Terms Used In South Carolina Code > Title 27 > Chapter 32 > Article 5 - (D) the Board of Directors of the Vacation Time Sharing Association May Determine That a Voting Interest That Is Delinquent in the Payment of More Than Two Years of Assessments Is Ineligible to Consent to or Vote On an Extension of the Vacation Time Shar

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• Fiduciary: A trustee, executor, or administrator.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• Quorum: The number of legislators that must be present to do business.
• Service of process: The service of writs or summonses to the appropriate party.
• Trustee: A person or institution holding and administering property in trust.
• Venue: The geographical location in which a case is tried.