North Carolina General Statutes > Chapter 160A > Article 18 – Parks and Recreation
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Terms Used In North Carolina General Statutes > Chapter 160A > Article 18 - Parks and Recreation
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Grantor: The person who establishes a trust and places property into it.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.