Terms Used In South Carolina Code 27-18-170

  • Holder: means a person, wherever organized or domiciled, who is:

    (a) in possession of property belonging to another;

    (b) a trustee; or

    (c) indebted to another on an obligation. See South Carolina Code 27-18-20
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Owner: means a depositor in the case of a deposit, a beneficiary in case of a trust other than a deposit in trust, a creditor, claimant, or payee in the case of other intangible property, or a person having a legal or equitable interest in property subject to this chapter or his legal representative. See South Carolina Code 27-18-20
  • State: means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States. See South Carolina Code 27-18-20
All tangible and intangible property held in a safe deposit box or any other safekeeping repository in this State in the ordinary course of the holder‘s business and proceeds resulting from the sale of the property permitted by other law, which remain unclaimed by the owner for more than five years after the lease or rental period on the box or other repository has expired, are presumed abandoned.
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