South CarolinaGrantor Trust Reimbursement
What it does
AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 27-6-20, RELATING TO NONVESTED PROPERTY INTEREST OR POWER OF APPOINTMENT, SO AS TO INCREASE THE TIME AN INTEREST CAN VEST FROM NINETY YEARS TO THREE HUNDRED SIXTY YEARS; BY AMENDING SECTION 27-6-40, RELATING TO REFORMATION OF PROPERTY DISPOSITIONS, SO AS TO INCREASE THE TIME LIMIT FROM NINETY YEARS TO THREE HUNDRED SIXTY YEARS; BY AMENDING SECTION 62-7-504, RELATING TO DISCRETIONARY TRUSTS, SO AS TO PROVIDE CERTAIN SITUATIONS IN WHICH A BENEFICIARY OF A TRUST MAY NOT BE CONSIDERED A SETTLOR; BY AMENDING SECTION 62-7-505, RELATING TO CREDITORS' CLAIMS AGAINST A SETTLOR, SO AS TO PROVIDE THAT CERTAIN AMOUNTS PAID TO TAXING AUTHORITIES MAY NOT BE CONSIDERED AN AMOUNT THAT MAY BE DISTRIBUTED FOR THE SETTLOR'S BENEFIT; AND BY ADDING SECTION 62-7-508 SO AS TO PROVIDE FOR CERTAIN GRANTOR TRUST REIMBURSEMENTS. - RATIFIED TITLE
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- May 16Act No. 25Latest
- May 16Effective date 05/08/25
- May 8Signed By Governor Henry McMasterBecame Law
- May 6Ratified R 43
- Apr 30Read third time and enrolledTo Governor
- Apr 29Roll call Ayes-42 Nays-0
- Vote recorded 2nd Reading. Result: pass.Upper
- Apr 29Read second timeMinor
- Apr 16Committee report: Favorable JudiciaryMinor
- Feb 13Referred to Committee on JudiciaryMinor
- Feb 13Introduced and read first timeMinor
- Feb 13Read third time and sent to SenatePassed 1st Chamber
- Feb 12Roll call Yeas-107 Nays-0
- Vote recorded Passage of Bill. Result: pass.Lower
- Feb 12Read second timeMinor
- Feb 12AmendedMajor
- Feb 12Member(s) request name added as sponsor: Yow, T.Moore
- Feb 6Committee report: Favorable with amendment JudiciaryMinor
- Feb 6Member(s) request name added as sponsor: C.Mitchell
- Jan 14Referred to Committee on JudiciaryMinor
- Jan 14Introduced and read first timeMinor
- 2024
- Dec 5Referred to Committee on JudiciaryMinor
- Dec 5PrefiledIntroduced