Terms Used In South Carolina Code > Title 39 > Chapter 14 - South Carolina Landowner and Advertising Protection and Property Valuation 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.
• Amortization: Paying off a loan by regular installments.
• Appraisal: A determination of property value.
• Articles of incorporation: includes the articles of conversion of a converted corporation. See South Carolina Code 33-49-20
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• 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.
• Just compensation: means the cash payment of the fair market value of the off-premises outdoor advertising sign in place immediately before its removal and without consideration of the effect of the ordinance or a diminution in value caused by the ordinance requiring its removal. See South Carolina Code 39-14-20
• 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}
• Local governing body: means a municipality, county, local zoning authority, or political subdivision. See South Carolina Code 39-14-20
• Off-premises outdoor advertising sign: means a lawfully erected, permanent sign which relates in its subject matter to products, accommodations, services, or activities sold or offered elsewhere other than upon the premises on which the sign is located. See South Carolina Code 39-14-20
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Sign owner: means the owner of an off-premises outdoor advertising sign. See South Carolina Code 39-14-20