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S.C. Code Ann. § 38-27-650

Termination of proceedings

Known as the Insurers Rehabilitation and Liquidation Act

The act spans §§ 38–38 (62 sections).

Former 1976 Code SECTION 38-5-2350 [1982 Act No. 384, SECTION 46] recodified as SECTION 38-27-650 by 1987 Act No. 155, SECTION 1.

(a) When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute, as may be considered appropriate.

(b) Any other person may apply to the court at any time for an order under subsection (a). If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application, including a reasonable attorney's fee.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.