South Carolina Code > Title 33 > Chapter 44 > Article 3 – Relations of Members and Managers to Persons Dealing With Limited Liability Company
Current as of: 2023 | Check for updates
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Other versions
| § 33-44-301 | Agency of members and managers |
| § 33-44-302 | Limited liability company liable for member’s or manager’s actionable conduct |
| § 33-44-303 | Liability of members and managers |
Terms Used In South Carolina Code > Title 33 > Chapter 44 > Article 3 - Relations of Members and Managers to Persons Dealing With Limited Liability Company
- Association: means any joint underwriting association established pursuant to this chapter. See South Carolina Code 38-83-10
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Insurance of South Carolina. See South Carolina Code 38-1-20
- Director: means the person who is appointed by the Governor upon the advice and consent of the Senate and who is responsible for the operation and management of the department. See South Carolina Code 38-1-20
- insurance: includes annuities. See South Carolina Code 38-1-20
- Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. 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.
- Policy: means a contract of insurance. See South Carolina Code 38-1-20
- Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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.