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S. 1198
STATUS INFORMATION
General Bill
Sponsors: Senators Hayes and Martin
Document Path: l:\council\bills\agm\18189mm06.doc
Introduced in the Senate on March 1, 2006
Currently residing in the Senate Committee on Banking and Insurance
Summary: Banks and trust companies
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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3/1/2006 Senate Introduced and read first time SJ-16
3/1/2006 Senate Referred to Committee on Banking and Insurance SJ-16
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 34-3-850, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CONSOLIDATION OR MERGER OF BANKS AND TRUST COMPANIES, SO AS TO PROVIDE THAT A FIDUCIARY OR OTHER RELATIONSHIP OF THE TRANSFERRING INSTITUTION DEVOLVES UPON THE RESULTANT BANK OR TRUST COMPANY EVEN IF THE TRANSFERRING INSTITUTION WAS NOT SERVING ACTIVELY IN THAT CAPACITY AT THE TIME OF THE MERGER, CONSOLIDATION, OR OTHER TRANSFER.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 34-3-850(B), as last amended by Act 76 of 1987, is further amended to read:
"(B) When any such a bank or trust company executes a transaction under the provisions of pursuant to subsection (A):, the following, upon the effective date of the transaction and without further act or deed, vest in, devolve upon, and after that must be performed by the resultant bank or trust company or transferee, whether or not the transferring bank or trust company was actively serving in that capacity or relationship at the time of the transaction:
(1) all the then rights, powers, privileges, duties, appointments, and account designations regarding each fiduciary capacity or other relationship transferred, whether created by will, indenture, trust, court order, agreement, or other means;
(2) title to all property, real, personal, and mixed;
(3) all debts due on whatever account;
(4) all other choses in action held in a fiduciary capacity;
(5) each and every other interest, as a fiduciary, or contractual relationship, of or belonging to:
(a) the disappearing corporation in the case of a merger;
(b) each corporation in the case of a consolidation; or
(c) the transferor, but only to the extent transferred, in the case of a transfer, as the case may be, shall, upon the effective date of the transaction and without further act or deed, vest in, devolve upon, and thereafter be performed by the resultant bank or trust company, or transferee, as the case may be."
SECTION 2. This act takes effect upon approval by the Governor.
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