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Current Status Bill Number:View additional legislative information at the LPITS web site.328 Ratification Number:60 Act Number:25 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990114 Primary Sponsor:Cork All Sponsors:Cork Drafted Document Number:l:\council\bills\gjk\20128sm99.doc Companion Bill Number:3691 Date Bill Passed both Bodies:19990428 Governor's Action:S Date of Governor's Action:19990601 Subject:Horizontal property regime, waiver of; co-owner of nonprofit long-term care facility, two-thirds vote; Property History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 19990618 Act No. A25 ------ 19990601 Signed by Governor ------ 19990526 Ratified R60 House 19990428 Read third time, enrolled for ratification House 19990427 Read second time House 19990421 Committee report: Favorable 25 HJ House 19990309 Introduced, read first time, 25 HJ referred to Committee Senate 19990304 Read third time, sent to House Senate 19990303 Read second time Senate 19990224 Committee report: Favorable 11 SJ Senate 19990114 Introduced, read first time, 11 SJ referred to Committee Versions of This Bill Revised on February 24, 1999 - Word format Revised on April 21, 1999 - Word format
(A25, R60, S328)
AN ACT 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 WHERE THERE ARE CO-OWNERS, THEN A TWO-THIRDS VOTE, RATHER THAN A UNANIMOUS VOTE, OF THE CO-OWNERS SUFFICES TO WAIVE THE REGIME.
Be it enacted by the General Assembly of the State of South Carolina:
Two-thirds of owners in a long-term care facility may waive regime
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 a horizontal property regime may 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, if 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 where 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, if the creditors in whose behalf the encumbrances are recorded agree to accept as security the undivided portions of the property owned by the debtors."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 26th day of May, 1999.
Approved the 1st day of June, 1999.
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