South Carolina General Assembly
112th Session, 1997-1998

Bill 3605


                    Current Status

Bill Number:                    3605
Ratification Number:            446
Act Number:                     324
Type of Legislation:            General Bill GB
Introducing Body:               House
Introduced Date:                19970306
Primary Sponsor:                Sharpe
All Sponsors:                   Sharpe and Harrison 
Drafted Document Number:        bbm\9200djc.97
Date Bill Passed both Bodies:   19980603
Date of Last Amendment:         19980603
Governor's Action:              U Became law without signature of
                                Governor
Date of Governor's Action:      19980611
Subject:                        Taxation, Property, Real estate;
                                Deed recording fee, certain exempt in
                                lieu of foreclosure

History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19980617  Act No. A324
------  19980611  Unsigned, became law without
                  signature of Governor
------  19980604  Ratified R446
House   19980603  Ordered enrolled for ratification
House   19980603  Free Conference Committee Report         99 HFCC
                  adopted
House   19980603  Free Conference Powers granted,          99 HFCC McKay
                  appointed Reps. to Committee of                  Keegan
                  Free Conference                                  Harrison
House   19980602  Free Conference Powers rejected
Senate  19980602  Free Conference Committee Report         89 SFCC
                  adopted
Senate  19980602  Free Conference Powers granted,          89 SFCC Passailaigue
                  appointed Senators to Committee                  Setzler
                  of Free Conference                               Hayes
House   19980527  Free Conference powers rejected
House   19980203  Conference powers granted,               98 HCC  McKay
                  appointed Reps. to Committee of                  Keegan
                  Conference                                       Harrison
Senate  19980129  Conference powers granted,               88 SCC  Passailaigue
                  appointed Senators to Committee                  Setzler
                  of Conference                                    Hayes
Senate  19980129  Insists upon amendment
House   19980113  Non-concurrence in Senate amendment
Senate  19970604  Amended, read third time,
                  returned to House with amendment
Senate  19970522  Read second time, notice of
                  general amendments
Senate  19970521  Committee report: Favorable              06 SF
Senate  19970501  Introduced, read first time,             06 SF
                  referred to Committee
House   19970430  Read third time, sent to Senate
House   19970429  Read second time
House   19970424  Committee report: Favorable              30 HWM
House   19970306  Introduced, read first time,             30 HWM
                  referred to Committee


View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A324, R446, H3605)

AN ACT TO AMEND SECTION 12-24-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEEDS EXEMPT FROM THE RECORDING FEE, SO AS TO EXEMPT DEEDS IN LIEU OF FORECLOSURE AND DEEDS EXECUTED PURSUANT TO FORECLOSURE PROCEEDINGS.

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

Exemptions

SECTION 1. Section 12-24-40 of the 1976 Code, as amended by Act 73 of 1997, is further amended to read:

Section 12-24-40. Exempted from the fee imposed by this chapter are deeds:

(1) transferring realty in which the value of the realty, as defined in Section 12-24-30, is equal to or less than one hundred dollars;

(2) transferring realty to the federal government or to a state, its agencies and departments, and its political subdivisions, including school districts;

(3) that are otherwise exempted under the laws and Constitution of this State or of the United States;

(4) transferring realty in which no gain or loss is recognized by reason of Section 1041 of the Internal Revenue Code as defined in Section 12-6-40(A);

(5) transferring realty in order to partition realty, as long as no consideration is paid for the transfer other than the interests in the realty that are exchanged in order to effect the partition;

(6) transferring an individual grave space at a cemetery owned by a cemetery company licensed under Chapter 55 of Title 39;

(7) that constitute a contract for the sale of timber to be cut;

(8) transferring realty to a corporation, a partnership, or a trust as a stockholder, partner, or trust beneficiary of the entity or so as to become a stockholder, partner, or trust beneficiary of the entity as long as no consideration is paid for the transfer other than stock in the corporation, interest in the partnership, beneficiary interest in the trust, or the increase in value in the stock or interest held by the grantor. However, except for transfers from one family trust to another family trust without consideration, the transfer of realty from a corporation, a partnership, or a trust to a stockholder, partner, or trust beneficiary of the entity is subject to the fee, even if the realty is transferred to another corporation, a partnership, or trust;

(9) transferring realty from a family partnership to a partner or from a family trust to a beneficiary, as long as no consideration is paid for the transfer other than a reduction in the grantee's interest in the partnership or trust. A 'family partnership' is a partnership whose partners are all members of the same family. A 'family trust' is a trust in which the beneficiaries are all members of the same family. 'Family' means the grantor, the grantor's spouse, parents, grandparents, sisters, brothers, children, stepchildren, grandchildren, and the spouses and lineal descendant of any of them, and the grantor's and grantor's spouse's heirs under a statute of descent and distribution. A 'family partnership' or 'family trust' also includes charitable entities, other family partnerships and family trusts of the grantor, and charitable remainder and charitable lead trusts, if all the beneficiaries are charitable entities or members of the grantor's family. A 'charitable entity' means an entity which may receive deductible contributions under Section 170 of the Internal Revenue Code as defined in Section 12-6-40(A);

(10) transferring realty in a statutory merger or consolidation from a constituent corporation to the continuing or new corporation;

(11) transferring realty in a merger or consolidation from a constituent partnership to the continuing or new partnership;

(12) that constitute a corrective deed or a quitclaim deed used to confirm title already vested in the grantee, as long as no consideration is paid or is to be paid under the corrective or quitclaim deed;

(13) transferring realty subject to a mortgage to the mortgagee whether by a deed in lieu of foreclosure executed by the mortgagor or deed executed pursuant to foreclosure proceedings.

Time effective

SECTION 2. This act takes effect upon approval by the Governor and applies with respect to deeds recorded on or after that date.

Became law without the signature of the Governor -- 06/11/98.