South Carolina § 38-55-120 - Procedure when insurer fails to pay final judgment.
Full text of South Carolina South Carolina Code of Laws § 38-55-120 — Procedure when insurer fails to pay final judgment., with citation guidance and answers to common questions.
§ 38-55-120. Procedure when insurer fails to pay final judgment.
If an insurer fails to pay a final judgment rendered against it within fifteen days after the judgment becomes final, upon written application of the holder of the judgment the director or his designee shall give fifteen days' written notice to the insurer to pay the judgment and, upon the insurer's failure to pay the judgment within the time, shall revoke the license of the insurer to do business in this State and impound its bond or securities required to be deposited under Sections 38-9-80 through 38-9-140 or Section 38-15-30. In the event the director or his designee revokes the license of the insurer, he shall take any steps he considers necessary for the protection of the insurer's policyholders in this State. A judgment creditor may proceed with the collection of his judgment out of the securities in the possession of the director or his designee or the bond filed with him.
HISTORY: Former 1976 Code SECTION 38-55-120 [1947 (45) 322; 1952 Code SECTION 37-1202; 1962 Code SECTION 37-1212; 1964 (53) 2293] recodified as SECTION 38-57-120 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-5-810 [1947 (45) 322; 1948 (45) 1734; 1952 Code SECTION 37-191; 1962 Code SECTION 37-191] recodified as SECTION 38-55-120 by 1987 Act No. 155, SECTION 1; 1993 Act No. 181, SECTION 707.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-55-120
What does South Carolina Code of Laws § 38-55-120 cover?
Section 38-55-120 ("Procedure when insurer fails to pay final judgment.") 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 § 38-55-120?
A common citation format is "South Carolina Code of Laws § 38-55-120" (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 § 38-55-120 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.