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Subcommittee clarifies probate treatment of cooperative patronage capital accounts
Summary
House Bill 3,914 received a favorable 5-0 report after the subcommittee voted to amend the South Carolina Probate Code to treat patronage capital accounts held by electric or telephone cooperative members as probate accounts, clarifying how such funds pass on death.
The Domestic Relations Business and Probate Law Subcommittee voted Thursday to give House Bill 3,914 a favorable report that would amend the South Carolina Probate Code to include patronage capital accounts in the statutory definition of "account."
Patronage capital accounts represent a cooperative member's share of surplus earnings allocated by an electric or telephone cooperative based on…
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