South Carolina Code 27-32-355. Trustee’s deed; release of lien extinguished by sale
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Terms Used In South Carolina Code 27-32-355
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
Ten days after a sale, absent the filing and service on the trustee of a judicial action to enjoin issuance of the trustee‘s deed to the timeshare estate or objecting to the sale on the grounds that the requirements of this article were not met by the trustee, the trustee must issue a trustee’s deed to the purchaser at the sale. This deed must be recorded in the Register of Deeds office in the county in which the timeshare estate is located. In addition, the trustee must prepare the necessary release or satisfaction of any lien extinguished by the sale and file those documents and the trustee’s deed at the appropriate Register of Deeds office.