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May 25, 2000
Introduced by Reps. Kelley, Keegan, Witherspoon, Edge, Miller, Simrill, Rhoad, Altman, Barrett, Battle, Campsen, Davenport, Emory, Limehouse, R. Smith, Vaughn, Walker and Wilkes
S. Printed 5/25/00--S.
Read the first time May 2, 2000.
TO AMEND SECTION 12-24-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEEDS EXEMPTED FROM THE STATE'S DEED RECORDING FEE, SO AS TO ALLOW AN EXEMPTION FOR DEEDS THAT TRANSFER REALTY FROM AN AGENT TO THE AGENT'S PRINCIPAL IN WHICH THE REALTY WAS PURCHASED WITH FUNDS OF THE PRINCIPAL.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-24-40 of the 1976 Code, as added by Part II, Section 57A of Act 458 of 1996 and last amended by Act 324 of 1998, is further amended by adding at the end an appropriately numbered item as follows:
"( ) transferring realty from an agent to the agent's principal in which the realty was purchased with funds of the principal, provided that a notarized document is also filed with the deed that establishes the fact that the agent and principal relationship existed at the time of the original purchase as well as for the purpose of purchasing the realty."
SECTION 2. This act takes effect upon approval by the Governor and applies with respect to deeds recorded on and after that date.
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