South Carolina Code 27-32-315. Who may serve as trustee; appointment of successor trustee; notice of substitution of trustee
(1) attorney who is an active licensed member of the South Carolina Bar in good standing or a law firm whose members include such an attorney; or
Terms Used In South Carolina Code 27-32-315
- Lienholder: means a holder of an assessment lien or a holder of a mortgage lien, as applicable. See South Carolina Code 27-32-310
- 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 - Timeshare instrument: means the document or documents which provide the legal framework for the establishment of the method of interval ownership of the timeshare estate and is or are recorded at the office of Register of Deeds in the county in which the timeshare estate is located. See South Carolina Code 27-32-310
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means any person entitled to exercise a power of sale. See South Carolina Code 27-32-310
(2) title insurance company, title insurance agent, or title insurance agency licensed to do business in this State.
(B) An attorney who is a trustee under subsection (A)(1) may represent the lienholder foreclosing under this article in addition to performing the duties of a trustee under a power of sale.
(C) Successor trustees may be appointed by a lienholder at any time by recording a notice of substitution of trustee in the public records for the county in which the timeshare estate is located. From the time the substitution of trustee is recorded, the successor trustee succeeds to all the powers, duties, and authority of the original trustee and successor trustees, if any.
(D) The recorded notice of substitution of trustee must identify:
(1) the mortgage or timeshare instrument;
(2) the names of the original parties to the mortgage or timeshare instrument;
(3) the date of recordation of the mortgage or timeshare instrument;
(4) the official record book and page number where the mortgage or timeshare instrument is recorded;
(5) the name of the successor trustee; and
(6) the name of the trustee being replaced. The notice must recite acceptance by the successor trustee of his or her duties and must be dated, signed, and acknowledged by the lienholder and the successor trustee. A notice of substitution of trustee is valid for purposes of this article when made and recorded in accordance with this section. A resignation of the original or prior trustee is not required.
(E) The lienholder may not serve as the trustee.