(a) A trustee shall keep adequate records of the administration of the trust.
(b) A trustee shall keep trust property separate from the trustee's own property.
(c) Except as otherwise provided in subsection (d), a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.
(d) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two or more separate trusts.
HISTORY: 2005 Act No. 66, Section 1; 2013 Act No. 100, Section 2, eff January 1, 2014.
Structure South Carolina Code of Laws
Title 62 - South Carolina Probate Code
Article 7 - South Carolina Trust Code
Section 62-7-101. Short title.
Section 62-7-103. Definitions.
Section 62-7-105. Default and mandatory rules.
Section 62-7-106. Common law of trusts; principles of equity.
Section 62-7-107. Governing law.
Section 62-7-108. Principal place of administration.
Section 62-7-109. Methods and waiver of notice.
Section 62-7-110. Requirement of notice to others.
Section 62-7-111. Nonjudicial settlement agreements.
Section 62-7-112. Rules of construction.
Section 62-7-201. Role of court in administration of trust.
Section 62-7-202. Jurisdiction over trustee and beneficiary.
Section 62-7-301. When parties bound by others.
Section 62-7-302. Representation by holder of general testamentary power of appointment.
Section 62-7-303. Representation by fiduciaries and parents.
Section 62-7-304. Representation by person having substantially identical interest.
Section 62-7-305. Appointment of representative.
Section 62-7-401. Methods of creating trust.
Section 62-7-402. Requirements for creation; merger of title.
Section 62-7-403. Trusts created in other jurisdictions.
Section 62-7-404. Trust purposes.
Section 62-7-405. Charitable purposes; enforcement.
Section 62-7-406. Creation of trust induced by fraud, duress, or undue influence.
Section 62-7-407. Evidence of oral trust.
Section 62-7-408. Trust for care of animal.
Section 62-7-409. Noncharitable trust without ascertainable beneficiary.
Section 62-7-410. Modification or termination of trust; proceedings for approval or disapproval.
Section 62-7-413. Equitable deviation.
Section 62-7-414. Modification or termination of uneconomic trust.
Section 62-7-415. Reformation to correct mistakes.
Section 62-7-416. Modification to achieve settlor's tax objectives.
Section 62-7-417. Combination and division of trusts.
Section 62-7-418. Estate and possession of trust estates shall be in beneficiaries.
Section 62-7-501. Rights of beneficiary's creditor or assignee.
Section 62-7-502. Spendthrift provision.
Section 62-7-503. Exceptions to spendthrift provision.
Section 62-7-504. Discretionary trusts; effect of standard.
Section 62-7-505. Creditors' claims against settlor.
Section 62-7-506. Overdue distribution.
Section 62-7-507. Personal obligations of trustee.
Section 62-7-601. Capacity of settlor of revocable trust.
Section 62-7-602. Revocation or amendment of revocable trust.
Section 62-7-602A. Powers of agent acting pursuant to power of attorney.
Section 62-7-603. Settlor's powers.
Section 62-7-605. Effect of penalty clause for contest.
Section 62-7-606. Anti-lapse provision in trust.
Section 62-7-607. Divorce or annulment as revoking revocable trust.
Section 62-7-701. Accepting or declining trusteeship.
Section 62-7-702. Trustee's bond.
Section 62-7-704. Vacancy in trusteeship; appointment of successor.
Section 62-7-705. Resignation of trustee.
Section 62-7-706. Removal of trustee.
Section 62-7-707. Delivery of property by former trustee.
Section 62-7-708. Compensation of trustee.
Section 62-7-709. Reimbursement of expenses.
Section 62-7-801. Duty to administer trust.
Section 62-7-802. Duty of loyalty.
Section 62-7-803. Impartiality.
Section 62-7-804. Prudent administration.
Section 62-7-805. Costs of administration.
Section 62-7-806. Trustee's skills.
Section 62-7-807. Delegation by trustee.
Section 62-7-808. Powers to direct.
Section 62-7-809. Control and protection of trust property.
Section 62-7-810. Recordkeeping and identification of trust property.
Section 62-7-811. Enforcement and defense of claims.
Section 62-7-812. Exercise of powers by successor trustees; liability.
Section 62-7-813. Duty to inform and report.
Section 62-7-814. Discretionary powers; tax savings.
Section 62-7-815. General powers of trustee.
Section 62-7-816. Specific powers of trustee.
Section 62-7-816A. Authority to appoint the property of original trust to second trust.
Section 62-7-817. Distribution upon termination.
Section 62-7-818. Powers and discretions of a trust protector.
Section 62-7-819. Powers of a trust investment advisor.
Section 62-7-901. Short title.
Section 62-7-902. Definitions.
Section 62-7-903. Allocation of receipts and disbursements.
Section 62-7-904. Adjustments between principal and income.
Section 62-7-904A. Judicial control of discretionary power.
Section 62-7-904B. Definitions for Sections 62-7-904C through 62-7-904P.
Section 62-7-904E. Fair market value of trust assets.
Section 62-7-904F. Administration of a total return unitrust.
Section 62-7-904H. Limitation of liability.
Section 62-7-904I. Applicability of Sections 62-7-904B through 62-7-904P.
Section 62-7-904M. Unitrust amount to be distributed by the express total return unitrust.
Section 62-7-904N. Distribution from an express total return unitrust.
Section 62-7-904P. Trustee considerations for unitrust amount paid.
Section 62-7-906. Determination and distribution of net income.
Section 62-7-907. Beginning and end of income interests.
Section 62-7-908. Allocation of income receipts and disbursements.
Section 62-7-909. Undistributed income.
Section 62-7-910. Allocation of receipts from an entity to principal or income.
Section 62-7-911. Allocations of income and principal received from a trust or an estate.
Section 62-7-912. Separate accounting for a business activity.
Section 62-7-913. Allocations to principal.
Section 62-7-914. Accounting for receipts from rental property.
Section 62-7-916. Allocation of proceeds of insurance contracts; exception.
Section 62-7-917. Insubstantial allocations.
Section 62-7-918. Allocation of payments; interest, dividends, or payments.
Section 62-7-919. Liquidating assets.
Section 62-7-920. Allocation of receipts from interests in minerals or other natural resources.
Section 62-7-921. Allocation of receipts from sale of timber and related products.
Section 62-7-922. Marital deduction adjustments.
Section 62-7-923. Allocation of derivatives; options.
Section 62-7-924. Allocation of payments related to asset-backed securities.
Section 62-7-925. Disbursements from income.
Section 62-7-926. Disbursements from principal.
Section 62-7-927. Transfer to principal of cash receipts from asset subject to depreciation.
Section 62-7-928. Future principal disbursements reserves.
Section 62-7-929. Payment of taxes from income and principal.
Section 62-7-931. Application and construction of Uniform Principal and Income Act.
Section 62-7-933. Uniform Prudent Investor Act.
Section 62-7-1001. Remedies for breach of trust.
Section 62-7-1002. Damages for breach of trust.
Section 62-7-1003. Damages in absence of breach.
Section 62-7-1004. Attorney's fees and costs.
Section 62-7-1005. Limitation of action against trustee.
Section 62-7-1005A. Trust protector.
Section 62-7-1005B. Trust investment advisor.
Section 62-7-1006. Reliance on trust instrument.
Section 62-7-1007. Event affecting administration or distribution.
Section 62-7-1008. Exculpation of trustee.
Section 62-7-1009. Beneficiary's consent, release, or ratification.
Section 62-7-1010. Limitation on personal liability of trustee.
Section 62-7-1011. Interest as general partner.
Section 62-7-1012. Protection of person dealing with trustee.
Section 62-7-1013. Certification of trust.
Section 62-7-1101. Uniformity of application and construction.
Section 62-7-1102. Electronic records and signatures.