reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.

(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:
(A) the reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;
(B) the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C) the satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(2) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under item (1)(C).
(3) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under Section 36-9-607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(4) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-609. Secured party's right to take possession after default.

(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 judicial process; or
(2) without judicial process, if it proceeds without breach of the peace.
(c) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-610. Disposition of collateral after default.

(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, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c) A secured party may purchase collateral:
(1) at a public disposition; or
(2) at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d) A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e) A secured party may disclaim or modify warranties under subsection (d):
(1) in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2) by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f) A record is sufficient to disclaim warranties under subsection (e) if it indicates "there is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-611. Notification before disposition of collateral.

(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 as otherwise provided in subsection (d), a secured party that disposes of collateral under Section 36-9-610 shall send to the persons specified in subsection (c) a reasonable authenticated notification of disposition.
(c) To comply with subsection (b), the secured party shall send an authenticated notification of disposition to:
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods:
(A) any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(B) any other secured party or lienholder that, ten days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i) identified the collateral;
(ii) was indexed under the debtor's name as of that date; and
(iii) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(C) any other secured party that, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in Section 36-9-311(a).
(d) Subsection (b) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(e) A secured party complies with the requirement for notification prescribed by subsection (c)(3)(B) if:
(1) not later than twenty days or earlier than thirty days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (c)(3)(B); and
(2) before the notification date, the secured party:
(A) did not receive a response to the request for information; or
(B) received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-612. Timeliness of notification before disposition of collateral.

(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 time of disposition set forth in the notification is sent within a reasonable time before the disposition.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-613. Contents and form of notification before disposition of collateral: general.

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;
(C) states the method of intended disposition;
(D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
(E) states the time and place of a public disposition or the time after which any other disposition is to be made.
(2) Whether the contents of a notification that lacks any of the information specified in item (1) are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in item (1) are sufficient, even if the notification includes:
(A) information not specified by that item; or
(B) minor errors that are not seriously misleading.
(4) A particular phrasing of the notification is not required.
(5) The following form of notification and the form appearing in Section 36-9-614(3), when completed, each provides sufficient information:
'NOTIFICATION OF DISPOSITION OF COLLATERAL
To: [Name of debtor, obligor, or other person to which the notification is sent]
From: [Name, address, and telephone number of secured party]
Name of Debtor(s): [Include only if debtor(s) are not an addressee]
[For a public disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows:
Day and Date:
Time:
Place:
We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date].
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $ ]. You may request an accounting by calling us at [telephone number]'.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-617. Rights of transferee of collateral.

(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 other subordinate lien.
(b) A transferee that acts in good faith takes free of the rights and interests described in subsection (a), even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding.
(c) If a transferee does not take free of the rights and interests described in subsection (a), the transferee takes the collateral subject to:
(1) the debtor's rights in the collateral;
(2) the security interest or agricultural lien under which the disposition is made; and
(3) any other security interest or other lien.
HISTORY: 2001 Act No. 67, Section 12.
Code Commissioner's Note
In 2014, at the direction of the Code Commissioner, in subsection (a)(3), deleted "[other than liens created under [cite acts or statutes providing for liens, if any, that are not to be discharged]]" to correct an error.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-618. Rights and duties of certain secondary obligors.

(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 agrees to accept the rights and assume the duties of the secured party; or
(3) is subrogated to the rights of a secured party with respect to collateral.
(b) An assignment, transfer, or subrogation described in subsection (a):
(1) is not a disposition of collateral under Section 36-9-610; and
(2) relieves the secured party of further duties under this chapter.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-619. Transfer of record or legal title.

(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 to the collateral;
(3) that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(4) the name and mailing address of the secured party, debtor, and transferee.
(b) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(1) accept the transfer statement;
(2) promptly amend its records to reflect the transfer; and
(3) if applicable, issue a new appropriate certificate of title in the name of the transferee.
(c) A transfer of the record or legal title to collateral to a secured party under subsection (b) or otherwise is not of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties under this chapter.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-621. Notification of proposal to accept collateral.

(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 a claim of an interest in the collateral;
(2) any other secured party or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(A) identified the collateral;
(B) was indexed under the debtor's name as of that date; and
(C) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(3) any other secured party that, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in Section 36-9-311(a).
(b) A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a).
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-622. Effect of acceptance of collateral.

(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 security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and
(4) terminates any other subordinate interest.
(b) A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this chapter.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-623. Right to redeem collateral.

(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 Section 36-9-615(a)(1).
(c) A redemption may occur at any time before a secured party:
(1) has collected collateral under Section 36-9-607;
(2) has disposed of collateral or entered into a contract for its disposition under Section 36-9-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 36-9-622.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-624. Waiver.

(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 Section 36-9-620(e) only by an agreement to that effect entered into and authenticated after default.
(c) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under Section 36-9-623 only by an agreement to that effect entered into and authenticated after default.
HISTORY: 2001 Act No. 67, Section 12.
Subpart 2
Noncompliance with Chapter
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-626. Action in which deficiency or surplus is in issue.

(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, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.
(2) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.
(3) Except as otherwise provided in Section 36-9-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:
(A) the proceeds of the collection, enforcement, disposition, or acceptance; or
(B) the amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.
(4) For purposes of item (3)(B), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum.
(5) If a deficiency or surplus is calculated under Section 36-9-615(f), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
(b) The limitation of the rules in subsection (a) to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-627. Determination of whether conduct was commercially reasonable.

(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 that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(b) A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(1) in the usual manner on any recognized market;
(2) at the price current in any recognized market at the time of the disposition; or
(3) otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(c) A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(1) in a judicial proceeding;
(2) by a bona fide creditors' committee;
(3) by a representative of creditors; or
(4) by an assignee for the benefit of creditors.
(d) Approval under subsection (c) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor.

(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 against the person, for failure to comply with this chapter; and
(2) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.
(b) A secured party is not liable because of 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 a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A) that the person is a debtor; and
(B) the identity of the person.
(c) A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:
(1) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2) an obligor's representation concerning the purpose for which a secured obligation was incurred.
(d) A secured party is not liable to any person under Section 36-9-625(c)(2) for its failure to comply with Section 36-9-616.
(e) A secured party is not liable under Section 36-9-625(c)(2) more than once with respect to any one secured obligation.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-629. Disposition of collateral by public sale.

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 wherein the secured party has substantially complied with the procedures provided in this part is conclusively considered to be commercially reasonable in all aspects.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-630. Contents of notice of sale.

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 property to be sold substantially as it is described in the security agreement pursuant to which the power of sale is being exercised and may add a further description as will acquaint bidders with the nature of the property;
(d) State the terms of the sale provided by the security agreement pursuant to which the sale is held, including the amount of the cash deposit, if any, to be made by the highest bidder at the sale;
(e) Include any other provisions required by the security agreement to be included therein;
(f) State that the property will be sold subject to taxes and special assessments if it is to be so sold.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-631. Posting and mailing notice of sale.

(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 posting of notice required by subsection 91), the secured party or other party holding a public sale shall, at least five days before the date of sale, mail by registered or certified mail a copy of the notice of sale to each debtor obligated under the security agreement:
(a) At the actual address of the debtors, if known to the secured party, or
(b) At the address, if any, furnished the secured party, in writing, by the debtors, or otherwise at the last known address.
(c) In the case of consumer goods, no other notification need be sent. In other cases, in addition to mailing a copy of the notice of sale to each debtor, the secured party shall also mail a copy of such notice by registered or certified mail to any other secured party from whom the secured party has received (before sending the notice of sale to the debtor) written notice of a claim or an interest in the collateral.
(4) The time for the posting of the notice of sale and the mailing of the notice required by this section shall be computed so as to exclude the first day of posting and mailing and to include the day on which the sale is to occur.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-632. Exception as to perishable property.

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 of court of the county in which the property is to be sold, and apply for authority to sell the property at an earlier date than is provided in this chapter. Upon the clerk's determination that the property is perishable or speedily depreciating property, he shall order a sale of the property to be held at a time and place and upon notice, if any, as he considers advisable.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-633. Postponement of public sale.

(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 bidders at the sale is substantially decreased by inclement weather or by any casualty; or
(c) When there are so many other sales advertised to be held at the same time and place as to make it inexpedient and impracticable in his judgment to hold the sale on that day; or
(d) When he is unable to hold the sale because of illness or for other good reason; or
(e) When other good cause exists.
(2) Upon postponement of a public sale, the person exercising the power of sale shall personally, or through his agent or attorney:
(a) At the time and place advertised for the sale, publicly announce the postponement of the sale;
(b) On the same day, attach to or enter on the original notice of sale or a copy of the original notice of sale, posted on the bulletin board provided for this purpose, as provided by Section 36-9-631 , a notice of the postponement.
(3) The posted notice of postponement shall:
(a) State that the public sale is postponed;
(b) State the hour and date to which the public sale is postponed;
(c) Substantially state the reason for the postponement;
(d) Be signed by the person authorized to hold the public sale, or by his agent or attorney.
(4) If a public sale is not held at the time fixed for the public sale and is not postponed as provided by this section, or if a postponed sale is not held at the time fixed for the postponed sale, the person authorized to hold the public sale may readvertise the property in the same manner as he was required to advertise the sale which was not held and may hold a public sale at a later date as is fixed in the new notice of sale.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-634. Procedure upon dissolution of order restraining or enjoining sale.

(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 additional notice at the time and place originally fixed for the public sale; or he may, in his discretion, make an order with respect to the public sale as provided in subsection (2).
(2) When, after the date fixed for a public sale, a judge of competent jurisdiction dissolves an order restraining or enjoining the sale, he shall, by order, fix the time and place for the sale to be held upon notice to be given and in a manner and for a length of time as he considers advisable.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-635. Disposition of proceeds of sale.

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.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-702. Savings clause.

(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 36-9-709:
(1) transactions and liens that were not governed by former Chapter 9, were validly entered into or created before this act takes effect, and would be subject to this act if they had been entered into or created after this act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this act takes effect; and
(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect.
(c) This act does not affect an action, case, or proceeding commenced before this act takes effect.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-703. Security interest perfected before effective date.

(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 requirements for enforceability and perfection under this act are satisfied without further action.
(b) Except as otherwise provided in Section 36-9-705, if, immediately before this act takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied when this act takes effect, the security interest:
(1) is a perfected security interest for one year after this act takes effect;
(2) remains enforceable thereafter only if the security interest becomes enforceable under Section 36-9-203 before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-704. Security interest unperfected before effective date.

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 enforceable thereafter if the security interest becomes enforceable under Section 36-9-203 when this act takes effect or within one year thereafter; and
(3) becomes perfected:
(A) without further action, when this act takes effect if the applicable requirements for perfection under this act are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-705. Effectiveness of action taken before effective date.

(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 this act takes effect, the action is effective to perfect a security interest that attaches under this act within one year after this act takes effect. An attached security interest becomes unperfected one year after this act takes effect unless the security interest becomes a perfected security interest under this act before the expiration of that period.
(b) 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 this act.
(c) This act does not render ineffective an effective financing statement that, before this act takes effect, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former Section 36-9-103. However, except as otherwise provided in subsections (d) and (e) and Section 36-9-706, the financing statement ceases to be effective at the earlier of:
(1) the time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or
(2) June 30, 2006.
(d) The filing of a continuation statement after this act takes effect does not continue the effectiveness of the financing statement filed before this act takes effect. However, upon the timely filing of a continuation statement after this act takes effect and in accordance with the law of the jurisdiction governing perfection as provided in Part 3, the effectiveness of a financing statement filed in the same office in that jurisdiction before this act takes effect continues for the period provided by the law of that jurisdiction.
(e) Subsection (c)(2) applies to a financing statement that, before this act takes effect, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former Section 36-9-103 only to the extent that Part 3 provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(f) A financing statement that includes a financing statement filed before this act takes effect and a continuation statement filed after this act takes effect is effective only to the extent that it satisfies the requirements of Part 5 for an initial financing statement.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-706. When initial financing statement suffices to continue effectiveness of financing statement.

(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 security interest under this act;
(2) the pre-effective-date financing statement was filed in an office in another state or another office in this State; and
(3) the initial financing statement satisfies subsection (c).
(b) The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement:
(1) if the initial financing statement is filed before this act takes effect, for the period provided in former Section 36-9-403 with respect to a financing statement; and
(2) if the initial financing statement is filed after this act takes effect, for the period provided in Section 36-9-515 with respect to an initial financing statement.
(c) To be effective for purposes of subsection (a), an initial financing statement must:
(1) satisfy the requirements of Part 5 for an initial financing statement;
(2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) indicate that the pre-effective-date financing statement remains effective.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-707. Pre-effective-date financing statement.

(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 the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(c) Except as otherwise provided in subsection (d), if the law of this State governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this chapter takes effect only if:
(1) the pre-effective-date financing statement and an amendment are filed in the office specified in Section 36-9-501;
(2) an amendment is filed in the office specified in Section 36-9-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies Section 36-9-706(c); or
(3) an initial financing statement that provides the information as amended and satisfies Section 36-9-706(c) is filed in the office specified in Section 36-9-501.
(d) If the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continue only under Section 36-9-705(d) and (f) or 36-9-706.
(e) Whether or not the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this State may be terminated after this chapter takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies Section 36-9-706(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 as the office in which to file a financing statement.
Section 36-9-707
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-708. Persons entitled to file initial financing statement or continuation statement.

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 act takes effect; or
(B) to perfect or continue the perfection of a security interest.
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-709. Priority.

(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 interest that becomes enforceable under Section 36-9-203 of this act dates from the time this act takes effect if the security interest is perfected under this act by the filing of a financing statement before this act takes effect which would not have been effective to perfect the security interest under former Chapter 9. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement."
HISTORY: 2001 Act No. 67, Section 12.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-802. Application and effect.

(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 act takes effect.
HISTORY: 2013 Act No. 96, Section 19, eff July 1, 2013.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-803. Effect on previously perfected security interests.

(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 Chapter 9, Title 36 as amended by this act are satisfied without further action.
(b) Except as otherwise provided in Section 36-9-805, if, immediately before this act takes effect, a security interest is a perfected security interest, but the applicable requirements for perfection under Chapter 9, Title 36 as amended by this act are not satisfied when this act takes effect, the security interest remains perfected thereafter only if the applicable requirements for perfection under Chapter 9, Title 36 as amended by this act are satisfied within one year after this act takes effect.
HISTORY: 2013 Act No. 96, Section 19, eff July 1, 2013.
2023 South Carolina Code of Laws › Title 36 - Commercial Code › Chapter 9 - Commercial Code - Secured Transactions › Section 36-9-804. Timing of perfection of preexisting security interests.

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 by this act are satisfied before or at that time; or
(2) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
HISTORY: 2013 Act No. 96, Section 19, eff July 1, 2013.