South Carolina Code 27-19-360. Reports of Secretary of State and Department of Administration
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Terms Used In South Carolina Code 27-19-360
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
A report shall be made annually by the Secretary of State, to be included in his annual report, showing the receipts and payments under the provisions of this chapter in each case of escheat, with the items thereof. In case any escheated property be purchased by the State Department of Administration, its annual report shall show all resales of such property and all income, rents and profits derived from such property while held by the department.