(A) Every holder required to file a report under § 27-18-180 as to any property for which it has obtained the last known address of the owner, shall maintain a record of the name and last known address of the owner for ten years after the property becomes reportable, except to the extent that a shorter time is provided in subsection (B) or by rule of the administrator.

(B) Any business association that sells in this State its travelers checks, money orders, or other similar written instruments, other than third-party bank checks on which the business association is directly liable, or that provides such instruments to others for sale in this State, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue for three years after the date the property is reportable.

Terms Used In South Carolina Code 27-18-320

  • Administrator: means the State Treasurer, his agents, or representatives. See South Carolina Code 27-18-20
  • Business association: means a nonpublic corporation, joint stock company, investment company, business trust, partnership, or association for business purposes of two or more individuals, whether or not for profit, including a banking organization, financial organization, insurance company, or utility. See South Carolina Code 27-18-20
  • 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
  • Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. See South Carolina Code 27-18-20
  • 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
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