South Carolina Code 27-32-305. Purpose
(1) recognize that timeshare estates are interests in real property used for vacation experience rather than for homestead purposes and that there are numerous timeshare estates in South Carolina;
Terms Used In South Carolina Code 27-32-305
- Contract: A legal written agreement that becomes binding when signed.
- Dependent: A person dependent for support upon another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Power of sale: means :
(a) an express written agreement in a mortgage identifying the mortgagor, mortgagee, and the trustee; or
(b) an express written provision in a timeshare instrument identifying the managing entity and the trustee which authorizes the trustee to sell the timeshare estate without judicial action at a foreclosure sale regularly conducted and duly held in accordance with this article. See South Carolina Code 27-32-310 - Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) recognize that the economic health and efficient operation of the vacation ownership industry are in part dependent upon the availability of an efficient and economical process for foreclosure;
(3) recognize the need to assist vacation ownership resort owners’ associations by simplifying and expediting the process of foreclosure of assessment liens and mortgage liens;
(4) reduce court congestion and cost to taxpayers by establishing streamlined procedures for foreclosure of assessment liens and mortgage liens against timeshare estates;
(5) establish those streamlined procedures by giving statutory recognition to the right of persons to privately contract for a power of sale as their remedy in lieu of a judicial foreclosure of liens on timeshare estates while specifically limiting the application of such nonjudicial foreclosure procedures to timeshare estates only.