Bill 3525

                    Current Status

Bill Number:               3525
Ratification Number:       482
Act Number                 413
Introducing Body:          House
Subject:                   Relating to compulsory disposition of
                           collateral

(A413, R482, H3525)

AN ACT TO AMEND SECTION 36-9-505, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO COMPULSORY DISPOSITION OF COLLATERAL, SO AS TO INCREASE THE NUMBER OF DAYS IN WHICH A SECURED PARTY SHALL DISPOSE OF COLLATERAL IN CERTAIN CASES FROM TWENTY-ONE DAYS TO NINETY DAYS.

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

Disposition of collateral

Section 1. Subsection (1) of Section 36-9-505 of the 1976 Code is amended by striking "twenty-one" on line seven and inserting "ninety". The subsection when amended shall read:

"(1) If the debtor has paid sixty percent of the cash price in

the case of a purchase money security interest in consumer goods

or sixty percent of the loan in the case of another security interest in consumer goods, and has not signed after default a statement renouncing or modifying his rights under this part a secured party who has taken possession of collateral must dispose of it under Section 36-9-504 and if he fails to do so within ninety days after he takes possession the debtor at his option may recover in conversion or under Section 36-9-507(1) on secured party's liability."

Time effective

Section 2. This act shall take effect upon approval by the

Governor.