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South Carolina Statutes, Title 36

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Title 36, Commercial Code

11 chapters · 517 sections in this title.

All chapters in Title 36517 Ch 9, Title 36, Chapter 9150 Ch 2, Title 36, Chapter 2112 Ch 3, Title 36, Chapter 368 Ch 8, Title 36, Chapter 851 Ch 4, Title 36, Chapter 441 Ch 7, Title 36, Chapter 741 Ch 1, Title 36, Chapter 124 Ch 5, Title 36, Chapter 519 Ch 11, Title 36, Chapter 118 Ch 10, Title 36, Chapter 103

150 sections·Filtered byTitle 36✕Ch 9✕

S.C. Code Ann. § 36-9-602 Waiver and variance of rights and duties
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Except as otherwise provided in Section 36-9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (1) Section 36-9-207(b)(4)(C), which d…
S.C. Code Ann. § 36-9-603 Agreement on standards concerning rights and duties
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(a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in Section 36-9-602 if the standards are not manifestly unreasonable. (b) Subsection (a) does not apply to…
S.C. Code Ann. § 36-9-604 Procedure if security agreement covers real property or fixtures
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(a) If a security agreement covers both personal and real property, a secured party may proceed: (1) under this part as to the personal property without prejudicing any rights with respect to the real property; or (2) as to both the personal property and the real property in acco…
S.C. Code Ann. § 36-9-605 Unknown debtor or secondary obligor
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A secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, unless the secured party knows: (A) that the person is a debtor or obligor; (B) the identity of the person; and (C) how to communicate with the person; or (2) to…

S.C. Code Ann. § 36-9-606 Time of default for agricultural lien

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For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.

S.C. Code Ann. § 36-9-607 Collection and enforcement by secured party

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(a) If so agreed, and in any event after default, a secured party: (1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; (2) may take any proceeds to which the secured p…

S.C. Code Ann. § 36-9-608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus

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(a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under Section 36-9-607 in the following order to:…

S.C. Code Ann. § 36-9-609 Secured party's right to take possession after default

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(a) After default, a secured party: (1) may take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under Section 36-9-610. (b) A secured party may proceed under subsection (a): (1) pursuant to jud…

S.C. Code Ann. § 36-9-610 Disposition of collateral after default

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(a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (b) Every aspect of a disposition of collateral, including the method, ma…

S.C. Code Ann. § 36-9-611 Notification before disposition of collateral

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(a) In this section, "notification date" means the earlier of the date on which: (1) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (2) the debtor and any secondary obligor waive the right to notification. (b) Except…

S.C. Code Ann. § 36-9-612 Timeliness of notification before disposition of collateral

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(a) Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest tim…

S.C. Code Ann. § 36-9-613 Contents and form of notification before disposition of collateral: general

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Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) describes the debtor and the secured party; (B) describes the collateral that is the subject of the intended disposition; (…

S.C. Code Ann. § 36-9-614 Contents and form of notification before disposition of collateral: consumer-goods transaction

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In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (A) the information specified in Section 36-9-613(1); (B) a description of any liability for a deficiency of the person to which the notification …

S.C. Code Ann. § 36-9-615 Application of proceeds of disposition; liability for deficiency and right to surplus

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(a) A secured party shall apply or pay over for application the cash proceeds of disposition under Section 36-9-610 in the following order to: (1) the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for b…

S.C. Code Ann. § 36-9-616 Explanation of calculation of surplus or deficiency

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(a) In this section: (1) "Explanation" means a writing that: (A) states the amount of the surplus or deficiency; (B) provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency; (C) states, if applicable, that future deb…

S.C. Code Ann. § 36-9-617 Rights of transferee of collateral

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(a) A secured party's disposition of collateral after default: (1) transfers to a transferee for value all of the debtor's rights in the collateral; (2) discharges the security interest under which the disposition is made; and (3) discharges any subordinate security interest or o…

S.C. Code Ann. § 36-9-618 Rights and duties of certain secondary obligors

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(a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an assignment of a secured obligation from the secured party; (2) receives a transfer of collateral from the secured party and ag…

S.C. Code Ann. § 36-9-619 Transfer of record or legal title

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(a) In this section, "transfer statement" means a record authenticated by a secured party stating: (1) that the debtor has defaulted in connection with an obligation secured by specified collateral; (2) that the secured party has exercised its post-default remedies with respect t…

S.C. Code Ann. § 36-9-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral

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(a) Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (1) the debtor consents to the acceptance under subsection (c); (2) the secured party does not receive, within the time …

S.C. Code Ann. § 36-9-621 Notification of proposal to accept collateral

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(a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of…

S.C. Code Ann. § 36-9-622 Effect of acceptance of collateral

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(a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor's rights in the collateral; (3) discharges the s…

S.C. Code Ann. § 36-9-623 Right to redeem collateral

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(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender: (1) fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses and attorney's fees described in Sec…

S.C. Code Ann. § 36-9-624 Waiver

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(a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 36-9-611 only by an agreement to that effect entered into and authenticated after default. (b) A debtor may waive the right to require disposition of collateral under …

S.C. Code Ann. § 36-9-625 Remedies for secured party's failure to comply with chapter

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(a) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (b) Subject to subsections (c), (d), and (f), a person is liab…

S.C. Code Ann. § 36-9-626 Action in which deficiency or surplus is in issue

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(a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) A secured party need not prove compliance with the provisions of this part relating to collection, enforcemen…

S.C. Code Ann. § 36-9-627 Determination of whether conduct was commercially reasonable

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(a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing th…

S.C. Code Ann. § 36-9-628 Nonliability and limitation on liability of secured party; liability of secondary obligor

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(a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: (1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement again…

S.C. Code Ann. § 36-9-629 Disposition of collateral by public sale

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Disposition of collateral by public proceedings as permitted by Section 36-9-610 may be made in accordance with the provisions of this part. The provisions of this part are not mandatory for disposition by public proceedings, but any disposition of the collateral by public sale w…

S.C. Code Ann. § 36-9-630 Contents of notice of sale

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The notice of sale shall substantially: (a) Refer to the security agreement pursuant to which the sale is held; (b) Designate the date, hour, and place of sale consistent with the provisions of the security agreement and the provisions found in this part; (c) Describe personal pr…

S.C. Code Ann. § 36-9-631 Posting and mailing notice of sale

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(1) In each public sale conducted, the notice of sale must be posted on a bulletin board provided for the posting of legal notices, in the courthouse, in the county in which the sale is to be held, for at least five days immediately preceding the sale. (2) In addition to the post…

S.C. Code Ann. § 36-9-632 Exception as to perishable property

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If in the opinion of a secured party about to conduct a public sale of personal property, the property is perishable because subject to rapid deterioration or threatens to decline speedily in value, he may report this fact, together with a description of the property to the clerk…

S.C. Code Ann. § 36-9-633 Postponement of public sale

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(1) Any person exercising a power of sale or conducting a public sale may postpone the sale to a day certain not later than six days, exclusive of Sunday, after the original date for the sale: (a) When there are no bidders; or (b) When, in his judgment, the number of prospective …

S.C. Code Ann. § 36-9-634 Procedure upon dissolution of order restraining or enjoining sale

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(1) When, before the date fixed for a sale, a judge of competent jurisdiction dissolves an order restraining or enjoining the sale, he may, if the required notice of sale has been given, as provided in Section 36-9-631, provide by order that the public sale must be held without a…

S.C. Code Ann. § 36-9-635 Disposition of proceeds of sale

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The proceeds of any sale or other disposition of the collateral must be applied by the person making the sale in the manner prescribed by Section 36-9-615 and by other applicable provisions of law.

S.C. Code Ann. § 36-9-702 Savings clause

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(a) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect. (b) Except as otherwise provided in subsection (c) and Sections 36-9-703 through 36…

S.C. Code Ann. § 36-9-703 Security interest perfected before effective date

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(a) A security interest that is enforceable immediately before this act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, when this act takes effect, the applicable requir…

S.C. Code Ann. § 36-9-704 Security interest unperfected before effective date

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A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest for one year after this act takes effect; (2) remains …

S.C. Code Ann. § 36-9-705 Effectiveness of action taken before effective date

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(a) If action, other than the filing of a financing statement, is taken before this act takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before …

S.C. Code Ann. § 36-9-706 When initial financing statement suffices to continue effectiveness of financing statement

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(a) The filing of an initial financing statement in the office specified in Section 36-9-501 continues the effectiveness of a financing statement filed before this act takes effect if: (1) the filing of an initial financing statement in that office would be effective to perfect a…

S.C. Code Ann. § 36-9-707 Pre-effective-date financing statement

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(a) In this section, "pre-effective-date financing statement" means a financing statement filed before this chapter takes effect. (b) After this chapter takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend …

S.C. Code Ann. § 36-9-708 Persons entitled to file initial financing statement or continuation statement

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A person may file an initial financing statement or a continuation statement under this part if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary under this part: (A) to continue the effectiveness of a financing statement filed before this ac…

S.C. Code Ann. § 36-9-709 Priority

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(a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, former Chapter 9 determines priority. (b) For purposes of Section 36-9-322(a), the priority of a security int…

S.C. Code Ann. § 36-9-802 Application and effect

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(a) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect. (b) This act does not affect an action, case, or proceeding commenced before this a…

S.C. Code Ann. § 36-9-803 Effect on previously perfected security interests

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(a) A security interest that is a perfected security interest immediately before this act takes effect is a perfected security interest under Chapter 9, Title 36 as amended by this act if, when this act takes effect, the applicable requirements for attachment and perfection under…

S.C. Code Ann. § 36-9-804 Timing of perfection of preexisting security interests

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A security interest that is an unperfected security interest immediately before this act takes effect becomes a perfected security interest: (1) without further action, when this act takes effect if the applicable requirements for perfection under Chapter 9, Title 36 as amended b…

S.C. Code Ann. § 36-9-805 Effect of previous filing of financing statement

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(a) The filing of a financing statement before this act takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Chapter 9, Title 36, as amended by this act. (b) This act does not render ineff…

S.C. Code Ann. § 36-9-806 Filing of initial financing statement; requirements

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(a) The filing of an initial financing statement in the office specified in Section 36-9-501 continues the effectiveness of a financing statement filed before this act takes effect if: (1) the filing of an initial financing statement in that office would be effective to perfect a…

S.C. Code Ann. § 36-9-807 Pre-effective-date financing statement defined; addition or deletion of collateral; effect of pre-effective-date financing statement

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(a) In this section, "preeffective-date financing statement" means a financing statement filed before this act takes effect. (b) After this act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the infor…

S.C. Code Ann. § 36-9-808 Filing of initial financing statement or continuation statement

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A person may file an initial financing statement or a continuation statement under this part if the: (1) secured party of record authorizes the filing; and (2) filing is necessary under this part to: (A) continue the effectiveness of a financing statement filed before this act ta…

S.C. Code Ann. § 36-9-809 Determination of priority

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This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, former Chapter 9, Title 36 determines priority.