Standards for discharge of duties by trustee or other fiduciary.
S.C. Code Ann. § 59-153-40
in effectA trustee or other fiduciary shall discharge duties with respect to an endowment fund: (1) solely in the interest of the endowment fund and beneficiaries; (2) for the exclusive purpose of providing benefits to his beneficiary and paying reasonable expenses of administering the system; (3) with the care, skill, and caution under the circumstances then prevailing which a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an activity of like character and purpose; (4) impartially, taking into account any differing interests of beneficiaries; (5) incurring only those costs that are appropriate and reasonable; and (6) in accordance with a good faith interpretation of this chapter.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.scstatehouse.gov/code/t59c153.phpFetched: 10/17/2026