South Carolina Code 36-3-506. to 36-3-511
Former § 36-3-506 was entitled "Time allowed for acceptance or payment" and was derived from 1962 Code Section 10.3-506; 1966 (54) 2716.
Terms Used In South Carolina Code 36-3-506
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- Statute: A law passed by a legislature.
Former § 36-3-507 was entitled "Dishonor; holder’s right of recourse; term allowing representment" and was derived from 1962 Code Section 10.3-507; 1966 (54) 2716.
Former § 36-3-508 was entitled "Notice of dishonor" and was derived from 1962 Code Section 10.3-508; 1966 (54) 2716.
Former § 36-3-509 was entitled "Protest; noting for protest" and was derived from 1962 Code Section 10.3-509; 1966 (54) 2716.
Former § 36-3-510 was entitled "Evidence of dishonor and notice of dishonor" and was derived from 1962 Code Section 10.3-510; 1966 (54) 2716.
Former § 36-3-511 was entitled "Waived or excused presentment, protest or notice of dishonor or delay therein" and was derived from 1962 Code Section 10.3-511; 1966 (54) 2716.
Part 6
Discharge and Payment
Editor’s Note
2008 Act No. 204, Section 1, provides in part as follows:
"The South Carolina Reporters’ Comments contained in Chapters 3 and 4 of Title 36, may not be reproduced in whole or in part in any form or for inclusions in any material which is offered for sale without the express written permission of the Clerk of the South Carolina Senate."
2008 Act No. 204, Section 4.A, provides as follows:
"This act applies to a transaction occurring on or after the effective date [July 1, 2008] of this act. This act does not apply to a transaction or event, or obligation or duty arising out of or associated with a transaction or event, before the effective date of this act."
2008 Act No. 204, Section 4.B, provides as follows:
"A transaction occurring before the effective date [july 1, 2008] of this act and the rights, obligations, and interests flowing from that transaction are governed by any statute or other law amended or repealed by this act as if repeal or amendment had not occurred and may be terminated, completed, consummated, or enforced under that statute or other law."