South Carolina § 38-9-140 - Principal of deposited securities.
Full text of South Carolina South Carolina Code of Laws § 38-9-140 — Principal of deposited securities., with citation guidance and answers to common questions.
§ 38-9-140. Principal of deposited securities.
When the principal of any securities deposited under Sections 38-9-80 to 38-9-140 is paid to the director or his designee, he shall pay the money so received to the company. However, if the securities were required to be deposited under Section 38-9-80 the payment may not be made until the company deposits an equal amount of other securities of the character required for similar deposits. If the company fails to deliver to the director or his designee within thirty days after receiving notice of this requirement the securities necessary to maintain its required deposit, he may invest the money in other securities of the required character and hold the same as he held those which were paid.
HISTORY: Former 1976 Code SECTION 38-9-140 [1956 (49) 2028; 1962 Code SECTION 37-149.3; 1980 Act No. 477] recodified as SECTION 38-55-80 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-5-740 [1962 Code SECTION 37-185.7; 1962 (52) 2148] recodified as SECTION 38-9-140 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 535.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-9-140
What does South Carolina Code of Laws § 38-9-140 cover?
Section 38-9-140 ("Principal of deposited securities.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 38-9-140?
A common citation format is "South Carolina Code of Laws § 38-9-140" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 38-9-140 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.