South Carolina Code 62-7-904H. Limitation of liability
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No trustee or disinterested person who in good faith takes or fails to take any action under §§ 62-7-904B through 62-7-904P is liable to any person affected by the action or inaction, regardless of whether the person received written notice as provided in §§ 62-7-904B through 62-7-904P and regardless of whether the person was under a legal disability at the time of the delivery of the notice. The exclusive remedy for any person affected by such action or inaction is to obtain an order of the court directing the trustee to:
(1) convert an income trust to a total return unitrust;
Terms Used In South Carolina Code 62-7-904H
- Trustee: A person or institution holding and administering property in trust.
(2) reconvert from a total return unitrust to an income trust; or
(3) change the percentage used to calculate the unitrust amount.