Bill 2545

                    Current Status

BillNumber:                2545
Ratification Number:       600
Act Number:                498
Introducing Body:          House
Subject:                   Relating to commissions for executors and 
                           administrators of decedents' estates

(A498, R600, S2545)

AN ACT TO AMEND SECTION 21-15-1450, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO COMMISSIONS FOR EXECUTORS, COEXECUTORS, ADMINISTRATORS, AND COADMINISTRATORS OF DECEDENTS' ESTATES, SO AS TO CHANGE THE COMMISSIONS AUTHORIZED.

Be it enacted by the General Assembly of the State of South Carolina:

Commissions of executors or administrators

SECTION 1. Section 21-15-1450 of the 1976 Code is amended to read:

Section 21-15-1450. Every executor or administrator shall for his care in the execution of his duties receive from estate funds not to exceed five percent of the appraised value of the personal property of the estate in which he acts as fiduciary. The minimum commission payable is fifty dollars and no less, regardless of the value of the personal property of the estate. Additionally, every executor or administrator who invests money of the estate in which he acts as fiduciary is entitled to receive not to exceed ten percent of the interest or increments earned on such investments. No such additional commission is payable by any estate unless the probate judge determines that the executor or administrator has acted reasonably in the accomplishment of the assigned duties, and that no unreasonable delay has been encountered. The same commissions provided above must be paid to executors or administrators for the sale of real estate when directed by will or by proper court order. When the executor or administrator is the purchaser at the sale a commission may not be paid. The provisions of this section do not apply in any case where there is a contract providing for the compensation to be paid for such services or where the will otherwise directs."

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.

Approved the 28th day of June, 1984.