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Bill Number: 255 Ratification Number: 91 Act Number 53 Introducing Body: Senate Subject: Relating to the requirements of bond for personal representatives in the probation of estates
(A53, R91, S255)
AN ACT TO AMEND SECTION 62-3-603, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENTS OF BOND FOR PERSONAL REPRESENTATIVES IN THE PROBATION OF ESTATES, SO AS TO PROVIDE THAT NO BOND IS REQUIRED IN THE PROBATING OF AN ESTATE WHEN THERE IS A SINGLE BENEFICIARY AND UNDER AN INTESTATE ESTATE WHEN THERE IS ONLY ONE SURVIVING HEIR, AND TO WAIVE THE REQUIREMENT FOR BOND FOR A RESIDENT PERSONAL REPRESENTATIVE APPOINTED UNDER A WILL UNLESS THE WILL CONTAINS AN EXPRESS REQUIREMENT OF BOND.
Be it enacted by the General Assembly of the State of South Carolina:
Bond; not required, single beneficiary heir; personal representative not expressed
SECTION 1. Section 62-3-603 of the 1976 Code, as amended by Section 17 of Act 659 of 1988, is further amended to read:
"Section 62-3-603. Except as otherwise provided in this section, no bond is required of a personal representative who is named in a will or when there is only a single beneficiary named in a will who is also appointed as the personal representative. Bond is required in the following cases:
(1) upon the appointment of a special administrator;
(2) upon the appointment of a personal representative of an intestate estate unless the court has determined at the time of the appointment that there is only a single qualified surviving heir pursuant to the provisions of this Probate Code governing intestacy and that the heir is appointed as the personal representative;
(3) upon appointment of a nonresident personal representative unless bond expressly is excused in the will;
(4) when a personal representative is appointed to administer an estate under a will containing an express requirement of bond; or
(5) when bond is required under Section 62-3-605. No bond is required of a banking corporation or trust company qualified under Section 34-15-10 when it is appointed to act as a personal representative except under item (4)."
SECTION 2. Upon approval by the Governor, Section 62-3-603 of the 1976 Code as amended by this act is effective with respect to wills probated after July 12, 1988.