H3422

Requires funds in trust accounts to be donated to charity if unclaimed for five years.

Amends the South Carolina 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. The funds are considered unclaimed property and must be donated to a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code. This act takes effect upon approval by the Governor.