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Panel clears bill classifying cooperative patronage capital as probate account
Summary
The subcommittee voted 5-0 to report favorably on House Bill 3,914, which would include patronage capital accounts from electric and telephone cooperatives in the probate-code definition of 'account,' clarifying how those funds pass at 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 in the statute’s definition of an account. The Domestic Relations Business and Probate Law Subcommittee voted 5-0 to give the bill a favorable report.
Patronage capital accounts represent a cooperative…
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