Without qualifying any other statutory right to set-off or lien and subject to any contractual provision, if a party to a multiple-party account is indebted to a financial institution, the financial institution has a right to set-off against the account in which the party has or had immediately before his death a present right of withdrawal. The amount of the account subject to set-off is that proportion to which the debtor is, or was immediately before his death, beneficially entitled, and in the absence of proof of net contributions, to an equal share with all parties having present rights of withdrawal.
HISTORY: 1986 Act No. 539, Section 1; 1976 Code Section 62-6-113; 2013 Act No. 100, Section 2, eff January 1, 2014.
Structure South Carolina Code of Laws
Title 62 - South Carolina Probate Code
Article 6 - Nonprobate Transfers
Section 62-6-101. Definitions.
Section 62-6-102. Applicability of article.
Section 62-6-104. Short forms for single- and multiple-party accounts.
Section 62-6-105. Designation of agent; authority of agent.
Section 62-6-106. Applicability of Part 2.
Section 62-6-201. Ownership during lifetime.
Section 62-6-202. Right of survivorship.
Section 62-6-203. Rights of parties and beneficiaries.
Section 62-6-204. Transfers not testamentary.
Section 62-6-205. Rights of creditors.
Section 62-6-301. Contract of deposit for a multiple-party account.
Section 62-6-302. Multiple-party accounts may be paid on request to one or more parties.
Section 62-6-303. Payment of POD account.
Section 62-6-304. Payment to agent.