(A)(1) When a deposit account is held in a state savings bank in the names of two or more persons, whether minor or adult, so that the monies in the account are payable to either of the survivor or survivors, then, in the absence of fraud or undue influence, the account and all additions to it are the property of the persons as joint tenants. The opening of the account in this form, in the absence of fraud or undue influence, is conclusive evidence in any action or proceeding to which either the state savings bank or the survivor or survivors is a part of the intention of all the parties to the account to vest title to the account and the additions to it in the survivor or survivors. The state savings bank is not subject to liability for fraud or undue influence if it complies with the provisions of this paragraph.
(2) Except as provided in item (3), the monies in the account may be paid to or on order of any one of the joint tenants during his lifetime or to or on the order of any of the survivors of them after the death of any of them, and the name of the joint tenant may be deleted from the account on the written direction to the state savings bank of any other joint tenant.
(3) By written instructions given to the state savings bank by all of the joint tenants of an account, either the signature of more than one of the joint tenants during their lifetime or more than one of the survivors after the death of any of them may be required on any check, receipt, or withdrawal order, or the deletion of the name of a joint tenant from the account may be allowed only on the written direction of certain specified tenants. The state savings bank must pay the monies in the account or allow deletions to it, or both, only in accordance with these instructions, except that no instruction may limit the right of the survivor or survivors to receive the money in the account.
(4) Payment of all or some of the monies in this account or deletion of the name of an account holder as provided in this subsection discharges the state savings bank from liability with respect to the monies paid or names deleted until receipt by the state savings bank of a written notice from one of the joint tenants directing the state savings bank not to permit withdrawals or deletions in accordance with the terms of the account or the instructions. After receipt of the notice, the state savings bank may refuse, without liability, to honor any check, receipt, or withdrawal order, or deletion request on the account pending determination of the rights of the parties. No state savings bank paying a survivor in accordance with the provisions of this section is liable for estate, inheritance, or succession taxes which may be due this State.
(B) A state savings bank may accept deposits in the name of any administrator, executor, custodian, conservator, guardian, trustee, or other fiduciary for a named beneficiary or beneficiaries. The withdrawal value of an account and its earnings or other rights relating to it may be paid or delivered, in whole or in part, to the fiduciary without regard to a notice to the contrary so long as the fiduciary is living. The payment or delivery to a fiduciary or a receipt or acquittance signed by a fiduciary to whom a payment or a delivery of rights is made is a valid and sufficient release and discharge of a state savings bank for the payment or delivery. When a person holding an account in a fiduciary capacity dies and no written notice of the revocation or termination of the fiduciary relationship has been given to the state savings bank and the state savings bank has no written notice of other disposition of the beneficial estate, the withdrawal value of the account and its earnings, or other rights relating to it, may be paid or delivered, at the option of the state savings bank in whole or in part, to the beneficiary or beneficiaries. When an account is opened by a person describing himself in opening the account as trustee for another and no other or further notice of the existence and terms of a legal and valid trust is given in writing to the state savings bank, if the person who described himself as trustee dies, the withdrawal value of the account or any part of it and its earnings may be paid to the person for whom the account was described to have been opened. The payment or delivery to a beneficiary, beneficiaries, or designated person, or a receipt of acquittance signed by a beneficiary, beneficiaries, or designated person, is for a payment or delivery a valid and sufficient release and discharge of a state savings bank for the payment or delivery. A state savings bank paying a fiduciary, beneficiary, or designated person in accordance with the provisions of this section is not liable for estate, inheritance, or succession taxes which may be due this State.
(C) When a deposit account is held in a state savings bank by a person who becomes incompetent and an adjudication of incompetency has been made by a court of competent jurisdiction, the state savings bank may pay or deliver the withdrawal value of the account and its earnings to the conservator for the person upon proof of his appointment and qualification; but if the state savings bank receives no written notice and is not on actual notice that the account holder has been adjudicated incompetent, it may pay or deliver the funds to the holder in accordance with the provisions of the savings account contract, and the receipt or acquittance of the holder is a valid and sufficient release and discharge of the state savings bank for the payment or delivery.
(D) When a deposit account is held in a state savings bank by a person residing in another state or country, the account with its additions and earnings, or any part of it, is exempt from taxation otherwise imposed by this State and may be paid to the administrator or executor appointed in the state or country where the account holder resided at the time of death; provided, the administrator or executor has furnished the state savings bank with:
(1) authenticated copy of his letters and of the order of the court which issued the letters to him authorizing him to collect, receive, and remove the personal estate;
(2) an affidavit by the administrator or executor that to his knowledge no letters of administration are outstanding in this State and no petition for letters of administration by an heir, legatee, devisee, or creditor of the decedent is pending on the estate in this State; and
(3) that there are no creditors of the estate in this State.
Upon payment or delivery to the representatives after receipt of the affidavit and authenticated copies, the state savings bank is released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident, executor, or administrator, and is not required to see to the application or disposition of the property. An action at law or in equity may not be maintained against the state savings bank for payment made in accordance with this section.
HISTORY: 1997 Act No. 90, Section 1, eff June 10, 1997.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 30 - A State Savings Bank Charter In South Carolina
Section 34-30-10. Short title.
Section 34-30-20. Application of chapter.
Section 34-30-30. Definitions.
Section 34-30-50. Application of Business Corporation Act.
Section 34-30-60. Prior charters; legal name, requirements; prohibited acts; injunctions.
Section 34-30-70. Organization and establishment; application, fee; contents of application.
Section 34-30-90. Board examination of application.
Section 34-30-180. Change of office location; information, evaluation.
Section 34-30-190. Discontinuance of branch office operation.
Section 34-30-200. Loan production office, opening or closing.
Section 34-30-310. Conversion to federal charter; procedure.
Section 34-30-340. Merger or consolidation of state savings banks; procedure.
Section 34-30-350. Merger of state savings banks and federal depository institutions.
Section 34-30-370. Voluntary dissolution of state savings banks.
Section 34-30-400. Limitations on mergers.
Section 34-30-510. Powers and duties of board.
Section 34-30-550. Supervision and examination fees.
Section 34-30-600. Defamation; false information and advertising; fine or imprisonment.
Section 34-30-1000. Membership of mutual state savings banks.
Section 34-30-1020. Bylaws and amendments; certification; effective date; amendment.
Section 34-30-1040. Conflict of interest.
Section 34-30-1060. Annual meetings; notice.
Section 34-30-1070. Special meetings; notice.
Section 34-30-1090. Blanket indemnity bond; bonding of agents; settlement; cancellation.
Section 34-30-1210. Permitted loans.
Section 34-30-1240. Condition of loan on specific contracts prohibited.
Section 34-30-1250. Loan expenses; late payment charge; levy of payments.
Section 34-30-1260. Repayment plan; written agreement required.
Section 34-30-1270. Stringency of rules or regulations.
Section 34-30-1280. Limitations on rules or regulations.
Section 34-30-1290. Loans or investments violating this chapter.
Section 34-30-1310. Investments in real property; limitations.
Section 34-30-1320. Investments in obligations issued and guaranteed by federal government.
Section 34-30-1330. Investments in obligations issued and guaranteed by State.
Section 34-30-1340. Investments in stock or bonds of Federal Home Loan Banks.
Section 34-30-1360. Investments in stock of federal government sponsored enterprises.
Section 34-30-1390. Investments in stock of business or industrial development corporations.
Section 34-30-1400. Investments in stock of urban renewal investment corporations.
Section 34-30-1410. Limitations on loans and investments in commercial loans.
Section 34-30-1640. Authority of attorneys-in-fact; notice of revocation of authority; liability.
Section 34-30-1650. Pledge or hypothecation of savings account in joint tenancy.
Section 34-30-1660. Adverse claims to accounts.
Section 34-30-1700. Checks refused for payment, insufficient funds; processing fees.
Section 34-30-1730. Authorization of board and officers to borrow money.