Section 39-22-15. "Loss" defined.

SC Code § 39-22-15 (2019) (N/A)
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For purposes of this chapter, "loss" means any monetary loss over and beyond the amount protected by a warehouseman's bond sustained as a result of storing a commodity in a state-licensed warehouse including, but not limited to, any monetary loss over and beyond the amount protected by a warehouseman's bond sustained as a result of the warehouseman's bankruptcy, embezzlement, or fraud.

HISTORY: 1998 Act No. 375, Section 1, eff May 26, 1998.

Editor's Note

1998 Act No. 375, Section 6, effective May 26, 1998, provides as follows:

"This act takes effect upon approval by the Governor. The provisions of Sections 1 and 5 are remedial and apply retroactively to July 1, 1997, so as to permit reimbursement of losses suffered or incurred by depositors on and after July 1, 1997."