Any mortgage or other instrument executed by a gas or electrical utility or electric cooperative transacting business in this State which by its terms creates a lien upon any real property interest then owned or thereafter acquired and which is recorded as a mortgage of real property in any county in which the property is located or is to be located shall have the same force and effect as if the mortgage or other instrument were also recorded or filed in the proper office in the county as a mortgage of personal property. Recordation of the mortgage or other instrument shall cause the lien thereof to attach to all after-acquired property of the mortgagor of the nature therein described immediately upon the acquisition thereof by mortgagor and the lien is superior to all claims of creditors of the mortgagor and purchasers of these real property interests, except prior liens of record, affecting the property. The gas or electrical utility or electric cooperative shall file a notice in every county in which the utility intends to claim the benefit of this provision of law and referencing the book and page number of the mortgage or other instrument which is entitled to the benefit of this provision of law. Thereafter, there shall be no further document necessary to create or give notice of the lien upon the real property interest thereafter acquired by the gas or electrical utility or electric cooperative.
HISTORY: 1993 Act No. 141, Section 3.
Editor's Note
1993 Act No. 141, Section 5, effective June 14, 1993, provides as follows:
"SECTION 5. The provisions provided for gas or electrical utilities or electric cooperatives in Sections 29-1-10, 29-3-50(B), 29-3-80, and 29-3-90 of this act shall be construed as cumulative authority and shall not be construed to impliedly repeal any existing laws affecting mortgages and liens of gas or electrical utilities or electric cooperatives."
Structure South Carolina Code of Laws
Title 29 - Mortgages and Other Liens
Chapter 3 - Mortgages And Deeds Of Trust Generally
Section 29-3-10. Rights and title of mortgagor and mortgagee.
Section 29-3-20. Prior mortgages may be redeemed by second mortgagees.
Section 29-3-30. Mortgagee may pay taxes.
Section 29-3-40. Priority of certain advancements by mortgage.
Section 29-3-70. Limitation on requirement of casualty insurance by mortgagee.
Section 29-3-100. Validity of certain assignments of rents, issues, or profits.
Section 29-3-310. Request for entry of satisfaction.
Section 29-3-320. Liability for failure to enter satisfaction.
Section 29-3-330. Methods of satisfaction or release of security interest; affidavit.
Section 29-3-340. Certificate of satisfaction.
Section 29-3-345. Document of rescission.
Section 29-3-350. Entry of cancellation on indexes.
Section 29-3-360. Application for rule to show cause why satisfaction must not be entered.
Section 29-3-370. Proceedings where rule to show cause issues.
Section 29-3-380. Submission to jury to decide whether mortgage paid.
Section 29-3-390. Alternative procedure for rule to show cause against satisfaction.
Section 29-3-400. Entry in index to lis pendens.
Section 29-3-410. Issuance of rule to show cause; service of rule.
Section 29-3-420. Service by publication on certain parties.
Section 29-3-430. Order to cancel mortgage or release lien upon failure to show sufficient cause.
Section 29-3-440. Persons on whom satisfaction by order of court is binding.
Section 29-3-450. Cumulative nature of foregoing sections.
Section 29-3-460. Abatement of notice of lis pendens.
Section 29-3-470. Release of portion of mortgaged premises.
Section 29-3-610. Personal representative of deceased mortgagor as party.
Section 29-3-620. Mortgagor as party.
Section 29-3-625. Expedited mortgage foreclosures for abandoned property.
Section 29-3-630. Debt secured must be established before sale by mortgagee.
Section 29-3-650. Court may render judgment and order sale at same time.
Section 29-3-660. Deficiency judgment.
Section 29-3-670. Deficiency shall not be extinguished on purchase by mortgagee.
Section 29-3-680. Application for order of appraisal.
Section 29-3-690. Extension of time for filing for appraisal.
Section 29-3-700. Order for appraisal.
Section 29-3-710. Appointment of appraisers.
Section 29-3-720. Appraisal of the mortgaged property.
Section 29-3-730. Effect of failure of appraisers to agree.
Section 29-3-740. Return of appraisers; effect of return on deficiency judgment.
Section 29-3-750. Appeal from return of appraisers.
Section 29-3-760. Compensation and costs of appraisers and clerk.
Section 29-3-770. Application of appraisal provisions to present and future mortgages.
Section 29-3-780. Entry of release of mortgage on land sold in foreclosure sale.
Section 29-3-790. Form of release of lien.
Section 29-3-800. Foreclosure of liens; boundary clarification.