S*0328(Rat #0060, Act #0025 of 1999)  General Bill, By Cork

Similar(H 3691)
 A BILL TO AMEND SECTION 27-31-130, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO THE HORIZONTAL PROPERTY ACT AND THE PROVISION THAT THE HORIZONTAL
 PROPERTY REGIME MAY BE WAIVED AND MERGED, SO AS TO PROVIDE THAT IN THE CASE OF
 NONPROFIT LONG-TERM CARE RETIREMENT OR LIFE CARE FACILITIES WHERE THERE ARE
 CO-OWNERS, THEN A TWO-THIRDS VOTE, RATHER THAN A UNANIMOUS VOTE, OF THE
 CO-OWNERS SUFFICES TO WAIVE THE REGIME.

   01/14/99  Senate Introduced and read first time SJ-12
   01/14/99  Senate Referred to Committee on Judiciary SJ-12
   02/24/99  Senate Committee report: Favorable Judiciary SJ-9
   03/03/99  Senate Read second time SJ-15
   03/04/99  Senate Read third time and sent to House SJ-22
   03/09/99  House  Introduced and read first time HJ-17
   03/09/99  House  Referred to Committee on Judiciary HJ-17
   04/21/99  House  Committee report: Favorable Judiciary HJ-71
   04/27/99  House  Read second time HJ-26
   04/28/99  House  Read third time and enrolled HJ-21
   05/26/99         Ratified R 60
   06/01/99         Signed By Governor
   06/01/99         Effective date 06/01/99
   07/28/99         Copies available
   07/28/99         Act No. 25

AN ACT TO AMEND SECTION 27-31-130, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HORIZONTAL PROPERTY ACT AND THE PROVISION THAT THE HORIZONTAL PROPERTY REGIME MAY BE WAIVED AND MERGED, SO AS TO PROVIDE THAT IN THE CASE OF NONPROFIT LONG-TERM CARE RETIREMENT OR LIFE CARE FACILITIES WHERE THERE ARE CO-OWNERS, THEN A TWO-THIRDS VOTE, RATHER THAN A UNANIMOUS VOTE, OF THE CO-OWNERS SUFFICES TO WAIVE THE REGIME.

Be it enacted by the General Assembly of the State of South Carolina:

Two-thirds of owners in a long-term care facility may waive regime

SECTION 1. Section 27-31-130 of the 1976 Code is amended to read:

"Section 27-31-130. (A) All the co-owners or the sole owner of the property constituted into a horizontal property regime may waive the regime and regroup or merge the records of the individual apartments with the principal property, if the individual apartments are unencumbered, or if encumbered, if the creditors in whose behalf the encumbrances are recorded agree to accept as security the undivided portions of the property owned by the debtors.

(B) Notwithstanding subsection (A), in the case of nonprofit long-term care retirement or life care facilities where there are co-owners, a two-thirds vote of the co-owners suffices to waive the regime and regroup or merge the records of the individual apartments with the principal property if the individual apartments are unencumbered, or if encumbered, if the creditors in whose behalf the encumbrances are recorded agree to accept as security the undivided portions of the property owned by the debtors."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Ratified the 26th day of May, 1999.

Approved the 1st day of June, 1999.