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Panel approves bill to treat co-op patronage capital accounts as probate 'accounts'
Summary
House Bill 3,914 received a 5-0 favorable report after the subcommittee voted to amend the South Carolina Probate Code so that patronage capital accounts held by electric or telephone cooperatives are treated as accounts for probate purposes, clarifying how small co-op distributions pass at death.
The Domestic Relations Business and Probate Law Subcommittee voted 5-0 to give House Bill 3,914 a favorable report, a bill that would amend the South Carolina Probate Code to include patronage capital accounts held by members of electric or telephone cooperatives within the statutory definition of an “account.”
Patronage capital accounts represent a cooperative member’s…
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