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Can you summarize 34 SCCL Chapter 15?
Banking, Financial Institutions and Money > BANK ACTING AS FIDUCIARY
Short Summary
This legal document, as per the South Carolina Code of Laws, governs the authority of a banking corporation or trust company to act as a fiduciary. The document specifies that a banking corporation or trust company authorized under this chapter to act as a fiduciary shall not be liable as a partner for acting as trustee of a partnership interest for minor beneficiaries, except to the extent of the assets in the trust. This provision applies even if there are contrary provisions in Sections 33-41-350 to 33-41-390. However, it is important to note that this section does not waive, limit, or restrict the duty and liability of the bank as a trustee of a partner’s interest. The document also states that 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 on behalf of the corporation by any authorized officer. 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. Additionally, the document specifies that the capital stock of such corporation shall be held as security for the faithful performance of the duties undertaken as an administrator, receiver, assignee, guardian, or trustee. Furthermore, every banking corporation appointed as an administrator, receiver, assignee, guardian, or trustee shall be required to execute and file approved fiduciary bonds similar to those required of private individuals acting as such fiduciaries. The document does not mention any specific exemptions or penalties for non-compliance or violations.
Whom does it apply to?
Banking corporations or trust companies authorized to act as a fiduciary
What does it govern?
Authority of a banking corporation or trust company to act as a fiduciary
What are exemptions?
None mentioned
What are the Penalties?
No penalties mentioned
Jurisdiction
South Carolina