A South Carolina Partial Release of Liens for Notes and Security Agreements is a legal document that allows a lender to release a specific portion or property from the lien placed on it due to a loan or other financial agreement. This partial release serves as proof that the lender has relinquished their claim on a specified portion of the property, thereby allowing the property owner to have more flexibility in its use or to secure additional financing. The South Carolina Partial Release of Liens for Notes and Security Agreements can be used in various situations where a borrower wants to remove the lien on a specific part of the property, such as a parcel of land, a building, or any individual asset that has been used to secure the loan. By obtaining a partial release, the borrower can obtain more favorable terms for the remaining portion of the property or asset that remains under the lien. Types of South Carolina Partial Release of Liens for Notes and Security Agreements include: 1. Real Estate Partial Release: This type of release is commonly used when the borrower wants to sell a portion of the property that is currently encumbered by a lien. The partial release allows the borrower to transfer ownership of the released portion, free from the claim of the lender. 2. Asset Partial Release: In cases where the borrower has used specific assets, such as machinery, vehicles, or equipment as collateral for the loan, an asset partial release can be obtained. This release enables the borrower to sell or transfer ownership of the released assets without any hindrance from the lender's claim. 3. Parcel Partial Release: This type of release is applicable when the borrower seeks to separate a particular parcel of land from the overall lien. By obtaining a parcel partial release, the borrower can sell, transfer, or develop the released parcel independently while still retaining the lien on the remaining land. The South Carolina Partial Release of Liens for Notes and Security Agreements is an essential document to ensure that the borrower and lender are in agreement about releasing a specific portion of the property from the lien. It protects both parties' interests and provides a clear record of what has been released, enabling the borrower to proceed with their plans while maintaining their obligations to the lender. It is advisable to consult with a qualified attorney when drafting and executing a South Carolina Partial Release of Liens for Notes and Security Agreements to ensure compliance with the state's laws and regulations.
South Carolina Partial Release of Liens for Notes and Security Agreements
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SECTION 29-3-330. Methods of satisfaction or release of security interest; affidavit. (A) In this section these words shall have the following meaning: (1) "Mortgage" means a lien against real property that is granted to secure the payment of money; a deed of trust must be given the same meaning as a "mortgage".
A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.
Once the loan is completely repaid the lender will release the lien on the title. The borrower can then go to any South Carolina DMV (Department of Motor Vehicles), and fill out an auto title transfer.
If you do not wish to continue any of your liens, no action is required. If you are a lienholder and need to remove a lien from a title, complete the lien release on the front of the title document, submit a letter on company letterhead or you may release the lien electronically on electronic titles.
State tax liens are active for 10 years. You cannot sell or refinance your property until you pay off your tax lien and receive a clear title.
In South Carolina, a claim of lien must be filed no later than 90 days after the last day on which the claimant furnished labor or materials to the project. Unlike many other states, South Carolina generally allows ?call-back? or warranty work to extend the time period in which a lien may be filed.
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 ...
Title 56 - Motor Vehicles. Chapter 19 - PROTECTION OF TITLES TO AND INTERESTS IN MOTOR VEHICLES. Section 56-19-480 - Transfer and surrender of certificates, license plates, registration cards and manufacturers' serial plates of vehicles sold as salvage, abandoned, scrapped or destroyed.