South Carolina Code 62-7-709. Reimbursement of expenses
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(a) A trustee is entitled to be reimbursed out of the trust property, with interest at the legal rate as appropriate, for:
(1) expenses that were properly incurred in the administration of the trust; and
Terms Used In South Carolina Code 62-7-709
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Trustee: A person or institution holding and administering property in trust.
(2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.
(b) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
(c) A prospective trustee is entitled to be reimbursed from trust property for expenses reasonably incurred by the prospective trustee pursuant to § 62-7-701(c) to protect or investigate the trust assets before deciding whether or not to accept the trusteeship.