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Panel advances bill to treat cooperative patronage capital as probate accounts
Summary
The subcommittee gave House Bill 3914 a favorable report, amending the South Carolina Probate Code to include patronage capital accounts from electric and telephone cooperatives in the definition of "account," clarifying how small cooperative distributions pass on death.
The Domestic Relations Business and Probate Law Subcommittee voted 5-0 Thursday to give House Bill 3914 a favorable report. The bill would amend the South Carolina Probate Code to include patronage capital accounts held by members of electric or telephone cooperatives within the statutory definition of an "account."
Patronage capital accounts represent a cooperative member’s share of surplus earnings…
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