John B. Kelchner

SC 20-Year Statute Insurance Policy Under Seal

One of the most important hurdles facing a lender or servicer contemplating filing a claim against a policy for title insurance is whether or not the time frame for filing the claim under the applicable statute of limitations has expired.  South Carolina Code section 15-3-530(1) provides for a three-year statute of limitations for actions based upon a contract. As such, the general consensus in South Carolina has been that this three-year time frame is the applicable statute of limitations for claims on policies of title insurance.