No mortgagee shall be entitled to maintain any possessory action for the real estate mortgaged, even after the time allotted for the payment of the money secured by mortgage is elapsed, but the mortgagor shall be deemed the owner of the land and the mortgagee as owner of the money lent or due and the mortgagee shall be entitled to recover satisfaction for such money out of the land by foreclosure and sale according to law. But notwithstanding the foregoing provision all releases of the equity of redemption shall be binding and effectual in law.
S.C. Code Ann. § 29-3-10
Rights and title of mortgagor and mortgagee
Applied in 4 court decisions — leading case Peoples Federal Savings & Loan Ass'n v. Myrtle Beach Golf & Yacht Club (1992)
Most recently applied in Epstein v. Coastal Timber Co., Inc. (July 2011)
1962 Code SECTION 45-51; 1952 Code SECTION 45-51; 1942 Code SECTION 8701; 1932 Code SECTION 8701; Civ
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.