At any time after service and filing of the statement required under Section 29-5-90 the owner or any other person having an interest in or lien upon the property involved may secure the discharge of such property from such lien by filing in the office of clerk of court or register of deeds where such lien is filed his written undertaking, in an amount equal to one and one-third times the amount claimed in such statement, secured by the pledge of United States or State of South Carolina securities, by cash or by a surety bond executed by a surety company licensed to do business in this State, and upon the filing of such undertaking so secured the lien shall be discharged and the cash, securities or surety bond deposited shall take the place of the property upon which the lien existed and shall be subject to the lien. In the event of judgment for the person filing such statement in a suit brought pursuant to the provisions of this chapter, such judgment shall be paid out of the cash deposited or, in event of pledge of securities, it shall be paid from the proceeds of a sale of so much of the pledged securities as shall be necessary to satisfy such judgment or, in event of the filing of a surety bond, the surety company issuing such bond shall pay such amount found due, not to exceed the amount of the bond. Unless suit for enforcement of the lien is commenced as required by Section 29-5-120, the undertaking herein required shall be null and void and the principal therein shall have the right to have it canceled and such cash or securities deposited or pledged or surety bond filed shall be released from the lien herein provided.
HISTORY: 1962 Code Section 45-261; 1952 Code Section 45-261; 1950 (46) 2294; 1976 Act No. 635, Section 1.
Code Commissioner's Note
1997 Act No. 34, Section 1, directed the Code Commissioner to change all references to "Register of Mesne Conveyances" to "Register of Deeds" wherever appearing in the 1976 Code of Laws.
Structure South Carolina Code of Laws
Title 29 - Mortgages and Other Liens
Section 29-5-15. Filing requirements; penalty for frivolous lien.
Section 29-5-22. Reasonable rental value of tools, appliances, machinery, and equipment.
Section 29-5-23. Notice of Project Commencement; location notice; failure to file notice.
Section 29-5-25. Private security guard services at site of real estate improvement.
Section 29-5-26. Landscape services.
Section 29-5-27. Laborer and person defined.
Section 29-5-30. Lien against debtor with life estate or whose estate is less than fee simple.
Section 29-5-50. Lienor's preference over contractor.
Section 29-5-60. Proration of payments among lienors.
Section 29-5-70. Force of lien against existing recorded mortgage.
Section 29-5-80. Notice of nonresponsibility by owner of building or structure.
Section 29-5-90. Dissolution of lien for failure to serve and file statement; contents of statement.
Section 29-5-100. Proceedings not invalidated by inaccuracy of statement of account.
Section 29-5-110. Release of lien upon filing written undertaking and security.
Section 29-5-120. Time for bringing suit to enforce lien; dissolution and release of lien.
Section 29-5-130. Enforcement of certain liens before magistrate's court.
Section 29-5-140. Enforcement of lien by petition to court of common pleas.
Section 29-5-150. Service of petition.
Section 29-5-160. Contents of petition.
Section 29-5-170. Petition filed by multiple lienors.
Section 29-5-180. Amendments of pleadings.
Section 29-5-190. Notice to owner and other creditors.
Section 29-5-200. Notice by publication or other than personal service.
Section 29-5-210. Further notice of suit.
Section 29-5-220. Hearing on claims of lienors.
Section 29-5-230. Questions for jury.
Section 29-5-240. Determination of claims due but not yet payable.
Section 29-5-250. Recovery for part performance.
Section 29-5-260. Sale of premises if lien established.
Section 29-5-270. Sale of part of property.
Section 29-5-280. Notice of sale.
Section 29-5-290. Distribution of proceeds of sale.
Section 29-5-300. Distribution of proceeds by court.
Section 29-5-310. Distribution of surplus.
Section 29-5-320. Prior attaching creditor is preferred.
Section 29-5-330. Distribution of proceeds where there is attaching creditor.
Section 29-5-340. Subsequent attachments.
Section 29-5-350. Attachments intervening between two liens.
Section 29-5-360. Rights of creditors among themselves.
Section 29-5-380. Executor or administrator may enforce creditor's lien.
Section 29-5-390. Suits begun by one creditor may be prosecuted by another.
Section 29-5-400. Allowance of claim and costs of petitioning creditor.
Section 29-5-420. Civil action not barred.