South Carolina General Assembly
106th Session, 1985-1986

Bill 67

                    Current Status

Bill Number:               67
Ratification Number:       4
Act Number:                2
Introducing Body:          Senate
Subject:                   Commissions for executors and administrators
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A2, R4, S67)

AN ACT TO AMEND SECTION 21-15-1450, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO COMMISSIONS FOR EXECUTORS AND ADMINISTRATORS OF DECEDENTS' ESTATES, SO AS TO INSERT THE OMITTED WORDS, "A SUM", FOR THE PURPOSE OF CLARIFICATION.

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

Commissions for executors and administrators

SECTION 1. Section 21-15-1450 of the 1976 Code, as last amended by Act 498 of 1984, is further 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 a sum 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.