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Panel approves bill clarifying probate treatment of cooperative patronage capital accounts
Summary
House Bill 3,914 would add patronage capital accounts held by members of electric or telephone cooperatives to the probate code's definition of financial accounts so small balances can pass according to survivorship or estate rules; the subcommittee gave the bill a favorable report, effect date listed as July 1, 2025.
The Domestic Relations Business and Probate Law Subcommittee unanimously gave House Bill 3,914 a favorable report after brief discussion. The bill would amend the South Carolina Probate Code to include patronage capital accounts held by members of electric and telephone cooperatives in the definition of an "account."
Proponents said patronage capital accounts reflect a cooperative member’s share of surplus earnings allocated on an annual basis and that current…
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