H 3691 General Bill, By Gilham, Kelley, Lloyd, Pinckney and Rodgers

Similar(S 328)
 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.

   03/10/99  House  Introduced and read first time HJ-6
   03/10/99  House  Referred to Committee on Judiciary HJ-7

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:

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 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."

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