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Bill 3691

                    Current Status

Bill Number:                      3691
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990310
Primary Sponsor:                  Gilham
All Sponsors:                     Gilham, Kelley, Lloyd, Pinckney and 
                                  Rodgers
Drafted Document Number:          l:\council\bills\bbm\9046som99.doc
Companion Bill Number:            328
Residing Body:                    House
Current Committee:                Judiciary Committee 25 HJ
Subject:                          Horizontal property regime, waiver of; 
                                  nonprofit long-term care retirement facility, 
                                  two-thirds vote; Property


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990310  Introduced, read first time,           25 HJ
                  referred to Committee


                             Versions of This 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.

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.

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