Terms Used In South Carolina Code > Title 36 > Chapter 11 - Effective Date and Transition Provisions for the 1981 Uniform Commercial Code Amendments

• 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.
• 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
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• 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}
• Junior interest holder: means any person who has a lien or interest of record prior to the recording of the notice of sale against a timeshare estate in the county in which the timeshare estate is located which is inferior to the mortgage lien or assessment lien being foreclosed under this article. See South Carolina Code 27-32-310
• 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.
• 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
• Notice address: means :
  
  (a) as to an assessment lien, the address of the current obligor of a timeshare estate as reflected by the books and records of the timeshare plan. See South Carolina Code 27-32-310
• 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.
• 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
• 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
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.