South Carolina General Assembly
113th Session, 1999-2000

Download This Version in Microsoft Word format

Bill 328


Indicates Matter Stricken
Indicates New Matter


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

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

February 24, 1999

S. 328

Introduced by Senator Cork

S. Printed 2/24/99--S.

Read the first time January 14, 1999.

THE COMMITTEE ON JUDICIARY

To whom was referred a Bill (S. 328), 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, etc., respectfully

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

HOLLY A. CORK, for Committee.

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.

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.

----XX----


This web page was last updated on Friday, June 26, 2009 at 2:58 P.M.