Changes to South Carolina Mortgage Satisfaction Methods
Effective 6.2.2014 (Bill H. 3134)
Under the old code section if the original mortgage could not be located a Lost Mortgage Satisfaction was required. To record this type of satisfaction it was also necessary for the person executing the satisfaction to make an affidavit representing that he or the person he represents is “at the time of the satisfaction a bona fide owner and holder of the mortgage, deed of trust, or other instrument.” Under the revised code this affidavit is no longer required.
The old code provided that the maker of any false affidavit associated with the satisfaction is guilty of perjury. The revised code shifts the perjury to the maker of the satisfaction and further provides strict civil liability for all damages and reasonable attorney’s fees in the event the affidavit is false. S.C. Code Ann. §29-3-330(B)(3)(2014)