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					                                 South Carolina General Assembly
                                     116th Session, 2005-2006

H. 4877

STATUS INFORMATION

General Bill
Sponsors: Reps. Clemmons, Cotty, Ballentine, Agnew, G.M. Smith, Talley, Lucas, McGee and Weeks
Document Path: l:\council\bills\agm\18262mm06.doc

Introduced in the House on March 23, 2006
Currently residing in the House Committee on Judiciary

Summary: Mortgages or other liens


HISTORY OF LEGISLATIVE ACTIONS

    Date   Body Action Description with journal page number
 3/23/2006 House Introduced and read first time HJ-12
 3/23/2006 House Referred to Committee on Judiciary HJ-12


VERSIONS OF THIS BILL

3/23/2006
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 9                                A BILL
10
11   TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA,
12   1976, BY ADDING SECTION 30-7-15 SO AS TO PROVIDE
13   FOR A DOCUMENT OF RESCISSION TO CORRECT AN
14   ERRONEOUS RECORDING OF A SATISFACTION OF A
15   MORTGAGE OR OTHER LIEN AFFECTING REAL
16   PROPERTY, TO PROTECT A PRIORITY CREDITOR WHO
17   RECORDS AFTER THE ERRONEOUS RECORDING, AND TO
18   PROVIDE A CIVIL CAUSE OF ACTION FOR A PERSON
19   INJURED BY A WRONGFUL RECORDING OF A
20   DOCUMENT OF RESCISSION.
21
22   Be it enacted by the General Assembly of the State of South
23   Carolina:
24
25   SECTION 1. Chapter 7, Title 30 of the 1976 Code is amended by
26   adding:
27
28      “Section 30-7-15. (A) In this section, ‘document of rescission’
29   means a document stating that an identified satisfaction or affidavit
30   of satisfaction of a mortgage or other lien affecting real property
31   was recorded erroneously or that a mortgage or other lien affecting
32   real property was satisfied of record erroneously, the secured
33   obligation remains unsatisfied, and the mortgage or other lien
34   affecting real property remains in force.
35      (B) If a person records a satisfaction or affidavit of satisfaction
36   of a mortgage or other lien affecting real property in error or a
37   mortgage or other lien affecting real property is satisfied of record
38   erroneously by another means, the person or the secured creditor
39   may execute and record a document of rescission. Upon
40   recording, the document of rescission rescinds the erroneously
41   recorded satisfaction or affidavit and the erroneous satisfaction of


     [4877]                            1
 1   record of the mortgage or other lien affecting real property and
 2   reinstates the mortgage or other lien affecting real property.
 3      (C) A recorded document of rescission does not affect the
 4   rights of a person that:
 5        (1) records an interest in the real property described in a
 6   mortgage or other lien affecting real property after the recording of
 7   the satisfaction or affidavit of satisfaction of the mortgage or other
 8   lien affecting real property or the erroneous satisfaction of record
 9   of the mortgage or other lien affecting real property by other
10   means and before the recording of the document of rescission; and
11        (2) would otherwise have priority over or take free of the
12   lien created by the mortgage or other lien affecting real property as
13   reinstated.
14      (D) A person who erroneously or wrongfully records a
15   document of rescission is liable to a person injured by the
16   recording of the actual loss caused by the recording and reasonable
17   attorney’s fees and costs.”
18
19   SECTION 2. This act takes effect upon approval by the Governor.
20                            ----XX----
21




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