South Carolina Code 38-9-130. Interest on deposited securities
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Terms Used In South Carolina Code 38-9-130
- Director: means the person who is appointed by the Governor upon the advice and consent of the Senate and who is responsible for the operation and management of the department. See South Carolina Code 38-1-20
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
The director or his designee at the time of receiving any bonds or other securities deposited under §§ 38-9-80 to 38-9-140 shall give to the company authority to collect the interest thereon for its own use. This authority continues in force until the company fails to pay any of its liabilities for which the deposit is security. In case of that failure the party charged with payment of the interest must be notified that thereafter the interest is payable to the director or his designee to be applied, if necessary, to the payment of those liabilities.