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Section 62-7-904H. Limitation of liability.

SC Code § 62-7-904H (2019) (N/A)
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No trustee or disinterested person who in good faith takes or fails to take any action under Sections 62-7-904B through 62-7-904P is liable to any person affected by the action or inaction, regardless of whether the person received written notice as provided in Sections 62-7-904B through 62-7-904P and regardless of whether the person was under a legal disability at the time of the delivery of the notice. The exclusive remedy for any person affected by such action or inaction is to obtain an order of the court directing the trustee to:

(1) convert an income trust to a total return unitrust;

(2) reconvert from a total return unitrust to an income trust; or

(3) change the percentage used to calculate the unitrust amount.

HISTORY: 2013 Act No. 100, Section 2, eff January 1, 2014.

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Section 62-7-904G. Distribution of unitrust amount considered distribution of income and not of principal.
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Section 62-7-904I. Applicability of Sections 62-7-904B through 62-7-904P.