South Carolina Code 12-54-127. Transfer of personal or real property; liability for tax; lien; inapplicability of provisions to certain transfers
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 12-54-127
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- person: includes any individual, trust, estate, partnership, receiver, association, company, limited liability company, corporation, or other entity or group; and
(2) "individual" means a human being. See South Carolina Code 12-2-20
When title to property, both real and personal, is transferred and the payment or collection of any tax is defeated because of the transfer, then the transferor, the spouse of the transferor, a fiduciary holding title to the property and a person for whose benefit the property is held, the officers and stockholders of a corporation transferring the property, and the transferee of the property, are personally liable for tax in an amount equal to the interest in the property transferred, and the liens provided by law for the tax attach to the property as if no transfer was made. The above provisions do not apply to a transfer to a bona fide purchaser or mortgagee for an adequate and full consideration in money or moneys’ worth. The provisions of this section are in addition to and do not supersede any other provision of law.