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each month, on the basis of the bonds outstanding on that date,
and petitioner had until the 16th of the month to make any
additions required to ensure that the amounts maintained with the
clerk were equal to at least 25 percent of the face amount of
bonds outstanding on the first of the month. See S.C. Code Ann.
sec. 38-53-270 (Law. Co-op. 1989). The savings accounts or
certificates of deposit were held in trust in the name of the
clerk of court for the “sole protection and benefit of the holder
of bail bonds” and functioned as security for petitioner’s
potential liability on outstanding bonds. S.C. Code Ann. sec.
38-53-280 (Law. Co-op. 1989). In the event of a forfeiture,
i.e., the failure of a defendant to appear for trial, making
petitioner liable for the bond amount, petitioner had the option
of meeting his liability using funds maintained with the clerk of
court or from some other source.
Under South Carolina law, petitioner was entitled to a
return of the excess whenever the amounts maintained with the
clerk exceeded 25 percent of petitioner’s bonds outstanding and
was entitled to the return of all such amounts when his bond
obligations in the jurisdiction were completely satisfied. See
id.
Pursuant to the foregoing provisions of South Carolina law,
petitioner maintained various savings accounts and certificates
of deposit with the Clerk of Court for Charleston County, South
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