(A) A sale conducted pursuant to Section 27-32-345 forecloses and terminates all interest in the timeshare estate of all persons to whom notice is given under Sections 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 Section 27-32-330 may be conducted under this article.
(B) On the issuance of a certificate of sale pursuant to Section 27-32-345, all rights of redemption foreclosed pursuant to this article terminate.
(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.
HISTORY: 2000 Act No. 262, Section 1.
Structure South Carolina Code of Laws
Title 27 - Property and Conveyances
Chapter 32 - Vacation Time Sharing Plans
Section 27-32-10. Definitions.
Section 27-32-30. Materials to be kept among business records of seller of plans.
Section 27-32-40. Furnishing copy of contract to purchaser; terms thereof.
Section 27-32-50. Request to cancel contract.
Section 27-32-55. Vacation time sharing resale services; written contract; and other requirements.
Section 27-32-60. Refund upon cancellation; escrow account.
Section 27-32-70. Misrepresentation of right to cancel.
Section 27-32-80. Transfer of seller's interest in plan or facilities to third party.
Section 27-32-100. Public offering statements; contents.
Section 27-32-110. Prohibited practices.
Section 27-32-115. Finder's fees; limitations on finder's activities.
Section 27-32-120. Penalties for violation of chapter; effect on contract.
Section 27-32-130. Enforcement and implementation of chapter; regulations.
Section 27-32-160. Grants in aid and contracts with similar agencies to further objectives.
Section 27-32-170. Proceeds from sale or exchange exempt from sales tax.
Section 27-32-190. Registration of plans; powers of the commission.
Section 27-32-200. Vacation Time Sharing Recovery Fund.
Section 27-32-210. Recovery from fund; conditions.
Section 27-32-220. Limitations on payments from fund.
Section 27-32-240. Property taxation of time share units; valuation; assessment; enforcement.
Section 27-32-250. Sales or exchanges of vacation multiple ownership interests.
Section 27-32-300. Short title.
Section 27-32-310. Definitions.
Section 27-32-325. Conditions for exercise of power of sale by trustee.
Section 27-32-330. Notification of obligor; perfection of notice.
Section 27-32-345. Public sale procedures; certificate of sale.
Section 27-32-355. Trustee's deed; release of lien extinguished by sale.
Section 27-32-360. Disposition of proceeds of sale; costs and fees.
Section 27-32-365. Trustee's deed; contents; effect; liability of trustee.
Section 27-32-400. Citation of article.
Section 27-32-410. Timeshare closing; time; representation; notice to purchaser; contents.
Section 27-32-500. Short title.
Section 27-32-505. Purposes of article.
Section 27-32-510. Extension of vacation time sharing plan terms; voting; quorum; proxy.