Neither the State Treasurer nor any transfer agent, administrator, bank, broker, or other financial institution acting on the instructions of or otherwise dealing with any person purporting to act as a contributor, beneficiary, or account owner is responsible for determining the following:
(1) whether the contributor, beneficiary, account owner, or person purporting to act as such has been duly designated;
(2) whether any purchase, sale, transfer, or other action to or by a person purporting to act in the capacity of an account owner is in accordance with or authorized by this chapter; or
(3) the validity or propriety under this chapter of any instrument or instructions executed or given by a person purporting to act as a contributor, beneficiary, or account owner.
HISTORY: 2001 Act No. 72, Section 3(A).
Structure South Carolina Code of Laws
Chapter 2 - South Carolina College Investment Program
Section 59-2-20. Findings and Purpose.
Section 59-2-40. State Treasurer responsible for SCCIP and SCTPP programs.
Section 59-2-50. Powers of State Treasurer.
Section 59-2-60. Investment trust agreements.
Section 59-2-70. South Carolina College Investment Trust Fund.
Section 59-2-80. Tax features.
Section 59-2-85. Contributions through payroll deductions.
Section 59-2-90. Investment of trust funds.
Section 59-2-110. Disclaimer as to admission, continued enrollment, or graduation.
Section 59-2-140. SCCIP trust fund exempt from legal process, unassignable.
Section 59-2-150. State Treasurer, others not responsible for determining specified information.