reglab/housing_qa huggingface dataset:
SC Code § 62-7-921 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-921. Allocation of receipts from sale of timber and related products.

 (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 growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest;  (2) principal, to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;  (3) or between income and principal, if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying items (1) and (2); or  (4) principal, to the extent that advance payments, bonuses, and other payments are not otherwise allocated pursuant to this subsection.  (B) In determining net receipts to be allocated pursuant to subsection (A), a trustee shall deduct and transfer to principal a reasonable amount for depletion.  (C) This part applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.  (D) If a trust owns an interest in timberland on the effective date of this part, the trustee may allocate net receipts from the sale of timber and related products as provided in this part or in the manner used by the trustee before the effective date of this part. If the trust acquires an interest in timberland after the effective date of this part, the trustee shall allocate net receipts from the sale of timber and related products as provided in this part.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-922 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-922. Marital deduction adjustments.

 (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 income pursuant to Section 62-7-904 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power in Section 62-7-904(A). The trustee may decide which action or combination of actions to take.  (B) If subsection (A) is inapplicable, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-923 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-923. Allocation of derivatives; options.

 (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, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets.  (B) To the extent that a trustee does not account pursuant to Section 62-7-912 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.  (C) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option must be allocated to principal. An amount paid to acquire the option must be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-924 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-924. Allocation of payments related to asset-backed securities.

 (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 receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term does not include an asset subject to Section 62-7-909 or 62-7-918.  (B) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.  (C) If a trust receives one or more payments in exchange for the entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that results in the liquidation of the interest of the trust in the security over more than one accounting period, the trustee shall allocate ten percent of the payment to income and the balance to principal.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-925 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-925. Disbursements from income.

 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 the trustee;  (2) one-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;  (3) all of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; and  (4) recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-926 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-926. Disbursements from principal.

 (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 disbursements made to prepare property for sale;  (3) payments on the principal of a trust debt;  (4) expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property;  (5) premiums paid on a policy of insurance not provided in Section 62-7-925(4) of which the trust is the owner and beneficiary;  (6) estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust; and  (7) disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.  (B) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-927 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-927. Transfer to principal of cash receipts from asset subject to depreciation.

 (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 principal asset that is subject to depreciation, but may not transfer any amount for depreciation:  (1) of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;  (2) during the administration of a decedent's estate; or  (3) under this section if the trustee is accounting pursuant to Section 62-7-912 for the business or activity in which the asset is used.  (C) An amount transferred to principal need not be held as a separate fund.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-928 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-928. Future principal disbursements reserves.

 (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 disbursements.  (B) A principal disbursement for purposes of this section includes the following, but only to the extent that the trustee has not been, and does not expect to be, reimbursed by a third party:  (1) an amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;  (2) a capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments;  (3) a disbursement made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions;  (4) a periodic payment on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments; and  (5) a disbursement described in Section 62-7-926(A)(7).  (C) If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection (A).  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-929 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-929. Payment of taxes from income and principal.

 (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 authority.  (C) A tax required to be paid by a trustee on the trust's share of the taxable income of the entity must be paid:  (1) from income, to the extent that receipts from the entity are allocated to income;  (2) from principal, to the extent that receipts from the entity are allocated only to principal;  (3) proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and  (4) from principal to the extent that the tax exceeds the total receipts from the entity.  (D) After applying subsections (A) through (C), the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary.  HISTORY: 2005 Act No. 66, Section 1; 2012 Act No. 204, Section 2, eff June 7, 2012; 2013 Act No. 100, Section 2, eff January 1, 2014.  Effect of Amendment  The 2012 amendment rewrote subsections (C) and (D).
SC Code § 62-7-930 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-930. Certain adjustments between principal and income; reduction of marital deduction or charitable contribution deduction.

 (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 the fiduciary makes from time to time regarding tax matters;  (2) an income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or  (3) the ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.  (B) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-931 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-931. Application and construction of Uniform Principal and Income Act.

 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.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.  PART 9A SOUTH CAROLINA UNIFORM PRUDENT INVESTOR ACT
SC Code § 62-7-1001 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-1001. Remedies for breach of trust.

 (a) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.  (b) To remedy a breach of trust that has occurred or may occur, the court may:  (1) compel the trustee to perform the trustee's duties;  (2) enjoin the trustee from committing a breach of trust;  (3) compel the trustee to redress a breach of trust by paying money, restoring property, or other means;  (4) order a trustee to account;  (5) appoint a special fiduciary to take possession of the trust property and administer the trust;  (6) suspend the trustee;  (7) remove the trustee as provided in Section 62-7-706;  (8) reduce or deny compensation to the trustee;  (9) subject to Section 62-7-1012, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or  (10) order any other appropriate relief.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-1002 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-1002. Damages for breach of trust.

 (a) A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of:  (1) the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or  (2) the profit the trustee made by reason of the breach.  (b) Except as otherwise provided in this subsection, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-1003 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-1003. Damages in absence of breach.

 (a) A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust.  (b) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-1004 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-1004. Attorney's fees and costs.

 In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney's fees, to any party, to be paid by another party or from the trust that is the subject of the controversy.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-1005 (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-1005. Limitation of action against trustee.

 (a) Unless previously barred by adjudication, consent, or limitation, a beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust.  (b) A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence.  (c) If subsection (a) does not apply, a judicial proceeding by a beneficiary or on behalf of a beneficiary against a trustee for breach of trust must be commenced within three years after the first to occur of:  (1) the removal, resignation, or death of the trustee;  (2) the termination of the beneficiary's interest in the trust; or  (3) the termination of the trust.  HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
SC Code § 62-7-1005A (2021)
2021 South Carolina Code of Laws|Title 62 - South Carolina Probate Code|Article 7 - South Carolina Trust Code|Section 62-7-1005A. Trust protector.

 (A) If a trust instrument provides that a trustee is to follow the direction of a trust protector and the trustee acts in accordance with such direction, then except in cases of wilful misconduct on the part of the trustee so directed, the trustee is not liable directly or indirectly from any such act.  (B) If a trust instrument provides that a trustee is to make decisions with the consent of a trust protector, then except in cases of wilful misconduct or gross negligence on the part of the trustee, the trustee is not liable for any loss resulting directly or indirectly from any act taken or omitted as a result of such trust protector's failure to provide such consent after having been requested to do so by the trustee.  (C) If the trust document provides for a trust protector and the serving trust protector is unwilling or unable to serve or continue to serve and there is no provision for a successor trust protector, the then serving trustee may petition the court having jurisdiction over the trust estate to appoint an individual or a bank or trust company qualified to do business in the state of the settlor's domicile at the time of the settlor's death as successor trust protector.  (D) A trust protector, other than a beneficiary, is a fiduciary with respect to each power granted to such trust protector. In exercising a power or refraining from exercising any power, a trust protector shall act in good faith and in accordance with the terms and purposes of the trust.  (E) A trust protector is an excluded fiduciary with respect to each power granted or reserved exclusively to any one or more other trustees, trust advisors, or trust protectors.  HISTORY: 2013 Act No. 100, Section 2, eff January 1, 2014.