South Carolina Assignment of Principal Obligation and Guaranty

State:
Multi-State
Control #:
US-1089BG
Format:
Word; 
Rich Text
Instant download

Description

A guaranty is a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the guaranty will first try to collect or obtain performance from the debtor before trying to collect from the one making the guaranty (guarantor).

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FAQ

Chapter 23 - High-cost And Consumer Home Loans. Section 37-23-70. Prohibited acts; complaints; penalties; statute of limitations; enforcement; costs. (A) A lender may not engage knowingly or intentionally in the unfair act or practice of "flipping" a consumer home loan.

SECTION 37-2-104. "Consumer credit sale" defined. (e) with respect to a sale of goods or services, the amount financed does not exceed twenty-five thousand dollars. (b) a sale of an interest in land if the debt is secured by a first lien or equivalent security interest in real estate.

37-23-80: Prohibits prepayment penalties for loans less than $150,000.

No mortgage or deed having the effect of a mortgage or other lien shall constitute a lien upon any real estate after the lapse of twenty years from the date for the maturity of the lien.

?There is no statute of limitation on the foreclosure of a mortgage. It is only when the mortgage debt has been due after maturity for a time sufficient to raise a presumption that the same has been satisfied that mere delay will furnish a defense to foreclosure.

(B) As used in this section "continuous breach of the peace" means a pattern of repeated acts or conduct which either (1) directly disturbs the public peace or (2) disturbs the public peace by inciting or tending to incite violence.

Section 37-2-307 provides that a motor vehicle dealer may charge a closing fee if the dealer files it with the Department, pays the filing fee, includes it in the advertised price of the motor vehicle, discloses it on Page 4 3 the sales contract, and displays it in a conspicuous location in the dealership.

The lender may assign all or part of the guaranteed portion of the loan to one or more holders by using an Assignment Guarantee Agreement.

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South Carolina Assignment of Principal Obligation and Guaranty