The Importance of Sending a Demand Letter Pursuant to SC Code Ann. § 27-1-15 to Collect a Construction Debt
This entry was posted on 11/26/2006 9:28 PM and is filed under Collection,Statute Summary.
SC Code Ann. § 27-1-15 is an excellent tool to use for collecting a construction debt. This statute places a duty upon a debtor to investigate the claim of a contractor or material supplier and to pay the undisputed amount within 45 days . If the debtor fails to pay the undisputed amount, the debtor is liable for attorney's fees and interest at the judgment rate.
In order for this statute to apply, the claimant must send due and just demand by certified mail or registered mail.
It is prudent to send this notice as quickly as possible as the statute provides the debtor 45 days to investigate after receiving notice by certified mail or registered mail.
Read the statute.
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