Terms Used In South Carolina Code > Title 11 > Chapter 49 - Tobacco Settlement Revenue Management Authority Act

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the Tobacco Settlement Revenue Management Authority, as established by this chapter. See South Carolina Code 11-49-20
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Board: means the governing body of the authority. See South Carolina Code 11-49-20
• Bonds: means special source bonds, notes, or other evidences of indebtedness of the authority payable solely from and secured solely by the State's tobacco receipts, issued pursuant to the authorizations contained in this chapter and in Section 13(9), Article X of the Constitution of this State. See South Carolina Code 11-49-20
• Contract: A legal written agreement that becomes binding when signed.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Escrow: means the escrow as that term is defined in the master settlement agreement. See South Carolina Code 11-49-20
• Escrow agent: means the escrow agent as that term is defined in the master settlement agreement. See South Carolina Code 11-49-20
• Ex officio: Literally, by virtue of one's office.
• Independent auditor: means the independent auditor as that term is defined in the master settlement agreement. See South Carolina Code 11-49-20
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Master settlement agreement: means the settlement agreement and related documents entered into on November 23, 1998, by the State and the four principal United States tobacco product manufacturers, as amended and supplemented. See South Carolina Code 11-49-20
• Oath: A promise to tell the truth.
• Oversight: Committee review of the activities of a Federal agency or program.
• Participating manufacturers: means the participating manufacturers as that term is defined in the master settlement agreement. See South Carolina Code 11-49-20
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Quorum: The number of legislators that must be present to do business.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• this State: means the State of South Carolina. See South Carolina Code 11-49-20
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.