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Indicates Matter Stricken
Indicates New Matter
Sponsors: Senator Land
Document Path: l:\council\bills\agm\18996ab11.docx
Introduced in the Senate on April 7, 2011
Currently residing in the Senate Committee on Judiciary
Summary: Foreclosure sales
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/7/2011 Senate Introduced and read first time (Senate Journal-page 7) 4/7/2011 Senate Referred to Committee on Judiciary (Senate Journal-page 7) 1/9/2012 Senate Referred to Subcommittee: L.Martin (ch), Rankin, Hutto, Bright, Davis
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VERSIONS OF THIS BILL
TO AMEND SECTION 15-39-720, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO UPSET BIDS WITHIN THIRTY DAYS AFTER A FORECLOSURE SALE OR AN EXECUTION SALE, SO AS TO PROVIDE WHEN A JUDICIAL SALE OCCURS AT THE REGULAR SALE DATE AND TIME FOR A COUNTY, THE REGULARLY SCHEDULED SALE DATE FOR THE FOLLOWING MONTH MUST BE CONSIDERED TO BE THE THIRTIETH DAY FOR THE PURPOSES OF SUBMITTING A TIMELY UPSET BID REGARDLESS OF THE ACTUAL NUMBER OF CALENDAR DAYS SEPARATING THE TWO SALE DATES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 15-39-720 of the 1976 Code is amended to read:
"Section 15-39-720. (A) In all judicial sales of real estate for the foreclosure of mortgages and sales in execution, the bidding
shall must not be closed upon on the day of sale but shall must remain open until the thirtieth day after such the sale, exclusive of the day of sale. Within such this thirty day period, any a person other than the highest bidder at the sale or any a representative thereof of him in foreclosure and execution suits may enter a higher bid upon complying with the terms of sale by making any a necessary deposit as a guaranty of his good faith, and thereafter afterward within such this period any person, other than such the highest bidder at the sale or any a representative thereof of him, in foreclosure suits may in like manner raise the last highest bid, and the successful purchaser shall must be deemed considered to be the person who submitted the last highest bid within such this period and made the necessary deposit or guaranty. But the mortgagee or his representative shall enter such this bid as he desires at the time the sale is made, and he and all persons or a person acting in on his behalf shall must be precluded from entering any other another bid in any amount at any other another time except, the single or last bid made by him or in on his behalf at the sale. If the thirtieth day falls on Sunday, the bidding shall must be closed on the Monday immediately following.
(B) The bidding
shall must be reopened by the officer making the sale on the thirtieth day after the sale, exclusive of the day of the sale, at eleven o'clock in the forenoon and. The bidding shall must be allowed to continue until the property shall be is knocked down in the usual custom of auction to the successful highest bidder complying with the terms of sale. The sales officer shall announce the sales about to be closed and shall receive the final bids in such these sales in the order determined by him.
(C) When a judicial sale occurs at the regular sale date and time for a county, the regularly scheduled sale date for the immediately following month must be considered the thirtieth day for the purposes of this section, regardless of the actual number of calendar days separating these two regularly scheduled sales dates."
SECTION 2. This act takes effect upon approval by the Governor.
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