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TO AMEND SECTION 27-31-130, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO WAIVER OF A HORIZONTAL PROPERTY REGIME AND REGROUPING OR MERGER OF RECORDS OF THE INDIVIDUAL APARTMENTS WITH THE PRINCIPAL PROPERTY, SO AS TO ALLOW THE ACTIONS UPON A VOTE OF A SIMPLE MAJORITY OF THE CO-OWNERS OF A PROPERTY, OTHER THAN A NONPROFIT LONG-TERM CARE RETIREMENT OR LIFE CARE FACILITY, AND TO DELETE THE REQUIREMENT OF A VOTE BY THE CREDITORS OF ENCUMBERED INDIVIDUAL APARTMENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 27-31-130 of the 1976 Code, as last amended by Act 25 of 1999, is further amended to read:
"Section 27-31-130. (A) All the A simple majority of 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 creditors in whose behalf the encumbrances are recorded agree to accept as security the undivided portions of the property owned by the debtors."
SECTION 2. This act takes effect upon approval by the Governor.
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