Terms Used In South Carolina Code 33-41-20

• 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.
• Court: includes every court and judge having jurisdiction in the case;
  
  (2) "Business" includes every trade, occupation, or profession;
  
  (3) "Bankrupt" includes a bankrupt under the Federal Bankruptcy Act or an insolvent under any state insolvent act;
  
  (4) "Conveyance" includes every assignment, lease, mortgage, or encumbrance;
  
  (5) "Real property" includes land and any interest or estate in land; and
  
  (6) "Registered limited liability partnership" includes a partnership formed pursuant to an agreement governed by the laws of this State, registered under § 33-41-1110 and complying with §§ 33-41-1120 and 33-41-1130. See South Carolina Code 33-41-20
• 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.
• 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}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.