Current Status Bill Number:987 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19980204 Primary Sponsor:Cork All Sponsors:Cork Drafted Document Number:bbm\9643jm.98 Residing Body:House Current Committee:Judiciary Committee 25 HJ Date of Last Amendment:19980402 Subject:Horizontal property regime, waiver of; nonprofit long-term residential care facilities co-owners to have two-thirds vote
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19980408 Introduced, read first time, 25 HJ
referred to Committee
Senate 19980407 Read third time, sent to House
Senate 19980402 Read second time
Senate 19980402 Committee amendment adopted
Senate 19980401 Committee report: Favorable with 11 SJ
amendment
Senate 19980204 Introduced, read first time, 11 SJ
referred to Committee
View additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
COMMITTEE AMENDMENT ADOPTED
April 2, 1998
S. 987
S. Printed 4/2/98--S.
Read the first time February 4, 1998.
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, IF THERE ARE CO-OWNERS THEN A TWO-THIRDS VOTE, RATHER THAN A UNANIMOUS VOTE, OF THE CO-OWNERS SUFFICES TO WAIVE THE REGIME.
Amend Title To Conform
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 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 if 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, that 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.