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South Carolina Code of Laws

Chapter 7

S.C. Code Ann. tit. 62, ch. 7

South Carolina Trust Code

62-7-101Short title 62-7-102Scope 62-7-103Definitions 62-7-104Knowledge 62-7-105Default and mandatory rules 62-7-106Common law of trusts; principles of equity 62-7-107Governing law 62-7-108Principal place of administration 62-7-109Methods and waiver of notice 62-7-110Requirement of notice to others 62-7-111Nonjudicial settlement agreements 62-7-112Rules of construction 62-7-113 to 62-7-114Omitted by 2005 Act No. 66, Section 1, eff January 1, 2006 62-7-113Anti-lapse provision in trust 62-7-114Divorce or annulment as revoking revocable inter vivos trust 62-7-201Role of court in administration of trust 62-7-202Jurisdiction over trustee and beneficiary 62-7-203Reserved by 2005 Act No. 66, Section 1, eff January 1, 2006 62-7-204Venue 62-7-205 to 62-7-211Omitted by 2005 Act No. 66, Section 1, eff January 1, 2005 62-7-205Proceedings for review of employment of agents and review of compensation of trustee and employees of trust 62-7-206Trust proceedings; initiation by notice; necessary parties 62-7-207Trustees; eligibility of nonresident corporations and individuals 62-7-208When conveyance from infant trustee or mortgagee is permissible 62-7-209Effect of such conveyance 62-7-210Infant trustee or mortgagee may be compelled to make conveyance 62-7-211Division or consolidation of trusts; application of section 62-7-301When parties bound by others 62-7-302Representation by holder of general testamentary power of appointment 62-7-303Representation by fiduciaries and parents 62-7-304Representation by person having substantially identical interest 62-7-305Appointment of representative 62-7-306, 62-7-307Omitted by 2005 Act No. 66, Section 1, eff January 1, 2006 62-7-306Personal liability of trustee to third parties 62-7-307Limitations on proceedings against trustees after final account 62-7-401Methods of creating trust 62-7-402Requirements for creation; merger of title 62-7-403Trusts created in other jurisdictions 62-7-404Trust purposes 62-7-405Charitable purposes; enforcement 62-7-406Creation of trust induced by fraud, duress, or undue influence 62-7-407Evidence of oral trust 62-7-408Trust for care of animal 62-7-409Noncharitable trust without ascertainable beneficiary 62-7-410Modification or termination of trust; proceedings for approval or disapproval 62-7-411Modification or termination of noncharitable irrevocable trust by consent with court approval 62-7-412Modification or termination because of unanticipated circumstances or inability to administer trust effectively 62-7-413Equitable deviation 62-7-414Modification or termination of uneconomic trust 62-7-415Reformation to correct mistakes 62-7-416Modification to achieve settlor's tax objectives 62-7-417Combination and division of trusts 62-7-418Estate and possession of trust estates shall be in beneficiaries 62-7-419 to 62-7-432Omitted by 2005 Act No. 66, Section 1, eff January 1, 2006 62-7-419Liquidating assets 62-7-420Allocation of receipts from interests in minerals or other natural resources 62-7-421Allocation of receipts from sale of timber and related products 62-7-422Marital deduction adjustments 62-7-423Allocation of derivatives; options 62-7-424Allocation of payments related to asset-backed securities 62-7-425Disbursements from income 62-7-426Disbursements from principal 62-7-427Transfer to principal of cash receipts from asset subject to depreciation 62-7-428Future principal disbursements reserves 62-7-429Payment of taxes from income and principal 62-7-430Certain adjustments between principal and income; reduction of marital deduction or charitable contribution deduction 62-7-431Application and construction of Uniform Principal and Income Act 62-7-432Discretionary power of a fiduciary 62-7-501Rights of beneficiary's creditor or assignee 62-7-502Spendthrift provision 62-7-503Exceptions to spendthrift provision 62-7-504Discretionary trusts; effect of standard 62-7-505Creditors' claims against settlor 62-7-506Overdue distribution 62-7-507Personal obligations of trustee 62-7-508Reimbursement of tax liability 62-7-601Capacity of settlor of revocable trust 62-7-602Revocation or amendment of revocable trust 62-7-602APowers of agent acting pursuant to power of attorney 62-7-603Settlor's powers 62-7-604Limitation on action contesting validity of revocable trust; distribution of trust property 62-7-605Effect of penalty clause for contest 62-7-606Anti-lapse provision in trust 62-7-607Divorce or annulment as revoking revocable trust 62-7-701Accepting or declining trusteeship 62-7-702Trustee's bond 62-7-703Cotrustees 62-7-704Vacancy in trusteeship; appointment of successor 62-7-705Resignation of trustee 62-7-706Removal of trustee 62-7-707Delivery of property by former trustee 62-7-708Compensation of trustee 62-7-709Reimbursement of expenses 62-7-801Duty to administer trust 62-7-802Duty of loyalty 62-7-803Impartiality 62-7-804Prudent administration 62-7-805Costs of administration 62-7-806Trustee's skills 62-7-807Delegation by trustee 62-7-808Powers to direct 62-7-809Control and protection of trust property 62-7-810Recordkeeping and identification of trust property 62-7-811Enforcement and defense of claims 62-7-812Exercise of powers by successor trustees; liability 62-7-813Duty to inform and report 62-7-814Discretionary powers; tax savings 62-7-815General powers of trustee 62-7-816Specific powers of trustee 62-7-816AAuthority to appoint the property of original trust to second trust 62-7-817Distribution upon termination 62-7-818Powers and discretions of a trust protector 62-7-819Powers of a trust investment advisor 62-7-901Short title 62-7-902Definitions 62-7-903Allocation of receipts and disbursements 62-7-904Adjustments between principal and income 62-7-904AJudicial control of discretionary power 62-7-904BDefinitions for Sections 62-7-904C through 62-7-904P 62-7-904CTrustee's power to convert an income trust to a total return unitrust, reconvert a total return unitrust to an income trust, or change the percentage used to calculate the unitrust amount 62-7-904DPetition by trustee or qualified beneficiary to convert an income trust, reconvert a total return unitrust, or change the percentage used to calculate the unitrust amount 62-7-904EFair market value of trust assets 62-7-904FAdministration of a total return unitrust 62-7-904GDistribution of unitrust amount considered distribution of income and not of principal 62-7-904HLimitation of liability 62-7-904IApplicability of Sections 62-7-904B through 62-7-904P 62-7-904MUnitrust amount to be distributed by the express total return unitrust 62-7-904NDistribution from an express total return unitrust 62-7-904OExpress total return unitrust governing instrument; changing the unitrust percentage; converting from a unitrust to an income trust; reconversion of an income trust to a unitrust 62-7-904PTrustee considerations for unitrust amount paid 62-7-905Determinations of income and principal; distributions upon death or end of an income interest in a trust 62-7-906Determination and distribution of net income 62-7-907Beginning and end of income interests 62-7-908Allocation of income receipts and disbursements 62-7-909Undistributed income 62-7-910Allocation of receipts from an entity to principal or income 62-7-911Allocations of income and principal received from a trust or an estate 62-7-912Separate accounting for a business activity 62-7-913Allocations to principal 62-7-914Accounting for receipts from rental property 62-7-915Allocation of interest as income and proceeds from disposition of an obligation as principal; exceptions 62-7-916Allocation of proceeds of insurance contracts; exception 62-7-917Insubstantial allocations 62-7-918Allocation of payments; interest, dividends, or payments 62-7-919Liquidating assets 62-7-920Allocation of receipts from interests in minerals or other natural resources 62-7-921Allocation of receipts from sale of timber and related products 62-7-922Marital deduction adjustments 62-7-923Allocation of derivatives; options 62-7-924Allocation of payments related to asset-backed securities 62-7-925Disbursements from income 62-7-926Disbursements from principal 62-7-927Transfer to principal of cash receipts from asset subject to depreciation 62-7-928Future principal disbursements reserves 62-7-929Payment of taxes from income and principal 62-7-930Certain adjustments between principal and income; reduction of marital deduction or charitable contribution deduction 62-7-931Application and construction of Uniform Principal and Income Act 62-7-932Discretionary power of a fiduciary 62-7-933Uniform Prudent Investor Act 62-7-1001Remedies for breach of trust 62-7-1002Damages for breach of trust 62-7-1003Damages in absence of breach 62-7-1004Attorney's fees and costs 62-7-1005Limitation of action against trustee 62-7-1005ATrust protector 62-7-1005BTrust investment advisor 62-7-1006Reliance on trust instrument 62-7-1007Event affecting administration or distribution 62-7-1008Exculpation of trustee 62-7-1009Beneficiary's consent, release, or ratification 62-7-1010Limitation on personal liability of trustee 62-7-1011Interest as general partner 62-7-1012Protection of person dealing with trustee 62-7-1013Certification of trust 62-7-1101Uniformity of application and construction 62-7-1102Electronic records and signatures 62-7-1103Severability clause 62-7-1104Reserved by 2005 Act No. 66, Section 1, eff January 1, 2006 62-7-1105Reserved by 2005 Act No. 66, Section 1, eff January 1, 2006 62-7-1106Application to existing relationships