1. (A) In this section, "document of rescission" means a document stating that an identified satisfaction or affidavit of satisfaction of a mortgage or other lien affecting real property was recorded erroneously or that a mortgage or other lien affecting real property was satisfied of record erroneously, the secured obligation remains unsatisfied, and the mortgage or other lien affecting real property remains in force.
2. (B) If a satisfaction or affidavit of satisfaction of a mortgage or other lien affecting real property is recorded in error or a mortgage or other lien affecting real property is satisfied of record erroneously by another means, a document of rescission that has been duly witnessed and notarized in compliance with Section 30-5-30 may be executed and recorded. Upon recording, the document of rescission rescinds the erroneously recorded satisfaction or affidavit and the erroneous satisfaction of record of the mortgage or other lien affecting real property and reinstates the mortgage or other lien affecting real property as of the mortgage's original filing date. The clerk of court, register of deeds, or registrar of mesne conveyance shall index the document of rescission as of the date of filing.

3. (C)

   1. (1) A recorded document of rescission has no effect and does not constitute a lien as to the rights of any grantee or lien creditor, their heirs, successors, or assigns who records an interest in the real property described in a mortgage or other lien affecting real property after the recording of the satisfaction or affidavit of satisfaction of the mortgage, or other lien affecting real property and before the recording of the document of rescission, with a grantee under deed of title taking the property free and clear of the mortgage or other lien that was erroneously satisfied if the deed of title was received during the time period between the recording of the erroneous satisfaction and the end of the next business day observed at the clerk of court, register of deeds, or registrar of mesne conveyance's office following the recording of the document of rescission; and
   2. (2) any person or entity otherwise having priority over or taking free of the lien created by the mortgage or other lien affecting real property as reinstated.
4. (D) A creditor who erroneously or wrongfully records a document of rescission is liable to a person injured by the recording for a sum of money not exceeding one-half of the original face amount of the debt secured by the mortgage or twenty-five thousand dollars, whichever is less, plus actual damages, costs, and attorney's fees.
5. (E) The clerk of court, register of deeds, or registrar of mesne conveyance shall collect a filing fee of six dollars, and an additional one dollar per page for a document containing more than one page.

6. (F) The "document of rescission" must be in a form substantially similar to:

   STATE OF SOUTH CAROLINA
   )
   DOCUMENT OF RESCISSION
   COUNTY OF
   )
   AFFIDAVIT

   For Book _, Page _

   Pursuant to Section 29-3-345 of S. C. Code of Laws

   The undersigned on oath, being first duly sworn, hereby certifies as follows:

   1. The undersigned is an authorized representative of _, the identified mortgagee/lien holder of the mortgage/lien ("Mortgage") filed at Book _, Page _ in the above-referenced County.

   2. With respect to the Mortgage, given by _ to _ dated _ and recorded in the above County in the Office of the Register of Deeds, this is to represent and certify that the mortgagee inadvertently and mistakenly marked the Mortgage as paid and/or satisfied and filed that document in the records of the County aforesaid.

   3. This is to represent and certify that such satisfaction was erroneous and inadvertent, with the obligation secured by the Mortgage remaining unsatisfied and outstanding and the referenced Mortgage remains in force and effect.

   4. Pursuant to Section 29-3-345, the Mortgage is reinstated.

   By:
   Its:
   Street Address:
   City, State and Zip Code:
   Telephone:

   _ Witness

   _ Witness

   Personally appeared before me _ who with _ did witness and does acknowledge the due execution of the foregoing instrument.

   Witness my hand and seal

   the _ day of _, _

   _(L.S.)

   Notary Public for:_

   My Commission Expires:_

HISTORY: 2008 Act No. 328, Section 1, eff June 16, 2008.