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Subcommittee backs bill to treat cooperative patronage capital as probate accounts
Summary
House Bill 3,914 received a favorable report by a 5-0 vote. The bill would expand the South Carolina probate code definition of “account” to include patronage capital accounts held by members of electric or telephone cooperatives, clarifying how those funds pass on death and avoiding small probates.
The Domestic Relations Business and Probate Law Subcommittee gave House Bill 3,914 a favorable report on a 5-0 roll call, approving a change to the South Carolina Probate Code to include patronage capital accounts held by members of electric or telephone cooperatives within the code’s definition of an “account.”
Patronage capital accounts represent a cooperative…
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