Current StatusView additional legislative information at the LPITS web site.Bill Number: 2449 Ratification Number: 146 Act Number 106 Introducing Body: House Subject: Section 21-29-90 so as to define an "affiliated trust company"
(A106, R146, H2449)
AN ACT TO AMEND CHAPTER 29 OF TITLE 21, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TRUSTEES, BY ADDING SECTION 21-29-90 SO AS TO DEFINE AN "AFFILIATED TRUST COMPANY", AUTHORIZE ANY BANK TO DESIGNATE AN AFFILIATED TRUST COMPANY AS ITS AGENT FOR THE PERFORMANCE OF ALL ACTS, OBLIGATIONS, AND RESPONSIBILITIES OF THE BANK WITH RESPECT TO ANY FIDUCIARY OR OTHER SERVICES GENERALLY RENDERED BY BANK TRUST DEPARTMENTS, AND PROVIDE THAT THE BANK IS FULLY RESPONSIBLE AND LIABLE FOR ALL ACTIONS OF THE TRUST COMPANY AND TO PROHIBIT CERTAIN ACTS IN THE AGENCY RELATIONSHIP.
Be it enacted by the General Assembly of the State of South Carolina:
Affiliated trust company may be designated
SECTION 1. Chapter 29 of Title 21 of the 1976 Code is amended by adding:
"Section 21-29-90. (A) For the purposes of this section, an 'affiliated trust company' is a trust company that is owned by the bank which has designated it as an agent or is owned, directly or indirectly, by the same bank holding company that owns, directly or indirectly, the bank which has designated it as an agent.
(B) Any bank is authorized to designate an affiliated trust company as its agent for the performance of all acts, obligations, and responsibilities of the bank with respect to any fiduciary or other services generally rendered by bank trust departments. In that event, the bank remains fully responsible and liable with respect to all actions of the affiliated trust company as if performed by the bank itself. No such agency relationship:
(1) may be considered an impermissible delegation of responsibility or duty by the bank; or
(2) constitutes a resignation or disqualification of the bank as fiduciary or a relinquishment of trust powers by the bank."
Time effective
SECTION 2. This act takes effect July 1, 1987.