Notwithstanding the provisions of Section 31-1-680, whenever it shall appear that a corporation subject to the supervision either of the Insurance Department of South Carolina, the State Board of Bank Control or the federal government or any agency or department of the federal government, shall have loaned on a mortgage which is a lien upon any such property, such corporation shall have all the remedies available to a mortgagee under the laws of this State, free from any restrictions contained in Section 31-1-680, except that the director shall be made a party defendant and shall take all steps necessary to protect the interests of the public and no costs shall be awarded against it.
HISTORY: 1962 Code Section 36-59; 1952 Code Section 36-59; 1942 Code Section 5271-26; 1933 (38) 176; 1993 Act No. 181, Section 501; 1993 Act No. 181, Section 502.