South Carolina H3422 mandates donation of unclaimed funds held in trust accounts to charitable organizations after five years of inactivity.

South Carolina H3422 amends the state code to require that funds in trust accounts, including lawyer's trust accounts, be donated to a charitable organization if no disbursements have been made for five years. This applies to any monetary holding fund or financial setup with a fiduciary. The charitable organization must be a tax-exempt entity under Section 501(c)(3) of the Internal Revenue Code. The act becomes effective upon approval by the Governor.

South Carolina H3422 mandates donation of unclaimed funds held in trust accounts to charitable organizations after five years of inactivity.

South Carolina H3422 amends the state code to require that funds in trust accounts, including lawyer's trust accounts, be donated to a charitable organization if no disbursements have been made for five years. This applies to any monetary holding fund or financial setup with a fiduciary. The charitable organization must be a tax-exempt entity under Section 501(c)(3) of the Internal Revenue Code. The act becomes effective upon approval by the Governor.