In any foreclosure action the director shall be made a party defendant and shall take all steps in such action necessary to protect the interest of the public therein. No costs shall be awarded against the director. Foreclosure shall not be decreed unless the court to which application therefor is made shall be satisfied that the interests of the lienholder or holders cannot be adequately secured or safeguarded except by the sale of the property. In any such proceeding the court may make an order increasing the rental to be charged for the housing accommodations in the project involved in such foreclosure or appoint a receiver of the property or grant such other and further relief as may be reasonable and proper. In the event of a foreclosure sale or other judicial sale the property shall, except as provided in Section 31-1-690, be sold to a limited dividend housing corporation organized under this chapter, if such a corporation shall bid and pay a price for the property sufficient to pay court costs and all liens on the property with interest. Otherwise the property shall be sold free of all restrictions imposed by this chapter.
HISTORY: 1962 Code Section 36-58; 1952 Code Section 36-58; 1942 Code Section 5271-26; 1933 (38) 176; 1993 Act No. 181, Section 501.
Structure South Carolina Code of Laws
Title 31 - Housing and Redevelopment
Section 31-1-20. Declaration of legislative finding.
Section 31-1-30. General duties of Secretary of Commerce with respect to housing.
Section 31-1-40. Electrical power permits.
Section 31-1-50. Penalties for violating Section 31-1-40.
Section 31-1-110. Incorporation of limited dividend housing corporations.
Section 31-1-120. Purposes of limited dividend housing corporations.
Section 31-1-130. Par value shares.
Section 31-1-140. Declaration required in articles.
Section 31-1-150. Income debentures.
Section 31-1-160. Consideration for issuance of stocks, bonds, and income debentures.
Section 31-1-170. Limited return on stock.
Section 31-1-180. Limitations on actions by companies.
Section 31-1-190. Conveyances, leases, or subleases in violation of Section 31-1-180 shall be void.
Section 31-1-200. Regulation of limited dividend housing companies.
Section 31-1-210. Investigation of limited dividend housing companies.
Section 31-1-230. Provisions of general corporation law applicable.
Section 31-1-410. Approval of projects.
Section 31-1-420. Action by city council on plans, adoptions, or rejections by director.
Section 31-1-430. Charges included in term "cost".
Section 31-1-440. Receipt and disbursement of funds by trustee.
Section 31-1-450. Acquisition of required land.
Section 31-1-460. Prerequisites to condemnation.
Section 31-1-470. Sale or purchase of lands to or from municipality.
Section 31-1-480. Purchases by one limited dividend housing corporation of property of another.
Section 31-1-490. Consolidated and extended projects; operation of more than one project.
Section 31-1-610. Control of rentals.
Section 31-1-620. Payments covered by rentals.
Section 31-1-630. Reduction of rentals.
Section 31-1-640. Surplus; maximum payments on dissolution.
Section 31-1-660. Procedure in actions against limited dividend housing corporations.
Section 31-1-670. Mortgages and mortgage bonds.
Section 31-1-680. Foreclosure.
Section 31-1-690. Foreclosures free of restrictions of Section 31-1-680.
Section 31-1-700. Enforcement of judgments not relating to mortgage indebtedness.
Section 31-1-710. Reorganization of limited dividend housing corporations.
Section 31-1-810. Standards of Federal Department of Housing and Urban Development adopted.