Liquidating trust form
This article may be cited as the South Carolina Trust Code. The term 'express trust' includes both testamentary and inter vivos trusts, regardless of whether the trustee is required to account to the probate court, and includes, but is not limited to, all trusts defined in Section 62-1-201(49). (3) "Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in Section 62-7-405(a).
In this article, unless the context clearly indicates otherwise, "Code" means the South Carolina Trust Code. This article does not apply to constructive trusts, resulting trusts, conservatorships administered by conservators as defined in Section 62-1-201(6), administration of decedent's estates, all multiple party accounts referred to in Section 62-6-101 et seq., custodial arrangements, business trusts providing for certificates to be issued to beneficiaries, common trust funds, voting trusts, security arrangements, liquidation trusts, and trusts for the primary purpose of paying debts, dividends, interest, salaries, wages, profits, pensions, or employee benefits of any kind, or any arrangement under which a person is nominee or escrowee for another. (4) "Conservator" means a person appointed by the court to administer the estate of a protected person.
The term does not include a guardian ad litem or a statutory guardian.
(18) "Trust instrument" means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto.South Carolina Trust Code Editor's Note 2013 Act No. (A) This act [amending Articles 1, 2, 3, 4, 6, and 7] takes effect on January 1, 2014."(B) Except as otherwise provided in this act, on the effective date of this act: "(1) this act applies to any estates of decedents dying thereafter and to all trusts created before, on, or after its effective date; "(2) the act applies to all judicial proceedings concerning estates of decedents and trusts commenced on or after its effective date; "(3) this act applies to judicial proceedings concerning estates of decedents and trusts commenced before its effective date unless the court finds that application of a particular provision of this act would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision of this act does not apply and the superseded law applies; "(4) subject to item (5) and subsection (C) of this section, any rule of construction or presumption provided in this act applies to governing instruments executed before the effective date of the act unless there is a clear indication of a contrary intent in the terms of the governing instrument; and "(5) an act done and any right acquired or accrued before the effective date of the act is not affected by this act.(24) "Serious breach of trust" means either: a single act that causes significant harm or involves flagrant misconduct, or a series of smaller breaches, none of which individually justify removal when considered alone, but which do so when considered together. Effect of Amendment The 2013 amendment in subsection (b)(6) substituted "62-7-602A" for "62-7-602(e)". The common law of trusts and principles of equity supplement this article, except to the extent modified by this article or another statute of this State. The notice of proposed transfer must include: (1) the name of the jurisdiction to which the principal place of administration is to be transferred; (2) the address and telephone number at the new location at which the trustee can be contacted; (3) an explanation of the reasons for the proposed transfer; (4) the date on which the proposed transfer is anticipated to occur; and (5) the date, not less than ninety days after the giving of the notice, by which the qualified beneficiary must notify the trustee of an objection to the proposed transfer. Effect of Amendment The 2013 amendment in subsection (e) and subsection (e)(5) substituted "ninety days" for "60 days". (a) Notice to a person under this article or the sending of a document to a person under this article must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. Part 2 Judicial Proceedings Role of court in administration of trust.(25) "Permissible distributee" means any person who or which on the date of qualification as a beneficiary is eligible to receive current distributions of property of a trust from a trustee, other than as a creditor or purchaser. (f) The authority of a trustee under this section to transfer a trust's principal place of administration terminates if a qualified beneficiary notifies the trustee of an objection to the proposed transfer on or before the date specified in the notice. Permissible methods of notice or for sending a document include first-class mail, personal delivery, delivery to the person's last known place of residence or place of business, or a properly directed electronic message. (a) Subject to the provisions of Section 62-1-302(d), the probate court has exclusive jurisdiction of proceedings initiated by interested parties concerning the internal affairs of trusts.
(23) "Internal Revenue Code" means the Internal Revenue Code, as amended from time to time. (d) Without precluding the right of the court to order, approve, or disapprove a transfer, the trustee, in furtherance of the duty prescribed by subsection (c), may transfer the trust's principal place of administration to another State or to a jurisdiction outside of the United States.