South Carolina Code of Laws
Chapter 18 - Uniform Unclaimed Property Act
Section 27-18-150. Credit memo.

(A) A credit memo issued in the ordinary course of an issuer's business which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned.
(B) In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo.
HISTORY: 1988 Act No. 658, Part II, Section 34A; 2001 Act No. 43, Section 2.

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Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 27 - Property and Conveyances

Chapter 18 - Uniform Unclaimed Property Act

Section 27-18-10. Short title.

Section 27-18-20. Definitions.

Section 27-18-30. Property presumed abandoned; demand for payment not required.

Section 27-18-40. Conditions for taking custody of intangible unclaimed property.

Section 27-18-50. Travelers checks, money orders, or similar written instruments.

Section 27-18-60. Checks, drafts, or similar instruments on which banking or financial institution is liable.

Section 27-18-70. Demand, savings, or matured time deposits with banking or financial organizations.

Section 27-18-75. Escheatment of United States savings bonds.

Section 27-18-76. Claims for escheated United States savings bonds or proceeds from bond.

Section 27-18-80. Funds held or owing under life or endowment insurance policies or annuity contracts that have matured or terminated.

Section 27-18-85. Property payable or distributable in the course of demutualization of insurance company; abandonment.

Section 27-18-90. Utility service deposits, advance payments, or ordered refunds.

Section 27-18-100. Business associations; refunds ordered by court or administrative agency.

Section 27-18-110. Dormancy period for stock or other equity interest in business association and certain debts; calculating whether stock or security interest is unclaimed.

Section 27-18-120. Intangible property distributable in course of dissolution of business association.

Section 27-18-130. Intangible property held in fiduciary capacity for benefit of another; funds in individual retirement account or retirement plan for self-employed individuals or similar plan or account.

Section 27-18-140. Unclaimed intangible property presumed abandoned; tax refund checks.

Section 27-18-150. Credit memo.

Section 27-18-160. Unpaid wages and unpresented payroll checks.

Section 27-18-170. Contents of safe deposit boxes or other safekeeping repositories.

Section 27-18-175. Application of chapter.

Section 27-18-180. Report of unclaimed property; notice to apparent owner.

Section 27-18-190. Administrator's notice of abandoned property; publication; contents; exceptions.

Section 27-18-200. Payment or delivery of abandoned property to administrator; exceptions; holder of stocks or similar intangible ownership interests relieved of liability upon delivery.

Section 27-18-210. Liability of holder after payment or delivery to administrator; payments to owners of property turned over to administrator; recovery of property turned over to administrator; administrator to defend holder against claims for prope...

Section 27-18-220. Dividends, interest, or other increments realized on property in hands of administrator.

Section 27-18-230. Sale of property by administrator.

Section 27-18-240. Deposit into General Fund of funds received by administrator; deductions before deposit of funds.

Section 27-18-250. Claims to property paid or delivered to administrator; recovery of interest on property.

Section 27-18-260. Recovery by another state of property paid or delivered to administrator.

Section 27-18-270. Appeal of decision of administrator, court action to establish claim to property.

Section 27-18-280. Election of administrator not to accept property; report and delivery of property before property presumed abandoned.

Section 27-18-290. Destruction or disposal by administrator of property with insubstantial commercial value; immunity from liability.

Section 27-18-300. Periods of limitation.

Section 27-18-310. Requests for reports; examination of records; demand for payment; estimated amount of abandoned property.

Section 27-18-320. Length of time holders must retain records.

Section 27-18-330. Authority of administrator to enforce chapter.

Section 27-18-340. Cooperation with other states concerning sharing of information, changing of rules, and enforcement of chapter.

Section 27-18-350. Interest and penalties for violations of chapter.

Section 27-18-360. Restrictions on agreements to recover or assist in recovery of reported property; penalties.

Section 27-18-370. Application of chapter to foreign property or transactions.

Section 27-18-380. Duties which arose prior to effective date of chapter unaffected; enforcement and penalties of prior laws unaffected; initial report under this chapter of property not previously required to be reported.

Section 27-18-390. Authority of administrator to adopt rules.

Section 27-18-400. Application and construction of chapter.