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Subcommittee clarifies probate treatment of cooperative patronage capital accounts
Summary
House Bill 3,914 would add patronage capital accounts held by electric and telephone cooperative members to the probate code definition of ‘account,’ clarifying how those funds pass on death; the subcommittee gave the bill a 5-0 favorable report.
House Bill 3,914 would amend the South Carolina Probate Code to include patronage capital accounts held by members of electric or telephone cooperatives within the code’s definition of “account,” clarifying how those funds pass on a member’s death.
Under the bill, patronage capital accounts — which reflect a member’s share of cooperative surplus earnings allocated based on payments for services or capital…
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