SC Code § 54-7-770 (2021)
2021 South Carolina Code of Laws|Title 54 - Ports and Maritime Matters|Chapter 7 - Shipwrecks And Salvage Operations|Section 54-7-770. Modification of licenses; property disposition agreements.

 Upon the written request of the licensee, or if considered necessary by the institute, the institute may issue a modification to the license that can add, delete, or modify provisions contained in the license if the modification is consistent with this article.  (1) The institute may determine that with respect to a particular application for a data recovery license, it is in the best interest of the State to do either, or a combination of the following:  (a) retain the state's title and control of all or a portion of recovered submerged archaeological historic property or submerged paleontological property; or  (b) enter into a disposition agreement and convey the state's title to all or a portion of recovered submerged archaeological historic property or submerged paleontological property.  (2)(a) A data recovery license issued by the institute also may include a disposition agreement that authorizes the state's conveyance of title to submerged archaeological historic property or submerged paleontological property, or a portion of the property, if:  (i) the institute and the applicant have agreed upon a division of the artifacts and/or fossils expected to be recovered which may be in value, in kind, or a combination of both; and  (ii) the applicant has agreed that its share of the division constitutes reasonable compensation for the recovery of artifacts and/or fossils to which the institute determines to retain the state's title.  (b) The institute shall act as arbiter of the division of artifacts and fossils giving due consideration to the fair treatment of the applicant and acting in the best interest of the State which may include the desire to maintain the integrity of a collection as a whole.  (c) The terms of a disposition agreement must include a provision that, except as provided in item (d) of this subsection, following the actual disposition of the artifacts and/or fossils, the licensee owns the artifacts and/or fossils free and clear of any interest of the institute or the State.  (d) The terms of a disposition agreement may include:  (i) an option or right of first refusal by the institute to purchase from the licensee after disposition of title one or more artifacts and/or fossils about which the institute has made a written determination to be of archaeological, anthropological, historical, recreational, or other public value to warrant reacquisition by the institute in certain circumstances; and  (ii) the terms of additional compensation to be received by the licensee if, after recovery of the artifacts and/or fossils, the institute elects to retain title to more artifacts and/or fossils than as originally provided in the disposition agreement.  (3) A representative of the institute or, where submerged paleontological property is involved, a representative of the museum, and the licensee shall inspect all artifacts and/or fossils recovered under the license within a reasonable time following recovery but in no event later than sixty days after the expiration of the license.  (4) The institute and the licensee shall carry out the terms of disposition of artifacts as agreed upon in the license which will allow for a reasonable time for photography, study, research, and conservation of the artifacts and/or fossils.  (5) The licensee is not entitled to claim any sum other than payment, if any, which may be provided for under the disposition agreement and is not entitled to claim reimbursement of expenses of data recovery.  (6) For a commercial applicant for a data recovery license, the applicant, if licensed, must receive at least fifty percent of the artifacts and/or fossils recovered in value or in-kind.  HISTORY: 1991 Act No. 169, Section 1.