(A) A sale conducted pursuant to § 27-32-345 forecloses and terminates all interest in the timeshare estate of all persons to whom notice is given under §§ 27-32-325 and 27-32-330 and of any other person claiming by, through, or under such person. A failure to give notice to any person entitled to notice does not affect the validity of the sale as to persons notified. A person entitled to notice but not given notice has the rights of a person not made a defendant in a judicial foreclosure. Any subsequent foreclosure required by failure to notify a party under § 27-32-330 may be conducted under this article.

(B) On the issuance of a certificate of sale pursuant to § 27-32-345, all rights of redemption foreclosed pursuant to this article terminate.

Terms Used In South Carolina Code 27-32-350

  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lienholder: means a holder of an assessment lien or a holder of a mortgage lien, as applicable. See South Carolina Code 27-32-310
  • Obligor: means either the mortgagor, the person obligated under a claim of lien, or the record owner of the timeshare estate as the context requires. See South Carolina Code 27-32-310

(C) The lienholder has no right to any deficiency judgment against the obligor after a sale of the obligor’s timeshare estate under this article as to the lien foreclosed.

(D) The validity of the sale is presumed upon the recording of the certificate of compliance and issuance of the certificate of sale.