South Carolina § 29-1-50 - Unlawful use of dual contracts to induce loan commitment on real property.
Full text of South Carolina South Carolina Code of Laws § 29-1-50 — Unlawful use of dual contracts to induce loan commitment on real property., with citation guidance and answers to common questions.
§ 29-1-50. Unlawful use of dual contracts to induce loan commitment on real property.
It shall be unlawful for any person to knowingly make, issue, deliver or receive dual contracts for the purchase or sale of real property. "Dual contracts", either written or oral, are two contracts concerning the same parcel of real property, one of which states the true and actual purchase price and one of which states a purchase price in excess of the true and actual purchase price and is used as an inducement for mortgage investors to make a loan commitment on such real property in reliance upon the stated inflated value.
Any person violating the provisions of this section shall be deemed guilty of a misdemeanor and upon conviction shall be fined not more than five hundred dollars or be imprisoned for not more than six months, or both.
HISTORY: 1962 Code SECTION 45-6; 1966 (54) 2284.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 29-1-50
What does South Carolina Code of Laws § 29-1-50 cover?
Section 29-1-50 ("Unlawful use of dual contracts to induce loan commitment on real property.") 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 § 29-1-50?
A common citation format is "South Carolina Code of Laws § 29-1-50" (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 § 29-1-50 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.