South Carolina Statutes
§ 27-31-130 — Waiver of regime and merger of apartment records with principal property.
(A)All the co-owners or the sole owner of the property constituted into a horizontal property regime may waive the regime and regroup or merge the records of the individual apartments with the principal property, if the individual apartments are unencumbered, or if encumbered, if the creditors in whose behalf the encumbrances are recorded agree to accept as security the undivided portions of the property owned by the debtors.
(B)Notwithstanding subsection (A), in the case of nonprofit long-term care retirement or life care facilities where there are co-owners, a two-thirds vote of the co-owners suffices to waive the regime and regroup or merge the records of the individual apartments with the principal property if the individual apartments are unencumbered, or if encumbered, if the credi
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South Carolina § 27-31-130 (Waiver of regime and merger of apartment records with principal property.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 57-506; 1962 (52) 1866; 1967 (55) 449; 1999 Act No. 25, SECTION 1.
Nearby Sections
15
§ 27-31-10
Short title.§ 27-31-100
Master deed or lease; contents.§ 27-31-110
Plot plan and building plan.§ 27-31-150
Administration of property; bylaws.§ 27-31-180
Records of receipts and expenditures.§ 27-31-190
Expenses shall be shared.§ 27-31-20
Definitions.§ 27-31-200
Unpaid assessments; payment upon sale.§ 27-31-210
Lien for unpaid assessments; right of mortgagee or purchaser acquiring title at foreclosure sale.§ 27-31-220
Liability of purchaser of apartment.