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South Carolina Due Diligence Requirements South Carolina requires holders to send due diligence notifications for any property with a value of $50 or more. Holders must send due diligence letters each reporting cycle to the apparent owner at the last known address.

This includes bank accounts stocks. And other assets that have been abandoned.MoreThis includes bank accounts stocks. And other assets that have been abandoned.

At common law, a person who finds abandoned property may claim it. To do so, the finder must take definite steps to show their claim. For example, a finder might claim an abandoned piece of furniture by taking it to their house, or putting a sign on it indicating their ownership.

Entering an abandoned building without permission is typically illegal. At a minimum, you could potentially be charged with trespassing. If you enter with the intent to steal or vandalize the property, you could be charged with the more serious crime of burglary.

Unclaimed property consists of intangible personal property, including general ledger and securities-related property, for which there has been no owner-initiated activity for a specified period of time, usually five years.

The South Carolina Unclaimed Property Act requires any person who is in possession of property belonging to another; a trustee; or indebted to another on an obligation, to report unclaimed property by November 1 each year.

(A) Intangible property held for the owner by a court, state, or other government, governmental subdivision or agency, public corporation, or public authority which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned.

What is Abandonment in South Carolina? Abandonment is pretty much what it sounds like—your spouse has left the marital home without an intent to come back. Some people wake up one day or come back from work only to find that their spouse is gone.

(a) The unexplained absence of a tenant from a dwelling unit for a period of fifteen days after default in the payment of rent must be construed as abandonment of the dwelling unit.