South Carolina House Bill 5316

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Spectrum: Bipartisan Bill
Status: Introduced on March 21 2024 - 25% progression
Action: 2024-03-21 - Referred to Committee on Judiciary
Pending: House Judiciary Committee
Text: Latest bill text (Introduced) [HTML]

Amend The South Carolina Code Of Laws By Amending Section 27-6-20, Relating To Nonvested Property Interest Or Power Of Appointment, So As To Increase The Time An Interest Can Vest From Ninety Years To Three Hundred Sixty Years; By Amending Section 27-6-40, Relating To Reformation Of Property Dispositions, So As To Increase The Time Limit From Ninety Years To Three Hundred Sixty Years; By Amending Section 27-6-60, Relating To The Effect Of Timing Of Creation Of Property Interest, So As To Update Certain Dates; By Amending Section 62-7-504, Relating To Discretionary Trusts So As To Provide Certain Situations In Which A Beneficiary Of A Trust May Not Be Considered A Settlor; By Amending Section 62-7-505, Relating To Creditors' Claims Against A Settlor, So As To Provide That Certain Amounts Paid To Taxing Authorities May Not Be Considered An Amount That May Be Distributed For The Settlor's Benefit; And By Adding Section 62-7-508 So As To Provide For Certain Grantor Trust Reimbursements.

Grantor Trust Reimbursement

Rep. Weston Newton [R]

Rep. Beth Bernstein [D]

Date	Chamber	Action
2024-03-21	House	Referred to Committee on Judiciary
2024-03-21	House	Introduced and read first time

Chapter	Article	Section	Citation Type	Statute Text
27	6	20	(n/a)	See Bill Text
27	6	40	(n/a)	See Bill Text
27	6	60	(n/a)	See Bill Text
62	7	504	(n/a)	See Bill Text
62	7	505	(n/a)	See Bill Text
62	7	508	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=5316&session=125&summary=B
Text	https://www.scstatehouse.gov/sess125_2023-2024/prever/5316_20240321.htm