reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 9 - Bank Capital And Capital Stock › Section 34-9-130. Reserve requirements of state banks.

Every state bank which is not a member of the Federal Reserve System shall maintain the same reserves against deposits as required for a state bank which is a member of the Federal Reserve System. These reserves must be maintained in the same kind of assets as required for member banks.
HISTORY: 1962 Code Section 8-154; 1952 Code Section 8-154; 1942 Code Section 7844; 1932 Code Section 7863; Civ. C. '22 Section 3993; Civ. C. '12 Section 2655; 1909 (26) 81; 1923 (33) 159; 1933 (38) 296; 1936 (39) 1484; 1953 (48) 357; 1980 Act No. 456; 1991 Act No. 125, Section 1, eff June 4, 1991.
Effect of Amendment
The 1991 amendment rewrote this section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-10. Payment of deposits made in name of two or more persons.

Subject to the provisions of Sections 62-6-101, et seq., of the South Carolina Probate Code:
(a) when a deposit has been made in a bank, banking institution, or depository transacting business in this State in the names of two or more persons, payable to any of the depositors or payable to any of the depositors or the survivor or survivors, the deposit or any part thereof may be paid to any of the persons, whether the other or others are living or not and the receipt or acquittance of the person or persons paid is a valid and sufficient release and discharge for any or all payments made.
(b) The pledge or hypothecation to any bank, banking institution, or other depository transacting business in this State of all or part of a deposit account in the names of two or more persons, payable to any of the depositors or payable to any of the depositors or the survivor or survivors, by any depositor or depositors, whether minor or adult, upon whose signature or signatures withdrawals may be made from the account is, unless the terms of the deposit account provide specifically to the contrary, a valid pledge and transfer to the institution of that portion of the account pledged or hypothecated.
For purposes of this section the term "deposit" includes a certificate of deposit.
HISTORY: 1962 Code Section 8-171; 1952 Code Section 8-171; 1942 Code Section 7851; 1935 (39) 236; 1944 (43) 1272; 1985 Act No. 128, Section 5; repealed by 1986 Act No. 539, Section 2, eff July 1, 1987; 1990 Act No. 521, Part II, Section 99, eff June 5, 1990.
Effect of Amendment
The 1990 amendment added "Subject to the provisions of Sections 62-6-101 et seq. of the South Carolina Probate Code," at the beginning of the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-20. Acceptance and disbursement of deposits of minors.

A bank may accept deposits of and pay out deposits upon a check or other order of a minor and act in any other matter with respect to the deposits of a minor with the same effect as if dealing with a person of full legal capacity.
HISTORY: 1962 Code Section 8-171.1; 1952 (51) 1765; 1985 Act No. 128, Section 6.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-30. Receipt of deposits or trusts after knowledge of insolvency.

It shall be a misdemeanor for any president, director, manager or cashier or other officer of any banking institution to receive any deposit or trust or create any debts of such corporation after he shall become aware that such corporation is insolvent. Every officer of such failing corporation shall become personally liable to the amount of any such deposit or trust received by him or with his knowledge or assent in any such case to the person thereby damaged, whether criminal prosecution be made or not. And all persons convicted for misdemeanor, as provided in this section, shall be punished by imprisonment for a term of not less than one year and by a fine of not less than one thousand dollars.
HISTORY: 1962 Code Section 8-172; 1952 Code Section 8-172; 1942 Code Section 7850; 1932 Code Sections 1351, 7831; Civ. C. '22 Section 3973; Civ. C. '12 Section 2638; Civ. C. '02 Section 1762; G. S. 1348; R. S. 223, 1460; Cr. C. '22 Section 241; Cr. C. '12 Section 346; Cr. C. '02 Section 259; 1877 (16) 232; 1923 (33) 156; 1960 (51) 1602.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-40. Repealed.

HISTORY: Former Section, titled Duplicate for lost or destroyed time certificate of deposit, had the following history: 1962 Code Section 8-174; 1952 Code Section 8-174; 1942 Code Section 7848; 1932 Code Section 7832; 1924 (33) 1087; 1978 Act No. 574 Section 1; 1985 Act No. 128, Section 7. Repealed by 2021 Act No. 30, Section 19, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-50. Repealed.

HISTORY: Former Section, titled Duplicate for any other lost or destroyed certificate of deposit or savings account book, had the following history: 1962 Code Section 8-175; 1952 Code Section 8-175; 1942 Code Section 7849; 1932 Code Section 7833; 1927 (35) 214; 1978 Act No. 574 Section 2; 1985 Act No. 128, Section 8. Repealed by 2021 Act No. 30, Section 19, eff May 6, 2021.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-75. Civil remedy for drawing and uttering of fraudulent checks, drafts, or other written order.

As used in this section, "check" means a check, draft, or other written order drawn on a bank or depository.
(1) In addition to criminal penalties, a person who knowingly or with fraudulent intent, as defined in and as may be established by prima facie evidence under the provisions of Section 34-11-70, draws, makes, utters, or issues and delivers to another a check drawn on a bank or depository that refuses to honor it because the maker or drawer does not have sufficient funds on deposit in or credit with the bank or depository with which to pay the check upon presentation and who fails to pay the same amount in cash to the payee, within thirty days following written demand, is liable to the payee for the amount owing on the check and for damages of the lesser of five hundred dollars or three times the amount owing on the check. In an action under this section, the court or jury may waive all or part of the treble damages upon a finding that the defendant's failure to satisfy the dishonored check was due to the defendant's recent discharge from his employment, personal or family illness, or personal or family catastrophic loss.
The written demand must:
(a) describe the check and the circumstances of its dishonor;
(b) contain a demand for payment and a notice of intent to file suit for treble damages under this section if payment is not received within thirty days; and
(c) be mailed by certified mail to the defendant at his last known address.
(2) In an action under item (1), the presiding judge may award the prevailing party, as part of the court costs payable, a reasonable attorney's fee to the attorney representing the prevailing party in the action.
(3) It is an affirmative defense, in addition to other defenses, to an action under this section if it is found that:
(a) full satisfaction of the amount of the check was made before the beginning of the action;
(b) the bank or depository erred in dishonoring the check; or
(c) the acceptor of the check knew at the time of acceptance that there were insufficient funds on deposit in the bank or depository with which to cause the check to be honored.
HISTORY: 1990 Act No. 332, Section 1, eff February 20, 1990.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-80. Stopping payment on check, draft, or order with intent to defraud.

It shall be unlawful for any person with intent to defraud to stop payment on any check, draft or other written order on any bank or depository for the payment of money or its equivalent when such check, draft or other written order was given to obtain money, credit, goods or services; provided, that such money, credit, goods or services were as represented at the time of the issuance of any check, draft or written order. Any person so convicted shall be punished by a fine or imprisonment as provided for in Section 34-11-90.
This section shall not apply to a postdated check nor to any check, draft or written order where the payee or holder thereof knows or has good and sufficient reason to believe that the drawer did not have sufficient funds on deposit to his credit with the drawee to insure payment thereof.
HISTORY: 1962 Code Section 8-177.1; 1970 (56) 2056.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-95. Report of convictions to South Carolina Law Enforcement Division; release of information.

(a) A first offense prosecution or second offense resulting in a conviction for violation of Section 34-11-60 shall be reported by the court hearing the case to the Communications and Records Division of the South Carolina Law Enforcement Division which shall keep a record of such conviction.
(b) The South Carolina Law Enforcement Division, upon request, shall release all information collected under this section to any law enforcement agency, court or other authorized person.
HISTORY: 1979 Act No. 93 Section 4.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-100. Effect of payment of dishonored check, draft, or order after institution of prosecution.

After prosecution is initiated as provided in this chapter, the payment of a dishonored check, draft or order shall not constitute a defense or grounds for dismissal of charges brought under this chapter, but such payment may be considered in mitigation of the sentence by the trial judge or magistrate.
HISTORY: 1962 Code Section 8-178.1; 1970 (56) 2053.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-110. Adverse claimant of deposit must obtain court process or give bond; exception as to fiduciary deposits.

Notice to any bank or trust company doing business in this State of an adverse claim to a deposit standing on its books to the credit of any person shall not be effectual to cause the bank or trust company to recognize the adverse claimant unless: (1) The claimant first procures a restraining order, injunction or other appropriate process against the bank or trust company from a court of competent jurisdiction wherein the person to whose credit the deposit stands is made a party; or (2) the claimant first executes and delivers to the bank or trust company, in form and with sureties acceptable to it, a bond, indemnifying the bank or trust company from all liability, loss, damage, costs and expenses, resulting from the payment of the adverse claim or the dishonor of any check or other order of the person to whose credit the deposit stands on the books of the bank or trust company. Provided, that this section shall not apply in any instance where the person to whose credit the deposit stands is a fiduciary for such adverse claimant, and the facts constituting such relationship as also the facts showing reasonable cause of belief on the part of the claimant that the fiduciary is about to misappropriate the deposit, are made to appear by the affidavit of the claimant.
HISTORY: 1962 Code Section 8-179; 1964 (53) 2425.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-120. Duty of person drawing postdated check to give notice.

It shall be the duty of the person drawing a postdated check to notify, in writing, the bank or trust company upon which such check is drawn, giving a complete description thereof, including the name of the payee, the date, the number and amount thereof; otherwise, the bank or trust company shall not be liable for erroneously paying such check.
HISTORY: 1982 Act No. 290.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 11 - Bank Deposits › Section 34-11-130. Payment of withdrawal value of account to beneficiary upon death of trustee.

Subject to the provisions of Sections 62-6-101, et seq., of the South Carolina Probate Code, when an account, including a certificate of deposit, is opened by a person describing himself in the account title as trustee or custodian for another and no other or further notice of the existence and terms of a legal and valid trust than the description is given in writing to a bank, banking institution, or other depository transacting business in this State, in the event of the death of the person so described as trustee or custodian the withdrawal value of the account or any part thereof together with any earnings thereon may be paid to the person for whom the account title indicates the account was opened. The payment or delivery to any beneficiary, beneficiaries, or designated person, or a receipt or acquittance signed by any beneficiary, beneficiaries, or designated person, is for any payment or delivery a valid and sufficient release and discharge of an institution for the payment or delivery made.
HISTORY: 1985 Act No. 128, Section 9; 1990 Act No. 521, Part II, Section 100, eff June 5, 1990.
Effect of Amendment
The 1990 amendment added "Subject to the provisions of Sections 62-6-101 et seq. of the South Carolina Probate Code," at the beginning of the section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 13 - Bank Loans And Investments › Section 34-13-50. Maximum amounts of loans; generally.

(A) The total liabilities, direct and indirect, of any one borrower to a bank, including in the liabilities of a company or firm the liabilities of its several members, may never exceed ten percent of the bank's unimpaired capital, except by two-thirds vote of the directors of the bank, in which case liabilities other than those of officers and directors as described in Section 34-13-80 may be extended to fifteen percent of the bank's unimpaired capital. However, liabilities may be extended by an additional amount not to exceed thirty-five percent of the unimpaired capital of the bank when the additional loans are secured by direct obligations of the United States Government or direct obligations of this State. The discount of bills of exchange drawn in good faith against existing values and the discount of commercial or business paper are not considered money borrowed.
(B) For purposes of this section, "unimpaired capital" means the total of the amount of:
(1) unimpaired common stock;
(2) perpetual preferred stock;
(3) surplus;
(4) undivided profits, excluding disallowed intangibles;
(5) reserve for contingencies and other capital reserves, excluding accrued dividends on perpetual and limited life preferred stock;
(6) mandatory convertible debt;
(7) allowance for loan losses; and
(8) capital debentures or notes, convertible or otherwise, having an average original maturity of at least seven years and having been designated specifically as part of the bank's unimpaired capital by resolution duly adopted by the board of directors of the bank.
(C) For purposes of this section, "total liabilities" include any credit exposure of a bank to a borrower arising from a derivative transaction, repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction between a bank and that borrower.
(D) For purposes of this section, "derivative transaction" means any transaction that is a contract, agreement, swap, warrant, note, or option that is based, in whole or in part, on the value of any interest in, or any quantitative measure or the occurrence of any event relating to one or more commodities, securities, currencies, interest, or other rates, indices, or assets.
HISTORY: 1962 Code Section 8-225; 1952 Code Section 8-225; 1942 Code Section 7857; 1932 Code Section 7869; Civ. C. '22 Section 3999; Civ. C. '12 Section 2661; Civ. C. '02 Section 1776; R. S. 1539a; 1897 (22) 463; 1923 (33) 159; 1936 (39) 1495; 1955 (49) 258; 1975 (59) 142; 1998 Act No. 295, Section 1, eff upon approval (became law without the Governor's signature on April 21, 1998); 2012 Act No. 211, Section 1, eff June 7, 2012.
Effect of Amendment
The 1998 amendment designated the existing text as subsection (A) and rewrote the subsection; and added subsection (B).
The 2012 amendment added subsections (C) and (D).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 13 - Bank Loans And Investments › Section 34-13-60. Maximum amounts of loans; exceptions for certain loans secured by shipping documents.

Notwithstanding the provisions of Section 34-13-50 the obligations of any person in the form of notes or drafts secured by shipping documents, warehouse receipts or other such documents transferring or securing title covering readily marketable nonperishable staples when such property is fully covered by insurance, if it is customary to insure such staples, shall be subject:
(1) To a limitation of twenty-five per cent of such capital and surplus when the market value of such staples securing such obligations is not at any time less than one hundred and fifteen per cent of the face amount of such obligations;
(2) To a limitation of thirty per cent of such capital and surplus when the market value of such staples securing such obligations is not at any time less than one hundred and twenty per cent of the face amount of such obligations; and
(3) To a limitation in addition to such thirty per cent of such capital and surplus increased by an additional five per cent thereof for each and every additional five per centum of the market value of such staples securing such obligations not in excess, however, of a total limitation of fifty per cent of such capital and surplus.
But this exception shall not apply to obligations of any one person arising from the same transaction or secured upon the identical staples for more than ten months.
HISTORY: 1962 Code Section 8-226; 1952 Code Section 8-226; 1942 Code Section 7857; 1932 Code Section 7869; Civ. C. '22 Section 3999; Civ. C. '12 Section 2661; Civ. C. '02 Section 1776; R. S. 1539a; 1897 (22) 463; 1923 (33) 159; 1936 (39) 1495.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 13 - Bank Loans And Investments › Section 34-13-70. Maximum amounts of loans; another maximum.

(A) In no case shall a loan be made by any state bank which when added to the then existing total loans to the borrower thereof would increase the total to more than twenty-five percent of the capital, surplus, and deposits of the bank, less the amount invested in real estate, bonds, or other securities.
(B) For purposes of this section, "loan" includes any credit exposure to a borrower arising from a derivative transaction, repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction between a bank and that borrower.
(C) For purposes of this section, "derivative transaction" means any transaction that is a contract, agreement, swap, warrant, note, or option that is based, in whole or in part, on the value of any interest in, or any quantitative measure or the occurrence of any event relating to one or more commodities, securities, currencies, interest, or other rates, indices, or assets.
HISTORY: 1962 Code Section 8-227; 1952 Code Section 8-227; 1942 Code Section 7857; 1932 Code Section 7869; Civ. C. '22 Section 3999; Civ. C. '12 Section 2661; Civ. C. '02 Section 1776; R. S. 1539a; 1897 (22) 463; 1923 (33) 159; 1936 (39) 1495; 2012 Act No. 211, Section 2, eff June 7, 2012.
Effect of Amendment
The 2012 amendment inserted subsection designator (A), added subsections (B) and (C), and made other nonsubstantive changes.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 13 - Bank Loans And Investments › Section 34-13-80. Limitations on loans to directors and officers.

Directors and officers of any bank incorporated under the laws of this State, members of their families, and entities with which they are associated, may borrow or obtain credit from the bank in the same manner and under the same terms and conditions that directors and officers, members of their families, and entities with which they are associated, of any national bank are permitted to borrow or obtain credit from the national bank as provided by law.
HISTORY: 1962 Code Section 8-228; 1952 Code Section 8-228; 1942 Code Section 7858; 1932 Code Section 7872; Civ. C. '22 Section 4000; Civ. C. '12 Section 2662; Civ. C. '02 Section 1777; R. S. 1540; 1885 (19) 212; 1897 (22) 463; 1914 (28) 487; 1918 (30) 880; 1923 (33) 161; 1962 (52) 1716; 1971 (57) 108; 1975 (59) 142; 1975 (59) 586; 1980 Act No. 304, Section 1; 1984 Act No. 391, Section 1; 1990 Act No. 378, Section 1, eff March 19, 1990.
Effect of Amendment
The 1990 amendment revised this section.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 13 - Bank Loans And Investments › Section 34-13-90. Penalty for improper borrowing by directors or officers.

A person who violates the provisions of Section 34-13-80 is guilty of a felony and, upon conviction, must be fined in the discretion of the court or imprisoned not more than ten years, or both.
HISTORY: 1962 Code Section 8-229; 1952 Code Section 8-229; 1942 Code Section 7874-1; 1932 Code Section 1361; Cr. C. '22 Section 258; Cr. C. '12 Section 296; Cr. C. '02 Section 218; 1897 (21) 463; 1984 Act No. 391, Section 2; 1993 Act No. 184, Section 64, eff January 1, 1994.
Effect of Amendment
The 1993 amendment rewrote this section so as to change portions from misdemeanors to felonies and the maximum term of imprisonment to conform to the new crime classification system.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 13 - Bank Loans And Investments › Section 34-13-100. Investigation of security consisting of warehouse receipts.

When warehouse receipts for products are pledged as securities in any State bank under examination the examiner of such bank may go upon the premises of the person issuing the receipts, question the management under oath and, if thought necessary, have the actual product exhibited to him.
HISTORY: 1962 Code Section 8-230; 1952 Code Section 8-230; 1942 Code Section 7858; 1932 Code Section 7872; Civ. C. '22 Section 4000; Civ. C. '12 Section 2662; Civ. C. '02 Section 1777; R. S. 1540; 1885 (19) 212; 1897 (22) 463; 1914 (28) 487; 1918 (30) 880; 1923 (33) 161.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 13 - Bank Loans And Investments › Section 34-13-110. Certain discounts are not considered as money borrowed.

The discount of bills of exchange drawn in good faith against existing values and the discount of commercial business paper shall not be considered as money borrowed.
HISTORY: 1962 Code Section 8-231; 1952 Code Section 8-231; 1942 Code Section 7858; 1932 Code Section 7872; Civ. C. '22 Section 4000; Civ. C. '12 Section 2662; Civ. C. '02 Section 1777; R. S. 1540; 1885 (19) 212; 1897 (22) 463; 1914 (28) 487; 1918 (30) 880; 1923 (33) 161.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 13 - Bank Loans And Investments › Section 34-13-140. Restrictions on loan on or purchase of bank's own stock.

(A) It is unlawful for any banking institution to make any loan or discount on the security of the shares of its own capital stock or to be the purchaser or holder of any such shares unless such security or purchase is necessary to prevent loss upon a debt previously contracted in good faith, unless the purchase is approved by the board, or except as permitted in subsection (B).
(B) Subject to the approval of the board, a South Carolina state-chartered banking association may acquire its own outstanding shares and hold them as treasury stock in the same manner as a corporation pursuant to Title 33.
HISTORY: 1962 Code Section 8-235; 1952 Code Section 8-235; 1942 Code Section 7860; 1932 Code Section 7873; 1930 (36) 1093; 2021 Act No. 30 (S.467), Section 13, eff May 6, 2021.
Effect of Amendment
2021 Act No. 30, Section 13, inserted the (A) designator; in (A), substituted "It is unlawful" for "It shall be unlawful", "banking institution" for "banking association", and "is necessary" for "shall be necessary", and inserted ", unless the purchase is approved by the board, or except as permitted in subsection (B)"; and added (B).
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 13 - Bank Loans And Investments › Section 34-13-150. Investment of funds in federal savings and loan associations and building and loan associations.

It shall be lawful for any building and loan association, bank, trust company or other financial institution operating or doing business in the State or under the laws of the State or the United States, any national bank or the receiver of any bank, trust company, building and loan association or other financial institution operating under the laws of this State or of the United States to invest its funds or the moneys in its custody or possession eligible for investment in the shares of any Federal savings and loan association or in the shares of any building and loan association organized and existing under the laws of this State when such shares are insured by the Federal Savings and Loan Insurance Corporation and also in the bonds or debentures issued by any Federal home loan bank or in the consolidated bonds or debentures issued by the Federal Home Loan Bank Board.
HISTORY: 1962 Code Section 8-236; 1952 Code Section 8-236; 1942 Code Section 9051-2; 1935 (39) 287.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 13 - Bank Loans And Investments › Section 34-13-160. Investment in farm loan bonds; accountability for interest.

Any banking institution or trust company organized under the laws of this State may invest in, or lend money on the security of: Federal farm loan bonds issued by Federal land banks pursuant to the Federal Farm Loan Act as amended, bonds issued by the Federal Farm Mortgage Corporation pursuant to the provisions of an act of Congress known as the "Federal Farm Mortgage Corporation Act," Federal Intermediate Credit Bank debentures issued pursuant to the Federal Farm Loan Act as amended, and debentures issued by the Central Bank for Cooperatives and regional banks for cooperatives, organized under the Farm Credit Act of 1933, and any notes, bonds, debentures, or other similar obligations, consolidated or otherwise, issued by farm credit institutions pursuant to authorities contained in the Farm Credit Act of 1971 (Public Law 92-181) or by any of such banks. A banking institution or trust company organized under the laws of this State making an investment or loan authorized by this section shall not be chargeable in its account for a greater rate of interest than the amount actually received on the investment or loan.
HISTORY: 1962 Code Section 8-237; 1952 Code Section 8-237; 1942 Code Section 9049; 1932 Code Section 9049; Civ. C. '22 Section 5461; 1918 (30) 763; 1919 (31) 133; 1934 (38) 1493; 1952 (47) 1893; 1955 (49) 152; 1973 (58) 335.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 13 - Bank Loans And Investments › Section 34-13-170. Investment in bank service corporations.

(1) Citation of section. - This section shall be cited as the "Bank Service Corporation Act."
(2) Definitions. - For the purposes of this section-
(a) The term "bank service corporation" means a corporation whose primary purpose is to perform for two or more banks having an investment in the corporation services such as check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of statements, notices, and similar items, or any other similar clerical or bookkeeping function.
(b) The terms "invest" and "investment" include any advance of funds to a bank service corporation, whether by purchase of stock, the making of a loan, or otherwise, except a payment for earned rent, goods sold and delivered, or services rendered prior to the making of such payment.
(3) Investments. - Notwithstanding any contrary provision of law relating to banks, a bank may at any time have outstanding investments in a bank service corporation not exceeding ten per cent of the bank's capital and surplus at such time.
HISTORY: 1962 Code Section 8-238; 1962 (52) 1978.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 15 - Bank Acting As Fiduciary › Section 34-15-10. General authority to act as fiduciary.

Subject to the provisions of Section 62-3-203, a banking corporation or trust company with at least two hundred fifty thousand dollars total unimpaired capital may be appointed executor of a will, codicil, or writing testamentary, administrator with the will annexed, administrator of the estate of any person, receiver, assignee, guardian or trustee under a will or instrument creating a trust for the care and management of property, under the same circumstances, in the same manner, and subject to the same control by the court having jurisdiction of the appointment as a legally qualified person. An appointment as guardian applies to the estate and not to the person of the ward. The corporation is not required to receive or hold property or money or assume or execute a trust pursuant to this section without its assent.
HISTORY: 1962 Code Section 8-241; 1952 Code Section 8-241; 1942 Code Section 7838; 1932 Code Section 7864; Civ. C. '22 Section 3994; Civ. C. '12 Section 2656; 1911 (27) 8; 1934 (38) 1245; 1972 (57) 2141; 1990 Act No. 521, Part II, Section 101, eff June 5, 1990; 2005 Act No. 66, Section 4, eff January 1, 2006.
Effect of Amendment
The 1990 amendment added "Subject to the provisions of Sections 62-3-203 and 62-7-207," at the beginning of the section.
The 2005 amendment, in the first sentence, substituted "Section 62-3-203, a" for "Sections 62-7-203 and 62-7-207, any" and made nonsubstantive changes throughout.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 15 - Bank Acting As Fiduciary › Section 34-15-20. Fiduciary bonds.

Every such banking corporation appointed administrator, receiver, assignee, guardian or trustee, when fiduciary bonds are required of individual persons under like circumstances, shall be required to execute and file approved fiduciary bonds similar in every respect to the bonds required by law of private persons acting as such fiduciaries.
HISTORY: 1962 Code Section 8-242; 1952 Code Section 8-242; 1942 Code Sections 7838, 7839; 1932 Code Sections 7864, 7865; Civ. C. '22 Sections 3994, 3995; Civ. C. '12 Sections 2656, 2657; 1903 (24) 70; 1911 (27) 8; 1934 (38) 1245.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 15 - Bank Acting As Fiduciary › Section 34-15-30. Capital stock shall be held security for fiduciary obligations.

The capital stock of such corporation shall be held as security for the faithful performance of the duties undertaken by virtue of Section 34-15-10 or of any similar provision of law.
HISTORY: 1962 Code Section 8-243; 1952 Code Section 8-243; 1942 Code Section 7839; 1932 Code Section 7865; Civ. C. '22 Section 3995; Civ. '12 Section 2657; 1903 (24) 70.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 15 - Bank Acting As Fiduciary › Section 34-15-40. Papers may be executed by authorized officer.

In all proceedings in the probate court or elsewhere connected with any authority exercised under the provisions of Section 34-15-10 or under any similar provisions of law all accounts, returns and other papers may be signed and sworn to in behalf of the corporation by any officer thereof duly authorized by it. The answer and examination under oath of such officer shall be received as the answer and examination of the corporation. The court may order and compel an officer of such corporation to answer and attend the examination in the same manner as if he, instead of the corporation, were a party to the proceeding.
HISTORY: 1962 Code Section 8-244; 1952 Code Section 8-244; 1942 Code Section 7840; 1932 Code Section 7866; Civ. C. '22 Section 3996; Civ. C. '12 Section 2658; 1903 (24) 70.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 15 - Bank Acting As Fiduciary › Section 34-15-50. Liability when acting as trustee of partnership interest for minors.

Any banking corporation or trust company authorized under this chapter to act as a fiduciary which acts or is acting as trustee of a partnership interest for minor beneficiaries shall not be liable as a partner except to the extent of the assets in the trust, the provisions of Sections 33-41-350 to 33-41-390 to the contrary notwithstanding; provided, however, nothing in this section shall waive, limit or restrict the duty and liability otherwise of the bank as trustee of a partner's interest.
HISTORY: 1962 Code Section 8-245; 1955 (49) 321.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 19 - Safe-deposit Boxes › Section 34-19-10. Definitions.

"Lessee" means a person contracting with a lessor for the use of a safe deposit box.
"Lessor" means a bank, cash depository, or trust company renting safe deposit facilities authorized by law to operate in the State.
"Safe deposit box" means a safe deposit box, vault, or other safe deposit receptacle maintained by a lessor and the rules relating thereto apply to property or documents kept in safekeeping in the bank's vault.
HISTORY: 1962 Code Section 8-501; 1952 (47) 1932.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 19 - Safe-deposit Boxes › Section 34-19-20. Safe deposit business authorized.

Subject to the provisions of this chapter any bank, building and loan association, savings and loan association, savings association, savings bank, or trust company may maintain and lease safe deposit boxes and may accept property or documents for safekeeping.
HISTORY: 1962 Code Section 8-502; 1952 (47) 1932; 1985 Act No. 124, Section 4.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 19 - Safe-deposit Boxes › Section 34-19-30. Lease of box to minor.

A bank may lease a safe deposit box to and in connection therewith deal with a minor with the same effect as if leasing to and dealing with a person of full legal capacity.
HISTORY: 1962 Code Section 8-503; 1952 (47) 1932.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 19 - Safe-deposit Boxes › Section 34-19-40. Access to box of fiduciary.

Where a safe deposit box is made available by a lessor to one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access thereto as follows:
(1) By any one or more of the persons acting as executors or administrators;
(2) By any one or more of the persons otherwise acting as fiduciaries when authorized in writing signed by all other persons so acting; or
(3) By any agent authorized in writing signed by all of the persons acting as fiduciaries.
HISTORY: 1962 Code Section 8-504; 1952 (47) 1932.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 19 - Safe-deposit Boxes › Section 34-19-50. Access to box of decedent; removal of contents.

A lessor shall permit the person named in a court order for the purpose, or if no order has been served upon the lessor, the spouse, a parent, an adult descendant or a person named as an executor in a copy of a purported will produced by him, to open and examine the contents of a safe deposit box leased by a decedent, or any documents delivered by a decedent for safekeeping, in the presence of an officer, manager, or assistant manager of the lessor; and the lessor, if so requested by such person, must deliver:
(1) Any writing purporting to be a will of the decedent to the executor, if one be therein named, otherwise to the court having jurisdiction of the decedent's estate;
(2) Any writing purporting to be a deed to a burial plot or to give burial instructions to the person making the request for a search; and
(3) Any document purporting to be an insurance policy on the life of the decedent to the beneficiary named therein.
No other contents shall be removed, pursuant to this section until an executor or administrator qualifies and makes claim to the contents.
HISTORY: 1962 Code Section 8-505; 1952 (47) 1932; 1996 Act No. 248, Section 5, eff April 1, 1996.
Effect of Amendment
The 1996 amendment revised this section by deleting the last paragraph respecting removal of contents of safe deposit boxes.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 19 - Safe-deposit Boxes › Section 34-19-60. Refusal of access because of adverse claim.

An adverse claim to the contents of a safe deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny access to its lessee unless:
(1) The lessor is directed to do so by a court order issued by a court of competent jurisdiction; or
(2) The safe deposit box is leased or the property is held in the name of a lessee with the addition of words indicating that the contents or property are held in a fiduciary capacity, and the adverse claim is supported by a written statement of facts disclosing that it is made by or on behalf of a beneficiary and that there is reason to know that the fiduciary will misappropriate the trust property.
A claim is also an adverse claim where one of several lessees claims, contrary to the terms of the lease, an exclusive right of access, or where one or more persons claim a right of access as agents or officers of a lessee to the exclusion of others as agents or officers, or where it is claimed that a lessee is the same person as one using another name.
HISTORY: 1962 Code Section 8-506; 1952 (47) 1932.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 19 - Safe-deposit Boxes › Section 34-19-70. Opening box when rental is one year in default.

If the rental due on a safe deposit box has not been paid for one year, the lessor may send a notice by registered mail to the last known address of the lessee stating that the safe deposit box will be opened and its contents stored at the expense of the lessee unless payment of the rental is made within thirty days. If the rental is not paid within thirty days from the mailing of the notice, the box may be opened in the presence of an officer, manager or assistant manager of the lessor and of a notary public who is not a director, officer, employee or stockholder of the lessor. The contents shall be sealed in a package by the notary public who shall write on the outside the name of the lessee and the date of the opening. The notary public shall execute a certificate reciting the name of the lessee, the date of the opening of the box and a list of its contents. The certificate shall be included in the package and a copy of the certificate shall be sent by registered mail to the last known address of the lessee. The package shall then be placed in the general vaults of the lessor at a rental not exceeding the rental previously charged for the box.
HISTORY: 1962 Code Section 8-507; 1952 Code Sections 8-572 to 8-574; 1942 Code Section 7902; 1932 Code Section 7902; 1928 (35) 1271; 1951 (47) 363, 513; 1952 (47) 1932.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 19 - Safe-deposit Boxes › Section 34-19-80. Sale of contents unclaimed for two years.

If the contents of the safe deposit box have not been claimed within two years of the mailing of the certificate as required by Section 34-19-70, the lessor may send a further notice to the last known address of the lessee stating that, unless the accumulated charges are paid within thirty days, the contents of the box will be sold at public auction at a specified time and place, or, in the case of securities listed on a stock exchange, will be sold upon the exchange on or after a specified date and that unsalable items will be destroyed. The time, place and manner of sale shall also be posted conspicuously on the premises of the lessor and advertised once seven days prior to the sale in a newspaper of general circulation in the community. If the articles are not claimed, and the accrued rent and disbursements of lessor paid, they may then be sold in accordance with the notice.
HISTORY: 1962 Code Section 8-508; 1952 Code Section 8-576; 1942 Code Section 7902; 1932 Code Section 7902; 1928 (35) 1271; 1951 (47) 363, 513; 1952 (47) 1932.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 19 - Safe-deposit Boxes › Section 34-19-90. Disposition of proceeds of sale of contents.

The balance of the proceeds of a sale under Section 34-19-80, after deducting accumulated charges, including the expense of advertising and conducting the sale, shall be deposited to the credit of the lessee in any account maintained by him, or if none, shall be deemed a deposit account with the bank, cash depository, or trust company operating the safe deposit facility, and shall be identified on the books of the bank as arising from the sale of contents of a safe deposit box.
HISTORY: 1962 Code Section 8-509; 1952 Code Section 8-577; 1942 Code Section 7902; 1932 Code Section 7902; 1928 (35) 1271; 1951 (47) 363, 513; 1952 (47) 1932.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 19 - Safe-deposit Boxes › Section 34-19-100. Destruction of private documents of no apparent value.

Any documents or writings of a private nature and having little or no apparent value need not be offered for sale under Section 34-19-80, but shall be retained, unless claimed by the owner, for a period of two years, after which they may be destroyed.
HISTORY: 1962 Code Section 8-510; 1952 Code Section 8-578; 1942 Code Section 7902; 1932 Code Section 7902; 1928 (35) 1271; 1951 (47) 363, 513; 1952 (47) 1932.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 19 - Safe-deposit Boxes › Section 34-19-110. Use of words "safe deposit" or "safety deposit".

It is unlawful for a person to use the words "safe deposit", "safety deposit", or other similar words in connection with the rental of storage space, or in the title or name under which business is done.
A person subject to the jurisdiction of the State Board of Financial Institutions, a manufacturer or dealer in safe deposit facilities or equipment, or an association, the membership of which is composed of officers or institutions subject to the jurisdiction of the board or the banking department of other states or of the United States, are exempt.
A person who violates the provisions of this section is guilty of a misdemeanor and, upon conviction, must be fined in the discretion of the court or imprisoned not more than one year, or both.
HISTORY: 1962 Code Section 8-511; 1952 (47) 1932; 1993 Act No. 184, Section 207, eff January 1, 1994.
Effect of Amendment
The 1993 amendment rewrote this section so as to change the maximum term of imprisonment to conform to the classification established for each offense.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-10. Written approval from State Board of Bank Control is required to conduct trust business.

No corporation, partnership or other person shall conduct a trust business in this State without first making a written application to the State Board of Bank Control and receiving written approval from the Board. Before any such application shall be approved, the Board shall make an investigation to determine whether or not the applicant has complied with all the provisions of law, whether in the judgment of the Board the applicant is qualified to conduct such a business and whether the conduct of such a business would serve the public interest, taking into consideration local circumstances and conditions at the place where such applicant proposes to do business; provided, however, that any person actively engaged in conducting a trust business in this State on January 1, 1972, shall not be required to make the application and receive the approval provided for herein. Provided, further, that nothing contained in this section shall prevent a natural person or a national banking association having its principal place of business in this State from qualifying and acting as trustee, executor, administrator, guardian, committee or in any other fiduciary capacity.
HISTORY: 1962 Code Section 8-580; 1972 (57) 2148.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-20. Examination; rules and regulations.

All state chartered banks, building and loan associations, savings associations, savings and loan associations, savings banks, trust companies, and fiduciary corporations authorized to conduct a trust business in this State are subject to examination by the State Board of Financial Institutions and are further subject to rules and regulations promulgated by the Board.
HISTORY: 1962 Code Section 8-581; 1952 Code Section 8-581; 1942 Code Section 7905; 1932 Code Section 7905; 1930 (36) 1367; 1933 (38) 296; 1936 (39) 1484; 1972 (57) 2557; 1985 Act No. 124, Section 5.
2023 South Carolina Code of Laws › Title 34 - Banking, Financial Institutions and Money › Chapter 21 - Banks And Corporations Doing Trust Business › Section 34-21-30. Fiduciary assets must be segregated; separate books and records; officer in charge.

Banks, trust companies, or corporations acting in a fiduciary capacity shall segregate all assets held in any fiduciary capacity from the general assets of the bank, trust company, or corporation and shall keep a separate set of books or records showing in proper detail all transactions relative to this fiduciary business, and these books and records must be under the management of an officer whose duty must be prescribed by the board of directors.
HISTORY: 1962 Code Section 8-582; 1952 Code Section 8-582; 1942 Code Section 7906; 1932 Code Section 7606; 1930 (36) 1367; 1985 Act No. 124, Section 6.