South Carolina General Assembly
116th Session, 2005-2006

Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

H. 3988

STATUS INFORMATION

General Bill
Sponsors: Reps. Huggins, E.H. Pitts, Toole and R. Brown
Document Path: l:\council\bills\bbm\10701mm05.doc

Introduced in the House on April 26, 2005
Currently residing in the House Committee on Judiciary

Summary: Derivation clause

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   4/26/2005  House   Introduced and read first time HJ-33
   4/26/2005  House   Referred to Committee on Judiciary HJ-33
    5/3/2005  House   Member(s) request name added as sponsor: R.Brown

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

4/26/2005

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

A BILL

TO AMEND SECTION 30-5-35, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT OF A DERIVATION CLAUSE IN A RECORDED DEED OR MORTGAGE, SO AS TO REQUIRE THAT A DERIVATION CLAUSE ALSO BE INCLUDED ON A CONTRACT OF SALE OR BOND FOR TITLE OF REAL PROPERTY BEFORE IT IS ACCEPTED FOR RECORDING AND TO DEFINE CONTRACT OF SALE AND BOND FOR TITLE.

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

SECTION    1.    Section 30-5-35 of the 1976 Code is amended to read:

"Section 30-5-35.    (a)    (A)    All deeds A deed, contract of sale, and bond for title conveying an interest in land and all mortgages a mortgage of real estate executed after July 1, 1976, must include a derivation clause in the property description and there must be inscribed on the deed, contract of sale, bond for title, or mortgage the mailing address of the grantee or mortgagee. When the grantor's or mortgagor's title was acquired by deed, contract of sale, or bond for title, the derivation clause must include the name of the grantor and the recording date of that deed instrument. However, when the deed instrument of derivation has been simultaneously executed and delivered and has not then been recorded it is sufficient to set forth in the deed, contract of sale, bond for title, or mortgage the name of the grantor of the deed instrument of derivation and its date and that it is to be recorded. When the grantor's or mortgagor's title was obtained by inheritance or devise, the derivation clause must include the name of the person from whom the title was acquired, the approximate date of acquisition, and, in the case of property acquired under a probated will or administered estate, the probate court in which such estate was filed. However, a derivation clause is not required on a deed or mortgage of property devoted to a utility or railroad purpose of any private or public utility or railroad. Further, a derivation clause is not required on a quitclaim or non-warranty nonwarranty deed of real property.

(b) (B)    A clerk of court or register of mesne conveyance shall may not record any a deed, contract of sale, bond for title, or mortgage after July 1, 1976, unless it contains a derivation clause as prescribed in subsection (a)(A); provided, however, except that he may record a deed, contract of sale, bond for title, or mortgage without such the clause upon a showing satisfactory to him that the necessary information for such the clause was not available.

(c)(C)    The provisions of this section are intended to be regulatory in nature and will do not affect the legality, force, effect, or record notice of any an instrument recorded in violation hereof of it.

(D)    For purposes of this section, 'contract of sale' or 'bond for title' is the conveyance of real property by a grantor who finances the sale and retains title as security for the debt."

SECTION    2.    This act takes effect upon approval by the Governor and applies to a contract of sale or bond for title of real property recorded after that date.

----XX----

This web page was last updated on Friday, December 4, 2009 at 3:45 P.M.