Subject to the provisions of S.C. Code §§ 62-6-101, et seq, of the South Carolina Probate Code, when an account, including a certificate of deposit, is opened by a person describing himself in the account title as trustee or custodian for another and no other or further notice of the existence and terms of a legal and valid trust than the description is given in writing to a bank, banking institution, or other depository transacting business in this state, in the event of the death of the person so described as trustee or custodian the withdrawal value of the account or any part thereof together with any earnings thereon may be paid to the person for whom the account title indicates the account was opened. The payment or delivery to any beneficiary, beneficiaries, or designated person, or a receipt or acquittance signed by any beneficiary, beneficiaries, or designated person, is for any payment or delivery a valid and sufficient release and discharge of any institution for the payment or delivery made.
(Ord. 2017-04, passed 7-17-17)
Statutory reference:
Payment of withdrawal value of account to beneficiary upon death of trustee, see S.C. Code § 34-11-130