Current Status Introducing Body:House Bill Number:3453 Primary Sponsor:R. Young Committee Number:25 Type of Legislation:GB Subject:Mortgage Residing Body:House Current Committee:Judiciary Computer Document Number:CYY/15129SD.93 Introduced Date:19930210 Last History Body:House Last History Date:19930210 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:R. Young Gonzales Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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3453 House 19930210 Introduced, read first time, 25
referred to Committee
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TO AMEND SECTION 29-3-310, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SATISFACTION OF MORTGAGES UPON FULL PAYMENT, SO AS TO AUTHORIZE LENDERS TO DESIGNATE AGENTS TO HOLD MORTGAGES, RECEIVE PAYMENTS, ISSUE SATISFACTIONS OR RELEASES, AND BRING FORECLOSURE ACTIONS UNDER CERTAIN CONDITIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 29-3-310 of the 1976 Code is amended to read:
"Section 29-3-310. Any person who has received full payment or satisfaction or to whom a legal tender has been made of his debts, damages, costs, and charges secured by mortgage of real estate shall, at the request of the mortgagor or of his legal representative or any other person being a creditor of the debtor or a purchaser under him or having an interest in any estate bound by the mortgage and on tender of the fees of office for entering satisfaction, within three months after the request is made, enter satisfaction in the proper office on the mortgage which shall forever thereafter discharge and satisfy the mortgage.
Nothing herein may be construed as to affect or disallow the use by any lender of an `agent' named in the mortgage as `mortgagee' to hold the lien or other security interest granted in the mortgage for the benefit of the lender. Where an `agent' is so named in the mortgage and the mortgage otherwise does not state that the specified agent is deemed to be the proper legal representative of the lender to receive all payments under the mortgage, to satisfy or release the mortgage of record, and to bring or prosecute a mortgage foreclosure action on behalf of the lender, the agent's authority for these matters is altered and cancelled by a properly filed and recorded written amendment to the mortgage altering or terminating the named agent's authority with regard to these matters."
SECTION 2. This act takes effect upon approval by the Governor.