Terms Used In South Carolina Code > Title 48 > Chapter 62 > Article 3 - South Carolina Resilience Revolving Fund

• Area of sales responsibility: means the geographical area, agreed to by the dealer and the manufacturer in the manufacturer/dealer agreement, within which area the dealer has the exclusive right to display or sell the manufacturer's new recreational vehicles of a particular line make to the retail public. See South Carolina Code 56-14-10
• Authority: means the South Carolina Disaster Recovery Office within the South Carolina Office of Resilience. See South Carolina Code 48-62-310
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Conservation easement: means an interest in real property as defined in Chapter 8 of Title 27, the South Carolina Conservation Easement Act of 1991. See South Carolina Code 48-62-310
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Dealer: means any person, firm, corporation, or business entity licensed or required to be licensed under this chapter to sell new recreational vehicles to the retail public. See South Carolina Code 56-14-10
• Department: means the South Carolina Department of Motor Vehicles. See South Carolina Code 56-14-10
• Eligible fund recipient: means :
  
  (a) the State of South Carolina and any agency, commission, or instrumentality of the State;
  
  (b) local governments of the State and any agency, commission, or instrumentality of the local government; and
  
  (c) land trusts operating within the State accredited by the Land Trust Accreditation Commission, an independent program of the Land Trust Alliance that provides independent verification that land trusts meet the high standards of land conservation, stewardship, and nonprofit management in the nationally recognized Land Trust Standards and Practices. See South Carolina Code 48-62-310
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Floodplain restoration: means any activity undertaken to reestablish the hydrology and ecology of the floodplain to its natural state. See South Carolina Code 48-62-310
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the South Carolina Resilience Revolving Fund. See South Carolina Code 48-62-310
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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.
• Line make: means a specific series of recreational vehicle products that:
  
  (a) are identified by a common series trade name or trademark;
  
  (b) are targeted to a particular market segment, as determined by their decor, features, equipment, size, weight, and price range;
  
  (c) have lengths and interior floor plans that distinguish the recreational vehicles from other recreational vehicles with substantially the same decor, equipment, features, price, and weight;
  
  (d) belong to a single, distinct classification of recreational vehicle product type having a substantial degree of commonality in the construction of the chassis, frame, and body; and
  
  (e) the manufacturer/dealer agreement authorizes a dealer to sell. See South Carolina Code 56-14-10
• Loan: means a loan from the authority to an eligible fund recipient for the purpose of financing all or a portion of the cost of a project. See South Carolina Code 48-62-310
• Loan agreement: means a written agreement between the authority and a project sponsor with respect to a loan. See South Carolina Code 48-62-310
• Local government: means any county, city, town, municipal corporation, authority, district, commission, or political subdivision created by the General Assembly or established pursuant to the laws of this State. See South Carolina Code 48-62-310
• Manufacturer: means any person, firm, corporation, or business entity that engages in the manufacturing of recreational vehicles. See South Carolina Code 56-14-10
• New recreational vehicle: means a recreational vehicle that has never been sold to the retail public nor titled or registered in any state. See South Carolina Code 56-14-10
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• 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.
• Office: means the South Carolina Office of Resilience. See South Carolina Code 48-62-310
• Person: means a natural person, corporation, partnership, trust, or other entity, and in case of an entity, includes any other entity in which it has a majority interest or effectively controls, as well as the individual officers, directors, and other persons in active control of the activities of each such entity. See South Carolina Code 56-14-10
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Proposed project: means a plan submitted to the authority by an eligible fund recipient for the use of loan funds. See South Carolina Code 48-62-310
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recreational vehicle: means a motorhome, travel trailer, fifth-wheel trailer, or folding camping trailer designed to provide temporary living quarters for recreational, camping, or travel use, as defined herein. See South Carolina Code 56-14-10
• Repetitive loss: means a residence that sustained two or more incidents of weather-related flooding causing damages over one thousand dollars each within a period of ten consecutive years. See South Carolina Code 48-62-310
• Restrictive covenant: means a recorded covenant that imposes activity and use limitations on real property. See South Carolina Code 48-62-310