2007-2008 Bill 10: Banks and Trust Companies - South Carolina Legislature Online

1 South Carolina General Assembly 2 117th Session, 2007-2008 3 4 S. 10 5 6 STATUS INFORMATION 7 8 General Bill 9 Sponsors: Senators Hayes, Knotts and Fair 10 Document Path: l:\s-res\rwh\002bank.dag.doc 11 12 Introduced in the Senate on January 9, 2007 13 Currently residing in the Senate Committee on Banking and Insurance 14 15 Summary: Banks and trust companies 16 17 18 HISTORY OF LEGISLATIVE ACTIONS 19 20 Date Body Action Description with journal page number 21 11/29/2006 Senate Prefiled 22 11/29/2006 Senate Referred to Committee on Banking and Insurance 23 1/9/2007 Senate Introduced and read first time SJ-30 24 1/9/2007 Senate Referred to Committee on Banking and Insurance SJ-30 25 26 27 VERSIONS OF THIS BILL 28 29 11/29/2006 30 1 2 3 4 5 6 7 8 9 A BILL 10 11 TO AMEND SECTION 34-3-850, CODE OF LAWS OF SOUTH 12 CAROLINA, 1976, RELATING TO THE CONSOLIDATION 13 OR MERGER OF BANKS AND TRUST COMPANIES, TO 14 PROVIDE THAT A FIDUCIARY OR OTHER RELATIONSHIP 15 OF THE TRANSFERRING INSTITUTION DEVOLVES UPON 16 THE RESULTANT BANK OR TRUST COMPANY EVEN IF 17 THE TRANSFERRING INSTITUTION WAS NOT SERVING 18 ACTIVELY IN THAT CAPACITY AT THE TIME OF THE 19 MERGER, CONSOLIDATION, OR OTHER TRANSFER. 20 21 Be it enacted by the General Assembly of the State of South 22 Carolina: 23 24 SECTION 1. Section 34-3-850(B), as last amended by Act 76 of 25 1987, is further amended to read: 26 27 “(B) When any such a bank or trust company executes a 28 transaction under the provisions of pursuant to subsection (A):, the 29 following, upon the effective date of the transaction and without 30 further act or deed, vest in, devolve upon, and after that must be 31 performed by the resultant bank or trust company or transferee, 32 whether or not the transferring bank or trust company was actively 33 serving in that capacity or relationship at the time of the 34 transaction: 35 (1) all the then rights, powers, privileges, duties, 36 appointments, and account designations regarding each fiduciary 37 capacity or other relationship transferred, whether created by will, 38 indenture, trust, court order, agreement, or other means; 39 (2) title to all property, real, personal, and mixed; 40 (3) all debts due on whatever account; 41 (4) all other choses in action held in a fiduciary capacity;

1 [10] 1 1 (5) each and every other interest, as a fiduciary, or 2 contractual relationship, of or belonging to: 3 (a) the disappearing corporation in the case of a merger; 4 (b) each corporation in the case of a consolidation; or 5 (c) the transferor, but only to the extent transferred, in the 6 case of a transfer, as the case may be, shall, upon the effective date 7 of the transaction and without further act or deed, vest in, devolve 8 upon, and thereafter be performed by the resultant bank or trust 9 company, or transferee, as the case may be.” 10 11 SECTION 2. This act takes effect upon approval by the 12 Governor. 13 ----XX---- 14

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