S 0987 General Bill, By Cork
 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, IF THERE ARE
 CO-OWNERS THEN A TWO-THIRDS VOTE, RATHER THAN A UNANIMOUS VOTE, OF THE
 CO-OWNERS SUFFICES TO WAIVE THE REGIME.

   02/04/98  Senate Introduced and read first time SJ-13
   02/04/98  Senate Referred to Committee on Judiciary SJ-13
   04/01/98  Senate Committee report: Favorable with amendment
                     Judiciary SJ-7
   04/02/98  Senate Amended SJ-37
   04/02/98  Senate Read second time SJ-37
   04/07/98  Senate Read third time and sent to House SJ-8
   04/08/98  House  Introduced and read first time HJ-23
   04/08/98  House  Referred to Committee on Judiciary HJ-23

COMMITTEE AMENDMENT ADOPTED

April 2, 1998

S. 987

S. Printed 4/2/98--S.

Read the first time February 4, 1998.

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, IF THERE ARE CO-OWNERS THEN A TWO-THIRDS VOTE, RATHER THAN A UNANIMOUS VOTE, OF THE CO-OWNERS SUFFICES TO WAIVE THE REGIME.

Amend Title To Conform

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

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 an a horizontal property regime may waive the regime and regroup or merge the records of the individual apartments with the principal property, provided that if the individual apartments are unencumbered, or if encumbered, that 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 if 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, that the creditors in whose behalf the encumbrances are recorded agree to accept as security the undivided portions of the property owned by the debtors."

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