(A) A person in privity of contract with another person may recover only economic loss as well as reasonable attorney's fees and costs on any claims against the other as a result of a Year 2000 problem, except that recovery based upon any of the following claims is not subject to this limitation:
(1) the claim is for personal injury to an individual; or
(2) the person defending the claim has acted with fraudulent intent or reckless disregard for the truth in the formation of the contract; or
(3) a fiduciary duty recognized by law is owed by the person defending the claim to the person bringing the claim.
(B) No claim may be made under Title 39, Chapter 5, South Carolina Unfair Trade Practices Act.
(C) Any person who successfully defends a claim based on a Year 2000 problem is entitled to recover reasonable costs and attorney's fees from the person bringing the claim if the court determines that the claim is frivolous. In determining whether or not a claim is frivolous, the court shall rely on the standards of the federal courts for the imposition of those sanctions pursuant to Rule 11 of the Federal Rules of Civil Procedure as those sanctions exist as of the date of the enactment of this article.
HISTORY: 1999 Act No. 120, Section 1.
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