South Carolina § 59-69-20 - State Treasurer shall hold certain property and moneys for educational purposes.

§ 59-69-20. State Treasurer shall hold certain property and moneys for educational purposes.

The State Treasurer shall take and hold in trust for the State any grant or devise of lands and any gift or bequest of money or other personal property made to him for educational purposes, all gifts to the State when the purpose is not designated, all escheated property, the net assets or funds of all estates or copartnerships in the hands of the courts of the State when there have been no claimants for the same within the last seventy years and other money that came into the State Treasury by reason of the twelfth section of an act entitled "An Act to Provide a Mode of Distribution of the Moneys as Collected as Direct Tax from the Citizens of this State by the United States, and Turned Over in Trust to the State of South Carolina," approved December 24, 1891 (Acts 1891, p. 1067), together with such other means as the General Assembly may provide. For faithful management of all property so received the State Treasurer shall be responsible upon his bond to the State as for other funds received by him in his official capacity.

HISTORY: 1962 Code SECTION 21-902; 1952 Code SECTION 21-902; 1942 Code SECTION 5392; 1932 Code SECTION 5278; Civ. C. '22 SECTION 2538; Civ. C. '12 SECTION 1702; Civ. C. '02 SECTION 1178; 1896 (22) 150; 1917 (30) 384; 1942 (42) 1444.