Bill 3931

                    Current Status

Bill Number:               3931
Ratification Number:       547
Act Number                 460
Introducing Body:          House
Subject:                   Recording of release, etc.

(A460, R547, H3931)

AN ACT TO AMEND SECTION 29-3-780, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ENTRY OF RELEASE OF MORTGAGE ON LAND SOLD IN A FORECLOSURE SALE, SO AS TO DELETE CERTAIN LANGUAGE AND PROVISIONS AND TO REQUIRE THE OFFICER OF THE COURT MAKING THE SALE TO CAUSE TO BE RECORDED IN THE OFFICE WHERE THE FORECLOSED MORTGAGE IS RECORDED A RELEASE, CANCELLATION, AND SATISFACTION OF THE LIEN IN THE PRESCRIBED FORM; TO AMEND SECTION 29-3-790, RELATING TO MORTGAGES AND DEEDS OF TRUST, FORECLOSURE, AND THE FORM OF RELEASE OF THE LIEN, SO AS TO DELETE CERTAIN LANGUAGE AND PROVISIONS AND TO PROVIDE THAT THE RELEASE, CANCELLATION, AND SATISFACTION OF LIEN REQUIRED UNDER SECTION 29-3-780 MUST BE MADE IN WRITING AND SIGNED BY THE OFFICER AND MUST BE SET FORTH IN A SPECIFIED FORM; AND TO REPEAL SECTION 45-97.1, CODE OF LAWS OF SOUTH CAROLINA, 1962, RELATING TO THE PROVISION OF LAW THAT SECTION 45-97 OF THE 1962 CODE (THE MARKING OF SATISFACTION OF FORECLOSED MORTGAGES) DOES NOT APPLY IN SPARTANBURG COUNTY.

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

Recording of release, etc.

SECTION 1. Section 29-3-780 of the 1976 Code is amended to read:

"Section 29-3-780. Upon confirmation of the circuit court of the report of the master or the other officer making a sale of lands pursuant to decree of foreclosure, the officer of the court making the sale shall cause to be recorded in the office where the foreclosed mortgage is recorded a release, cancellation, and satisfaction of the lien in the form prescribed in Section 29-3-790. However, nothing in this section may be construed to satisfy any unpaid portion of the debt secured by the mortgage."

Release, cancellation, satisfaction, form

SECTION 2. Section 29-3-790 of the 1976 Code is amended to read:

"Section 29-3-790. The release, cancellation, and satisfaction of lien required under Section 29-3-780 must be made in writing and signed by the officer and must be in the following form:

'Lien of mortgage recorded in ___________________________________,

(Mortgage Book and Page)____________________________ is released, canceled, and satisfied by

(Office)

sale under foreclosure the ____ day of _______________, _____________.

(Month) (Year)

See Judgment Roll No. _________.'"

Exemption for Spartanburg County repealed

SECTION 3. Section 45-97.1 of the 1962 Code is repealed.

Time effective

SECTION 4. This act takes effect upon approval by the Governor.

Approved the 7th day of May, 1990.