S.C. Code Ann. § 62-7-207 – Trustees; eligibility of nonresident corporations and individuals

(a) No corporation created by another state of the United States or by any foreign state, kingdom, or government, and no corporation created under the laws of the United States and not having a place of business in the State of South Carolina shall be eligible or entitled to qualify, serve, or hold title to property in this State as testamentary trustee of an estate of any person domiciled in this State at the time of his death, whether the decedent shall die testate or intestate, except, however, such foreign corporations may act as testamentary trustee in this State if:
1. (1) it has a bona fide capital of at least two hundred fifty thousand dollars actually paid in;
2. (2) it is authorized to act as testamentary trustee in the state in which it is incorporated or if such foreign corporation be a national banking association in the state in which it has its principal place of business; and
3. (3) any bank or other corporation organized under the laws of this State or a national banking association having its principal place of business in this State is permitted by law to act as testamentary trustee in the state in which such foreign corporation seeking to act in this State is organized or in which it has its principal place of business if it is a national banking association without further showing or qualification other than that it is authorized to act in such fiduciary capacity in this State and upon compliance with the laws of such other state, if any, concerning service of process on nonresident fiduciaries. No officer, employee, or agent of any such foreign corporation shall be eligible or entitled to serve as testamentary trustee in this State whether such officer, employee, or agent is a resident or a nonresident of this State if such officer, employee, or agent is acting as testamentary trustee on behalf of any such foreign corporation except when such foreign corporation itself shall be eligible to so serve.
(b) No letters of appointment of a trustee shall be granted or issued to any nonresident individual by the court unless such applicant for such appointment as trustee shall first file with the court where such application for appointment is made, his consent in writing that service of all claims, demands, debts, dues, summons, and any other process of pleadings, in suits or actions, relating to the administration of the estate in his charge in this State, may be made by service upon such resident of such county as may be appointed in such written instrument and, in the event of the death, removal, resignation, absence from the State, or any other inability to obtain service upon such agent named in such written instrument or any successor named by similar instrument filed with the court upon the probate judge of such county. Nothing herein contained shall require a nonresident trustee named as such trustee under a will executed at the time when such trustee is a nonresident to make reports to the court in this State or shall prevent an executor in administering an estate from paying any legacy so directed under the will to such foreign trustee.