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Subcommittee clears bill to treat cooperative patronage capital accounts as probate accounts
Summary
House Bill 3914, given a favorable report 5-0 by the Domestic Relations Business and Probate Law Subcommittee, would amend the South Carolina Probate Code to include patronage capital accounts held by electric or telephone cooperative members within the definition of an "account" for probate purposes, clarifying how such funds pass on death.
House Bill 3914 received a unanimous favorable report from the Domestic Relations Business and Probate Law Subcommittee after members discussed language to include cooperative patronage capital accounts in the South Carolina Probate Code definition of an "account."
The bill would expand the probate-code definition of account to cover patronage capital accounts maintained by members of electric or telephone cooperatives. Patronage capital accounts…
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