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Subcommittee advances bill to treat cooperative patronage capital as probate accounts
Summary
The subcommittee voted 5-0 to report House Bill 3,914, which would amend the South Carolina Probate Code to include patronage capital accounts held by electric or telephone cooperatives within the statutory definition of an account for probate purposes, clarifying transfer rules and avoiding probate for small cooperative distributions.
The Domestic Relations Business and Probate Law Subcommittee voted unanimously to give House Bill 3,914 a favorable report. The bill would amend the South Carolina Probate Code to expressly include patronage capital accounts held by members of electric or telephone cooperatives within the statute's definition of an "account." If enacted the measure would take effect July 1, 2025.
Patronage capital…
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