South Carolina § 62-2-605 - Change in securities; accessions; nonademption.

§ 62-2-605. Change in securities; accessions; nonademption.

(A) If the testator intended a specific devise of certain securities rather than the equivalent value thereof, the specific devisee is entitled only to:

(1) as much of the devised securities as is a part of the testator's estate at the time of the testator's death;

(2) any additional or other securities of the same organization owned by the testator by reason of action initiated by the organization or any successor, related or acquiring organization excluding any acquired by exercise of purchase options;

(3) securities of another organization owned by the testator as a result of a merger, consolidation, reorganization, or other similar action initiated by the organization or any successor, related or acquiring organization;

(4) any additional securities of the organization owned by the testator as a result of a plan of reinvestment in the organization.

(B) Distributions in cash declared prior to death with respect to a specifically devised security not provided for in subsection (A) are not part of the specific devise.

HISTORY: 1986 Act No. 539, SECTION 1; 1990 Act No. 521, SECTION 26; 2013 Act No. 100, SECTION 1, eff January 1, 2014.