the surviving spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to incom…

(A) In this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, …

(A) In this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to…

A trustee shall make the following disbursements from income to the extent that they are not disbursements subject to Section 62-7-905(2)(b) or (c): (1) one-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to th…

(A) A trustee shall make the following disbursements from principal: (1) the remaining one-half of the disbursements provided in Section 62-7-925(1) and (2); (2) all of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination, and d…

(A) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year. (B) A trustee may transfer to principal a reasonable amount of the net cash receipts from a pri…

(A) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursement…

(A) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (B) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing author…

(A) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from: (1) elections and decisions, other than those provided in subsection (B), that…

In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

(A) This section may be cited as the South Carolina Uniform Prudent Investor Act, or this act. (B)(1) Except as otherwise provided in item (2) of this subsection, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prude…

This article may be cited as the "South Carolina Uniform Power of Attorney Act".

For purposes of this article: (1) "Agent" means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. The term includes an original agent, coagent, successor agent, and a person to whom an agent'…

This article applies to all powers of attorney except a: (1) power to the extent it is coupled with an interest in the subject of the power, including a power given to or for the benefit of a creditor in connection with a credit transaction; (2) proxy or other delegation to exerc…

A power of attorney created pursuant to this part after the effective date is durable unless it expressly provides that it is terminated by the incapacity of the principal.

A power of attorney must be: (1) signed by the principal or in the principal's presence by another individual directed by the principal to sign the principal's name on the power of attorney; (2) attested with the same formality and with the same requirements as to witnesses as a …

(a) A power of attorney executed on or after the effective date of this article is valid if its execution complies with Section 62-8-105. (b) A power of attorney executed before the effective date of this article is valid if its execution complied with the law of this State as it…

The meaning and effect of a power of attorney is determined by the law of the jurisdiction indicated in the power of attorney and, in the absence of an indication of jurisdiction, by the law of the jurisdiction in which the power of attorney was executed.

(a) In a power of attorney, a principal may nominate a conservator or guardian for consideration by the court if protective proceedings for the principal's estate or person are begun after the principal executes the power of attorney. Except for good cause shown or disqualificati…

(a) Except as provided in subsection (c), a power of attorney is effective when executed pursuant to Sections 62-8-105 and 62-8-106 unless the principal provides in the power of attorney that it becomes effective at a future date or upon the occurrence of a future event or contin…

(a) A power of attorney terminates when the: (1) principal dies; (2) principal becomes incapacitated, if the power of attorney is not durable; (3) principal revokes the power of attorney; (4) power of attorney provides that it terminates; (5) purpose of the power of attorney is a…

(a) A principal may designate two or more persons to act as coagents. Unless the power of attorney otherwise provides, each coagent may exercise its authority independently. (b) A principal may designate one or more successor agents to act if an agent resigns, dies, becomes incap…

Unless the power of attorney otherwise provides, an agent is entitled to reimbursement of expenses reasonably incurred on behalf of the principal and to compensation that is reasonable under the circumstances.

Except as otherwise provided in the power of attorney, a person accepts appointment as an agent under a power of attorney by exercising authority or performing duties as an agent or by another assertion or conduct indicating acceptance.

(a) An agent that has accepted appointment shall act: (1) in accordance with the principal's reasonable expectations to the extent actually known by the agent and in the principal's best interest; (2) in good faith; and (3) only within the scope of authority granted in the power …

A provision in a power of attorney relieving an agent of liability for breach of duty is binding on the principal and the principal's successors in interest except to the extent the provision: (1) relieves the agent of liability for breach of duty committed: (A) dishonestly; (B) …

(a) The following persons may petition a court to construe a power of attorney or review the agent's conduct, and grant appropriate relief: (1) the principal or the agent; (2) a guardian, conservator, or other fiduciary acting for the principal; (3) a person authorized to make he…

An agent that violates this article is liable to the principal or the principal's successors in interest for the amount required to: (1) restore the value of the principal's property to what it would have been had the violation not occurred; and (2) reimburse the principal or the…

(a) Unless the power of attorney provides a different method for an agent's resignation, an agent may resign by giving written notice to: (1) the principal; (2) a coagent or successor agent; (3) the principal's conservator if one has been appointed for the principal; and (4) the …

(a) For purposes of this section and Section 62-8-120, "acknowledged" means purportedly executed pursuant to Section 62-8-105. (b) A person that in good faith accepts an acknowledged power of attorney without actual knowledge that the power of attorney is void, invalid, or termin…

(a) Except as otherwise provided in subsection (b): (1) a person shall either accept an acknowledged power of attorney as defined in Section 62-8-119 or request a certification, a translation, or an opinion of counsel as defined in Section 62-8-119(c) no later than seven business…

Unless displaced by a provision of this article, the principles of law and equity supplement this article.

This part does not supersede another law applicable to financial institutions or other entities, and the other law controls if inconsistent with this part.

The remedies under this article are not exclusive and do not abrogate any right or remedy under the law of this State other than this article.