Terms Used In South Carolina Code > Title 35 > Chapter 6 - Uniform Transfer On Death Security Registration Act

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Arrest: Taking physical custody of a person by lawful authority.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary form: means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. See South Carolina Code 35-6-10
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Decedent: A deceased person.
• Heirs: means those persons, including the surviving spouse, who are entitled under the laws of intestate succession to the property of a decedent. See South Carolina Code 35-6-10
• Intestate: Dying without leaving a will.
• 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.
• Person: means an individual, a corporation, an organization, or other legal entity. See South Carolina Code 35-6-10
• Personal representative: includes a personal representative, administrator, or other person who performs substantially the same functions by law. See South Carolina Code 35-6-10
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Security: means and is defined as provided in § 35-1-102(29) and as a security account. See South Carolina Code 35-6-10
• Security account: means :
  
  (a) a reinvestment account associated with a security; a securities account with a broker; a cash balance in a brokerage account, cash, interest earnings, or dividends earned or declared on a security in an account; a reinvestment account, or a brokerage account, whether or not credited to the account before the owner's death; or
  
  (b) a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death. See South Carolina Code 35-6-10
• Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
• State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See South Carolina Code 35-6-10
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.