Terms Used In South Carolina Code > Title 36 > Chapter 10 - Commercial Code - Effective Date and Repealer

• 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.
• Assessment lien: means :
  
  (a) a lien for delinquent assessments as to timeshare estates; or
  
  (b) a lien for unpaid taxes and special assessments. See South Carolina Code 27-32-310
• Claim of lien: means a claim of a recorded assessment lien. See South Carolina Code 27-32-310
• Contract: A legal written agreement that becomes binding when signed.
• Dependent: A person dependent for support upon another.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lienholder: means a holder of an assessment lien or a holder of a mortgage lien, as applicable. See South Carolina Code 27-32-310
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage lien: means a security interest in a timeshare estate created by a mortgage encumbering the timeshare estate. See South Carolina Code 27-32-310
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagee: means a person holding a mortgage lien. See South Carolina Code 27-32-310
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Mortgagor: means a person granting a mortgage lien. See South Carolina Code 27-32-310
• Obligor: means either the mortgagor, the person obligated under a claim of lien, or the record owner of the timeshare estate as the context requires. See South Carolina Code 27-32-310
• Power of sale: means :
  
  (a) an express written agreement in a mortgage identifying the mortgagor, mortgagee, and the trustee; or
  
  (b) an express written provision in a timeshare instrument identifying the managing entity and the trustee which authorizes the trustee to sell the timeshare estate without judicial action at a foreclosure sale regularly conducted and duly held in accordance with this article. See South Carolina Code 27-32-310
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Statute: A law passed by a legislature.
• Timeshare instrument: means the document or documents which provide the legal framework for the establishment of the method of interval ownership of the timeshare estate and is or are recorded at the office of Register of Deeds in the county in which the timeshare estate is located. See South Carolina Code 27-32-310
• Trustee: A person or institution holding and administering property in trust.
• Trustee: means any person entitled to exercise a power of sale. See South Carolina Code 27-32-310