South Carolina § 29-3-40 - Priority of certain advancements by mortgage.
Full text of South Carolina South Carolina Code of Laws § 29-3-40 — Priority of certain advancements by mortgage., with citation guidance and answers to common questions.
§ 29-3-40. Priority of certain advancements by mortgage.
The holder of any mortgage of real property, when the mortgage contains provisions authorizing advancements thereunder for taxes, insurance premiums, public assessments and repairs, may make such advancements and, when made, they shall be secured by the mortgage and have the same rank and priority as the principal debt thereby secured and bear interest from the date of such advancements, as provided in the mortgage. Advancements made for taxes by any such mortgage holder shall be a first lien on the mortgaged real property to the extent of the taxes so paid with interest from the date of payment, regardless of the rank and priority of the mortgage under which such taxes are advanced.
HISTORY: 1962 Code SECTION 45-54; 1952 Code SECTION 45-54; 1942 Code SECTION 8712-1; 1935 (39) 307; 1982 Act No. 385, SECTION 57(2)(a).
Editor's Note
1982 Act No. 385, SECTION 1, provides as follows:
"Section 1. It is hereby explicitly stated by the terms of this act that the provisions of Title V Part A-Mortgage Usury Laws, Mortgages, Section 501(a)(1), and Part B-Business and Agricultural Loans, Sections 511 and 512 of Public Law No. 96-221 (94 Stat. 132) known as the Depository Institutions Deregulation and Monetary Control Act of 1980, as amended, shall not apply with respect to loans, mortgages, credit sales and advances made in this State, and that this State does not want the provisions of Title V, Part A-Mortgage Usury Laws, Mortgages, Section 501(a)(1) and Part B-Business and Agricultural Loans, Sections 511 and 512 of the Depository Institutions Deregulation and Monetary Control Act of 1980 to apply with respect to loans, mortgages, credit sales and advances made in this State."
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 29-3-40
What does South Carolina Code of Laws § 29-3-40 cover?
Section 29-3-40 ("Priority of certain advancements by mortgage.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 29-3-40?
A common citation format is "South Carolina Code of Laws § 29-3-40" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 29-3-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.