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Panel unanimously backs clarification to probate code about cooperative patronage capital accounts
Summary
The subcommittee gave House Bill 3,914 a favorable report by a 5-0 vote; the bill amends the South Carolina Probate Code to treat patronage capital accounts held by electric and telephone cooperatives as probate "accounts," clarifying how those funds pass on death.
House Bill 3,914 would amend the South Carolina Probate Code to include patronage capital accounts held by members of electric or telephone cooperatives within the definition of an "account" for probate purposes.
Patronage capital accounts reflect a cooperative member's share of surplus earnings allocated annually based on payments for services or capital contributions. Under current law these accounts are not explicitly treated the…
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