H*3567 Session 107 (1987-1988)
H*3567(Rat #0450, Act #0415 of 1988) General Bill, By Hayes
Similar(S 1046)
A Bill to amend Article 1, Chapter 49, Title 15, Code of Laws of South
Carolina, 1976, relating to homestead and other exemptions so as to revise the
procedures which must be followed in judicial sales of property which is
subject to these exemptions and to repeal Article 3 and Article 5 of Chapter
41, Title 15, relating to homestead and other exemptions.
01/20/88 House Introduced and read first time HJ-429
01/20/88 House Referred to Committee on Judiciary HJ-429
02/17/88 House Committee report: Favorable Judiciary HJ-1224
02/24/88 House Read second time HJ-1455
02/25/88 House Read third time and sent to Senate HJ-1515
03/01/88 Senate Introduced and read first time SJ-17
03/01/88 Senate Referred to Committee on Judiciary SJ-17
03/09/88 Senate Committee report: Favorable Judiciary SJ-14
03/15/88 Senate Read second time SJ-43
03/17/88 Senate Read third time and enrolled SJ-17
03/22/88 Ratified R 450
03/28/88 Signed By Governor
03/28/88 Effective date 03/28/88
03/28/88 Act No. 415
04/05/88 Copies available
(A415, R450, H3567)
AN ACT TO AMEND ARTICLE 1, CHAPTER 41, TITLE 15, CODE OF LAWS OF SOUTH
CAROLINA, 1976, RELATING TO HOMESTEAD AND OTHER EXEMPTIONS, SO AS TO REVISE THE
PROCEDURES WHICH MUST BE FOLLOWED IN JUDICIAL SALES OF PROPERTY WHICH IS SUBJECT
TO THESE EXEMPTIONS AND TO REPEAL ARTICLE 3 AND ARTICLE 5 OF CHAPTER 41, TITLE
15, RELATING TO HOMESTEAD AND OTHER EXEMPTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
Judicial sale procedures for exempt debtor property
SECTION 1. Article 1, Chapter 41, Title 15 of the 1976 Code is amended to read:
"Article 1
Homestead and Other Exemptions
Section 15-41-10. When selling property in which a debtor has an exemption as
provided in Section 15-41-30, the sheriff or other officer conducting the sale,
in the advertisement of the sale, also shall state that the minimum bid for the
property must be in the amount of the exemption and no bid less than the amount
of exemption may be accepted.
Section 15-41-20. Any exempted amounts collected by the sheriff or other
officer pursuant to Section 15-41-30 must be deposited with the clerk of court
in the county where the amounts are collected. Any person requesting
disbursement of these funds shall petition the court of common pleas.
Section 15-41-30. The following real and personal property of a debtor
domiciled in this State is exempt from attachment, levy, and sale under any mesne
or final process issued by any court or bankruptcy proceeding:
(1) The debtor's aggregate interest, not to exceed five thousand dollars in
value, in real property or personal property that the debtor or a dependent of
the debtor uses as a residence, in a cooperative that owns property that the
debtor or a dependent of the debtor uses as a residence, or in a burial plot for
the debtor or a dependent of the debtor, except that the aggregate value of
multiple homestead exemptions allowable with respect to a single living unit may
not exceed ten thousand dollars. If there are multiple owners of such a living
unit exempt as a homestead, the value of the exemption of each individual owner
may not exceed his fractional portion of ten thousand dollars.
(2) The debtor's interest, not to exceed one thousand two hundred dollars in
value, in one motor vehicle.
(3) The debtor's interest, not to exceed two thousand five hundred dollars in
aggregate value in household furnishings, household goods, wearing apparel,
appliances, books, animals, crops, or musical instruments, that are held
primarily for the personal, family, or household use of the debtor or a dependent
of the debtor.
(4) The debtor's aggregate interest, not to exceed five hundred dollars in
value, in jewelry held primarily for the personal, family, or household use of
the debtor or a dependent of the debtor.
(5) The debtor's aggregate interest in cash and other liquid assets to the
extent of a value not exceeding one thousand dollars, except that this exemption
is available only to an individual who does not claim a homestead exemption. The
term 'liquid assets' includes deposits, securities, notes, drafts, unpaid
earnings not otherwise exempt, accrued vacation pay, refunds, prepayments, and
other receivables.
(6) The debtor's aggregate interest, not to exceed seven hundred fifty dollars
in value, in any implements, professional books, or tools of the trade of the
debtor or the trade of a dependent of the debtor.
(7) Any unmatured life insurance contract owned by the debtor, other than a
credit life insurance contract.
(8) The debtor's aggregate interest, not to exceed in value four thousand
dollars less any amount of property of the estate transferred in the manner
specified in Section 542(d) of the Bankruptcy Code of 1978, in any accrued
dividend or interest under, or loan value of, any unmatured life insurance
contract owned by the debtor under which the insured is the debtor or an
individual of whom the debtor is a dependent.
(9) Professionally prescribed health aids for the debtor or a dependent of the
debtor.
(10) The debtor's right to receive:
(A) a social security benefit, unemployment compensation, or a local public
assistance benefit;
(B) a veteran's benefit;
(C) a disability, illness, or unemployment benefit;
(D) alimony, support, or separate maintenance;
(E) a payment under a stock bonus, pension, profit sharing, annuity, or
similar plan or contract on account of illness, disability, death, age, or length
of service, unless
( i) the plan or contract was established by or under the auspices of an
insider that employed the debtor at the time the debtor's rights under the plan
or contract arose;
( ii) the payment is on account of age or length of service; and
(iii) the plan or contract does not qualify under Sections 401(a), 403(a),
403(b), 408 or 409 of the Internal Revenue Code of 1954 (26 U.S.C. 401(a),
403(a), 403(b), 408 or 409).
(11) The debtor's right to receive or property that is traceable to:
(A) an award under a crime victim's reparation law;
(B) a payment on account of the bodily injury of the debtor or of the
wrongful death or bodily injury of another individual of whom the debtor was or
is a dependent;
(C) a payment under a life insurance contract that insured the life of an
individual of whom the debtor was a dependent on the date of that individual's
death, to the extent reasonably
necessary for the support of the debtor and any dependent of the debtor."
Repeal
SECTION 2. Articles 3 and 5, Chapter 41, Title 15 of the 1976 Code are repealed.
Time effective
SECTION 3. This act takes effect upon approval by the Governor. |