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Panel backs change to probate code to treat cooperative patronage capital as accounts
Summary
The subcommittee unanimously reported favorably on House Bill 3,914, which would expand the probate code’s definition of “account” to include patronage capital accounts held by members of electric or telephone cooperatives, clarifying how those funds pass at death.
The Domestic Relations Business and Probate Law Subcommittee voted 5-0 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 or telephone cooperatives in the statutory definition of “account.”
Under the bill described to the committee, patronage capital accounts — cooperative members’ shares of surplus earnings allocated annually — would be explicitly treated as probate accounts for purposes…
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