Terms Used In South Carolina Code > Title 34 > Chapter 30 > Article 7 - Loans and Investments

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• bank: as used in this title must be construed to include all institutions doing any kind of banking business whose deposits are eligible for insurance by the Federal Deposit Insurance Corporation, excluding a savings bank, and "building and loan association" as used in this title must be construed to include a mutual or stock savings association, savings and loan association, or savings bank and all other institutions doing any kind of building and loan business whose deposits are eligible for insurance by the Federal Savings and Loan Insurance Corporation. See South Carolina Code 34-1-10
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board: means the South Carolina Perpetual Care Cemetery Board. See South Carolina Code 40-8-30
• Cemetery: means a place used, dedicated, or designated for cemetery purposes including any one or combination of:
  
  (a) perpetual care cemeteries;
  
  (b) burial parks for earth interment;
  
  (c) mausoleums;
  
  (d) columbariums. See South Carolina Code 40-8-30
• Cemetery company: means a legal entity that owns or controls cemetery lands or property and conducts the business of a cemetery, including all cemeteries owned and operated by cemetery sales organizations or cemetery management organizations or any other entity. See South Carolina Code 40-8-30
• Columbarium: means a structure or building substantially exposed aboveground intended to be used for the interment of the cremated remains of a deceased person. See South Carolina Code 40-8-30
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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.
• Department: means the Department of Labor, Licensing and Regulation. See South Carolina Code 40-8-30
• Director: means the Director of the Department of Labor, Licensing and Regulation, or the director's official designee. See South Carolina Code 40-8-30
• 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.
• Executor: A male person named in a will to carry out the decedent
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• 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.
• Grave space: means a space of ground in a cemetery intended to be used for the interment in the ground of the remains of a deceased person. See South Carolina Code 40-8-30
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• 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}
• Licensee: means a person granted an authorization to operate pursuant to this chapter and refers to a person holding a license granted pursuant to this chapter. See South Carolina Code 40-8-30
• Mausoleum: means a structure or building substantially exposed aboveground, intended to be used for the entombment of the remains of a deceased person. See South Carolina Code 40-8-30
• Memorial: means a bronze marker set approximately level with the turf for the purpose of identification, or interchanged to mean upright markers in garden sections which are plotted and specified for the use of upright markers. See South Carolina Code 40-8-30
• Merchandise: means items used in connection with grave space, niches, mausoleum crypts, granite, memorials, grave liners, and vaults; however, merchandise shall expressly exclude caskets and cremation urns, burial clothing, facilities used for preparation, viewing, and automotive equipment and transportation. See South Carolina Code 40-8-30
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• 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.
• Outer burial container: means the following:
  
  (a) Category I-Protective Outer Burial Container-An outer burial container (vault) in which a casket or similar burial device is placed for in-ground interment and is designed and constructed to support the weight of the earth and standard cemetery maintenance equipment and to prevent the grave from collapsing while resisting the entrance of water or any other element found in the soil in which it is interred. See South Carolina Code 40-8-30
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Perpetual care: means the maintenance and the reasonable administration of the cemetery grounds and buildings in keeping with a cemetery properly maintained using a care and maintenance trust fund. See South Carolina Code 40-8-30
• Person: means an individual, entity, corporation, partnership, joint venture, or association. See South Carolina Code 40-8-30
• Personal property: All property that is not real property.
• Practice of barbering: means any one or a combination of:
  
  (a) shaving or trimming a beard, cutting the hair, or hairstyling;
  
  (b) giving facial or scalp massages or treatments with oils, creams, lotions, or other preparations, either by hand or mechanical appliances;
  
  (c) singeing, shampooing, or dyeing the hair or applying hair tonics or chemicals to wave, relax, straighten, or bleach the hair;
  
  (d) applying cosmetic preparations, antiseptics, powders, oils, clays, and lotions to the scalp, neck, or face;
  
  (e) cutting, shaping, fitting, styling, and servicing hair pieces, toupees, and wigs. See South Carolina Code 40-7-20
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• remains: means the body of a deceased person and includes the body in any stage of decomposition. See South Carolina Code 40-8-30
• Trust institution: means a state or national bank, state or federal savings and loan association, or trust company authorized to act in a fiduciary capacity in this State. See South Carolina Code 40-8-30
• Trustee: A person or institution holding and administering property in trust.