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Panel advances bill to treat cooperative patronage capital as probate account
Summary
The subcommittee voted unanimously to give House Bill 3,914 a favorable report; the bill would amend the South Carolina Probate Code to include patronage capital accounts of electric and telephone cooperatives in the definition of an "account," clarifying how those funds transfer on a member's death.
The Domestic Relations Business and Probate Law Subcommittee voted 5-0 to forward House Bill 3,914, which would amend the South Carolina Probate Code to explicitly include patronage capital accounts held by members of electric and telephone cooperatives in the definition of an "account" for probate purposes.
Patronage capital accounts reflect a cooperative member's allocated share of…
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