South Carolina Code > Title 12 > Chapter 6 – South Carolina Income Tax Act


Article 1	Adoption of Internal Revenue Code-Definitions
Article 5	Tax Rates and Imposition
Article 9	Taxable Income Calculation
Article 11	Catastrophe Savings Account
Article 13	Nonresident and Part-Year Resident Individuals
Article 17	Allocation and Apportionment
Article 21	Foreign Trade Receipts
Article 25	Credits
Article 29	Estimated Tax Payments
Article 33	Tax Years, Accounting Methods, and “S” Corporation Elections
Article 37	Tax Returns
Article 41	Miscellaneous Provisions

Terms Used In South Carolina Code > Title 12 > Chapter 6 - South Carolina Income Tax Act

Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;

(2) "Afternoon" means the period of a day between noon and midnight;

(3) "Banking day" means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;

(4) "Clearing house" means an association of banks or other payors regularly clearing items;

(5) "Customer" means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;

(6) "Documentary draft" means a draft to be presented for acceptance or payment if specified documents, certificated securities (§ 36-8-102) or instructions for uncertificated securities (§ 36-8-102), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;

(7) "Draft" means a draft as defined in § 36-3-104 or an item, other than an instrument, that is an order;

(8) "Drawee" means a person ordered in a draft to make payment;

(9) "Item" means an instrument or a promise or order to pay money handled by a bank for collection or payment. See South Carolina Code 36-4-104
Acquirer: means a business organization, financial institution, or an agent of a business organization or financial institution that authorizes a merchant to accept payment by credit card for money, goods, services, or anything else of value. See South Carolina Code 16-14-10
Acquittal:
1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
2. A verdict of "not guilty."
Adjudicated as a mental defective: means a determination by a court of competent jurisdiction that a person, as a result of marked subnormal intelligence, mental illness, mental incompetency, mental condition, or mental disease:

(a) is a danger to himself or to others; or

(b) lacks the mental capacity to contract or manage the person's own affairs. See South Carolina Code 23-31-1010
Administrative Law Court: means the Administrative Law Court created by § 1-23-500. See South Carolina Code 12-60-30
Administrative law judge: means a judge of the South Carolina Administrative Law Court created pursuant to § 1-23-500. See South Carolina Code 1-23-505
Administrative monitoring: means a form of monitoring by the department beyond the end of the term of supervision in which the only remaining condition of supervision not completed is the payment of financial obligations. See South Carolina Code 24-21-5
Advance fee: means any consideration which is assessed or collected, prior to the closing of a loan, by a loan broker. See South Carolina Code 34-36-10
Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
Advisory Council: means the Juvenile Justice Advisory Council. See South Carolina Code 23-4-20
Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
Agency: means a state agency, department, board, or commission whose action is the subject of a contested case hearing or an appellate proceeding heard by an administrative law judge, or a public hearing on a proposed regulation presided over by an administrative law judge. See South Carolina Code 1-23-505
Agreement: means the Streamlined Sales and Use Tax Agreement. See South Carolina Code 12-35-20
Amortization: Paying off a loan by regular installments.
Amount of the loan: shall mean the cash advance plus other authorized charges. See South Carolina Code 34-29-10
Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
Antique firearm: means any firearm not designed or redesigned for using rim fire or conventional center fire ignition with fixed ammunition and manufactured in or before 1898 (including any matchlock, flintlock, percussion cap, or similar type of ignition system or replica thereof, whether actually manufactured before or after the year 1898) and also any firearm using fixed ammunition manufactured in or before 1898, for which ammunition is no longer manufactured in the United States and is not readily available in the ordinary channels of commercial trade. See South Carolina Code 23-31-310
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.
Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Approved electronic monitoring device: means a device approved by the department which is primarily intended to record and transmit information as to the defendant's presence or nonpresence in the home. See South Carolina Code 24-13-1520
Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
Assessment: means the department's recording the liability of the taxpayer in the office of the department, subject to the restrictions in § 12-60-440. See South Carolina Code 12-60-30
assessor: means a county officer or official who issues an official property tax assessment for real property. See South Carolina Code 12-60-30
Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
auditor: means a county officer or official who issues an official property tax assessment for personal property. See South Carolina Code 12-60-30
Automated banking device: means any machine which when properly activated by a financial transaction card or personal identification code may be used for any of the purposes for which a financial transaction card may be used. See South Carolina Code 16-14-10
Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
Bailee: means the person who by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them. See South Carolina Code 36-7-102
Bank: means the South Carolina Transportation Infrastructure Bank. See South Carolina Code 11-43-130
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
bank: includes building and loan associations. See South Carolina Code 34-5-10
Bank: means the South Carolina Transportation Infrastructure Bank. See South Carolina Code 11-43-310
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.
Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
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}
Beneficiary form: means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. See South Carolina Code 35-6-10
Board: means the board of directors of the bank. See South Carolina Code 11-43-130
Board: shall mean the State Board of Bank Control and its duly authorized deputies. See South Carolina Code 34-29-10
Board: means the State Board of Financial Institutions. See South Carolina Code 34-39-120
Board: means the State Board of Financial Institutions. See South Carolina Code 34-41-10
Board: means the Board of Directors of the South Carolina Transportation Infrastructure Bank. See South Carolina Code 11-43-510
Bonds: means bonds, notes, or other evidence of indebtedness except as otherwise provided in Article 3 of this chapter. See South Carolina Code 11-43-130
Bonds: means any bonds, notes, debentures, interim certificates, grant or revenue anticipation notes, or any other evidence of indebtedness of the bank incurred pursuant to this article. See South Carolina Code 11-43-310
Borrower: means a person obtaining or desiring to obtain a loan of money, a credit card, or a line of credit. See South Carolina Code 34-36-10
Business: includes trade, profession, occupation, or employment. See South Carolina Code 12-6-30
Buyer: means a person who buys or contracts to buy goods. See South Carolina Code 36-2-103
Capital offense: A crime punishable by death.
Cardholder: means the person or organization named on the face of a financial transaction card to whom or for whose benefit the financial transaction card is issued by an issuer. See South Carolina Code 16-14-10
Carrier: means a person who issues a bill of lading. See South Carolina Code 36-7-102
Case law: The law as laid down in cases that have been decided in the decisions of the courts.
Cash advance: shall mean the amount of cash or its equivalent that the borrower actually receives or is paid out at his direction or on his behalf. See South Carolina Code 34-29-10
Cashing: means providing currency for payment instruments but does not include the bona fide sale or exchange of travelers checks and foreign denomination payment instruments. See South Carolina Code 34-41-10
Catastrophe Savings Account: means a regular savings account or money market account established by an insurance policyholder for residential property in this State to cover an insurance deductible under an insurance policy for the taxpayer's legal residence property that covers hurricane, rising floodwaters, or other catastrophic windstorm event damage or by an individual to cover self-insured losses for the taxpayer's legal residence from a hurricane, rising floodwaters, or other catastrophic windstorm event. See South Carolina Code 12-6-1620
Certified automated system: means software certified jointly by the states that are signatories to the agreement to calculate the tax imposed by each jurisdiction on a transaction, determine the amount of tax to remit to the appropriate state, and maintain a record of the transaction. See South Carolina Code 12-35-20
Certified service provider: means an agent certified jointly by the states that are signatories to the agreement to perform all of the seller's sales tax functions. See South Carolina Code 12-35-20
Chambers: A judge's office.
Charitable organization: means a person, as defined in item (7):

(i) determined by the Internal Revenue Service to be a tax exempt organization pursuant to Section 501(c)(3) of the Internal Revenue Code;

(ii) that is or holds itself out to be established for any benevolent, social welfare, scientific, educational, environmental, philanthropic, humane, patriotic, public health, civic, or other eleemosynary purpose, or for the benefit of law enforcement personnel, firefighters, or other persons who protect the public safety; or

(iii) that employs a charitable appeal as the basis of solicitation or an appeal that suggests that there is a charitable purpose to a solicitation, or that solicits or obtains contributions solicited from the public for a charitable purpose. See South Carolina Code 33-56-20
Charitable purpose: means a purpose described in Section 501(c)(3) of the Internal Revenue Code or a benevolent, social welfare, scientific, educational, environmental, philanthropic, humane, patriotic, public health, civic, or other eleemosynary objective, including an objective of an organization of law enforcement personnel, firefighters, or other persons who protect the public safety if a stated purpose of the solicitations includes a benefit to a person outside the actual service membership of the organization. See South Carolina Code 33-56-20
Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
Check: means a check signed by the maker and made payable to a person licensed pursuant to this chapter. See South Carolina Code 34-39-120
Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
Classification: means the various categories of property subject to property tax to which specific property tax assessment ratios apply. See South Carolina Code 12-60-30
Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
Commercial co-venturer: means a person that regularly and primarily engages in trade or commerce for profit that, for the benefit of a charitable organization, may raise funds by advertising that the purchase or use of goods, services, entertainment, or other thing of value benefits the charitable organization, if it is offered at a price comparable to similar goods or services in the market. See South Carolina Code 33-56-20
Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See South Carolina Code 36-2A-103
Committed to a mental institution: means a formal commitment of a person to a mental institution by a court of competent jurisdiction. See South Carolina Code 23-31-1010
Committee: means the Governor's Committee on Criminal Justice, Crime and Delinquency. See South Carolina Code 23-4-20
Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
Community development corporation: means a nonprofit corporation which:

(a) is chartered pursuant to Chapter 31 of Title 33;

(b) is tax exempt pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended;

(c) has a primary mission of developing and improving low-income communities and neighborhoods through economic and related development;

(d) has activities and decisions initiated, managed, and controlled by the constituents of those local communities;

(e) has a primary function of developing projects and activities designed to enhance the economic opportunities of the people in the community served, including efforts to enable them to become owners and managers of small businesses and producers of affordable housing and jobs in the community served;

(f) does not provide credit, capital, or other assistance from public funds in an amount greater than twenty-five thousand dollars at one time or in one transaction. See South Carolina Code 34-43-20
Community development financial institution: means an organization that:

(a) has a primary mission of promoting community development by providing credit, capital, or development services to small businesses or home mortgage assistance to individuals including, but not limited to, capital access programs, microlending, franchise financing, and guaranty performance bonds;

(b) maintains, through representation on its governing board, accountability to persons in need of the institution's services;

(c) is not an agent or instrumentality of the United States, or of a state or political subdivision of a state nor maintains an affiliate relationship with any of them;

(d) maintains a goal of providing a majority of its services to low-income individuals, minorities, females, or rural areas;

(e) provides capital and technical assistance to small and micro businesses or mortgage assistance to individuals;

(f) does not provide credit, capital, or other assistance in an amount greater than two hundred fifty thousand dollars at one time or in one transaction. See South Carolina Code 34-43-20
Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
Concealable weapon: means a firearm having a length of less than twelve inches measured along its greatest dimension that may be carried openly on one's person or in a manner that is hidden from public view in normal wear of clothing except when needed for self defense, defense of others, and the protection of real or personal property. See South Carolina Code 23-31-210
Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
Consignee: means the person named in a bill of lading to whom or to whose order the bill promises delivery. See South Carolina Code 36-7-102
Consignor: means the person named in a bill of lading as the person from whom the goods have been received for shipment. See South Carolina Code 36-7-102
Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed twenty-five thousand dollars. See South Carolina Code 36-2A-103
Contested case: means a proceeding including, but not restricted to, ratemaking, price fixing, and licensing, in which the legal rights, duties, or privileges of a party are required by law or by Article I, Section 22, Constitution of the State of South Carolina, 1895, to be determined by an agency or the Administrative Law Court after an opportunity for hearing. See South Carolina Code 1-23-505
Continuance: Putting off of a hearing ot trial until a later time.
Contract: A legal written agreement that becomes binding when signed.
Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See South Carolina Code 36-2-106
Contribution: means the promise, grant, or pledge of money, credit, assistance, or property of any kind or value. See South Carolina Code 33-56-20
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.
Counterclaim: A claim that a defendant makes against a plaintiff.
county board: means the board of assessment appeals which considers appeals of property tax assessments issued by the property tax assessor for the county and which also hears appeals of refund claims of property as determined by the majority of the county assessor, county auditor, and county treasurer. See South Carolina Code 12-60-30
Court: means a circuit, family, magistrate's, or municipal court having criminal or juvenile jurisdiction to sentence an individual to incarceration for a violation of law, the Department of Probation, Parole and Pardon Services, the Board of Juvenile Parole, and the Department of Corrections. See South Carolina Code 24-13-1520
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Decedent: A deceased person.
Deed: The legal instrument used to transfer title in real property from one person to another.
Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
Defense attorney: Represent defendants in criminal matters.
Deferred presentment services: means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee:

(a) accepting a check dated on the date it was written; and

(b) holding the check for a period of time before presentment for payment or deposit. See South Carolina Code 34-39-120
Deficiency: means the amount by which a tax exceeds the amount shown on a return or report filed by a taxpayer, if any, plus the amounts previously assessed, or collected without assessment, as a deficiency. See South Carolina Code 12-60-30
Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See South Carolina Code 36-7-102
Department: means the Department of Probation, Parole and Pardon Services. See South Carolina Code 24-21-5
Department: means the Department of Consumer Affairs. See South Carolina Code 34-36-10
Department: means the South Carolina Department of Commerce. See South Carolina Code 34-43-20
Department: means , in the case of a juvenile offender, the Department of Juvenile Justice and, in the case of an adult offender, the Department of Probation, Parole and Pardon Services, the Department of Corrections, and any other law enforcement agency created by law. See South Carolina Code 24-13-1520
Department: means the South Carolina Department of Revenue. See South Carolina Code 12-60-30
Department: means the South Carolina Department of Revenue. See South Carolina Code 12-35-20
Department of Transportation: means the South Carolina Department of Transportation and its successors. See South Carolina Code 11-43-130
Department representative: means the person appointed by the department to prepare the department's determination and represent the department at the contested case hearing. See South Carolina Code 12-60-30
Dependent: A person dependent for support upon another.
Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
Depositor: means an individual member or customer of a financial institution who:

(a) maintains a qualifying account at a financial institution participating in a savings promotion contest;

(b) is in good standing at a financial institution authorized to do business in South Carolina; and

(c) is eighteen years of age or older. See South Carolina Code 34-45-20
Devise: To gift property by will.
Director: means the Director of the Department of Corrections. See South Carolina Code 24-13-1310
Director: means the director of the department. See South Carolina Code 12-60-30
Director: means the director of the department. See South Carolina Code 12-35-20
Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
Division decision: means a decision by a division of the department that affects the rights or obligations of a person for which no specific appeals rights are provided by this act. See South Carolina Code 12-60-30
DNA profile: means the results of any testing performed on a DNA sample. See South Carolina Code 23-3-615
DNA record: means the tissue or saliva samples and the results of the testing performed on the samples. See South Carolina Code 23-3-615
DNA sample: means the tissue, saliva, blood, or any other bodily fluid taken at the time of arrest from which identifiable information can be obtained. See South Carolina Code 23-3-615
Document: means document of title as defined in the general definitions in Chapter 1 of this title. See South Carolina Code 36-7-102
Donor: The person who makes a gift.
Educational institution: means an organization organized and operated exclusively for educational purposes, which usually maintains a regular faculty and curriculum and usually has a regularly enrolled body of pupils or students in attendance at the place where educational activities are regularly conducted. See South Carolina Code 33-56-20
Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
Eligible cost: means as applied to a qualified project to be financed from the federal accounts, the costs that are permitted under applicable federal laws, requirements, procedures, and guidelines in regard to establishing, operating, and providing assistance from the bank. See South Carolina Code 11-43-130
Eligible project: means a highway, including bridges, or transit project which provides public benefits by either enhancing mobility and safety, promoting economic development, or increasing the quality of life and general welfare of the public. See South Carolina Code 11-43-130
Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
Emergency: shall mean actual or threatened enemy attack, sabotage, conflagration, flood, storm, epidemic, earthquake, riot, or other public calamity. See South Carolina Code 25-1-430
Emergency preparedness: shall mean the extraordinary actions of government in preparing for and carrying out all functions and operations, other than those for which the military is primarily responsible, when concerted, coordinated action by several agencies or departments of government and private sector organizations are required to prevent, minimize, and repair injury and damage resulting from a disaster of any origin. See South Carolina Code 25-1-430
Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
Entry: means a chance or chances obtained by a depositor to win a designated prize or prizes in a savings promotion contest by complying with the terms and conditions of a savings promotion contest. See South Carolina Code 34-45-20
Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
Escrow: Money given to a third party to be held for payment until certain conditions are met.
Executor: A male person named in a will to carry out the decedent
Extradition: The formal process of delivering an accused or convicted person from authorities in one state to authorities in another state.
Facility: means a fueling station or a fuel cell site that will store or dispense hydrogen for use as a transportation fuel and motor vehicle fuel or in a fuel cell. See South Carolina Code 23-9-530
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Fault: means wrongful act, omission, breach, or default. See South Carolina Code 36-2A-103
Federal accounts: means collectively, the separate account for federal highway funds and federal transit funds. See South Carolina Code 11-43-130
Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
Fiduciary: A trustee, executor, or administrator.
Finance lease: means a lease with respect to which:

(i) the lessor does not select, manufacture, or supply the goods;

(ii) the lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and

(iii) one of the following occurs:

(A) the lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;

(B) the lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;

(C) the lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or

(D) if the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing (i) of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, (ii) that the lessee is entitled under this chapter to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and (iii) that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See South Carolina Code 36-2A-103
Financial institution: means a bank, a savings institution, or a credit union authorized to do business in South Carolina under federal or state law. See South Carolina Code 34-45-20
financing agreement: includes , without limitation, a loan agreement, trust indenture, security agreement, reimbursement agreement, guarantee agreement, bond or note, ordinance or resolution, or similar instrument. See South Carolina Code 11-43-130
Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
Fraud: Intentional deception resulting in injury to another.
Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
FTC: means any instrument or device whether known as a credit card, credit plate, bank services card, banking card, check guarantee card, debit card, or by any other name, issued with or without fee by an issuer for the use of the cardholder;

(a) in obtaining money, goods, services, or anything else of value on credit;

(b) in certifying or guaranteeing to a person or business the availability to the cardholder of funds on deposit that are equal to or greater than the amount necessary to honor a draft or check payable to the order of such person or business;

(c) in providing the cardholder access to a demand deposit account or time deposit account for the purpose of:

1. See South Carolina Code 16-14-10
Fuel cell: means an appliance that uses fuel to produce electricity through an electro-chemical process. See South Carolina Code 23-9-530
Fueling station: means a facility that dispenses gasoline, hydrogen, or other fuels intended to be used in motor vehicles. See South Carolina Code 23-9-530
Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§ 36-2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See South Carolina Code 36-2A-103
Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See South Carolina Code 36-7-102
Government unit: means a municipal corporation, county, special purpose district, special service district, commissioners of public works, or another public body, instrumentality or agency of the State including combinations of two or more of these entities acting jointly to construct, own, or operate a qualified project, and any other state or local authority, board, commission, agency, department, or other political subdivision created by the General Assembly or pursuant to the Constitution and laws of this State which may construct, own, or operate a qualified project. See South Carolina Code 11-43-130
Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
Grantor: The person who establishes a trust and places property into it.
Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
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.
Habeas corpus: A writ that is usually used to bring a prisoner before the court to determine the legality of his imprisonment. It may also be used to bring a person in custody before the court to give testimony, or to be prosecuted.
Hearing officer: means an employee of the department who conducts preliminary hearings to determine probable cause on alleged violations committed by an individual under the supervision of the department and as otherwise provided by law. See South Carolina Code 24-21-5
Heirs: means those persons, including the surviving spouse, who are entitled under the laws of intestate succession to the property of a decedent. See South Carolina Code 35-6-10
Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
individual: means a human being. See South Carolina Code 12-2-20
Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause 'each delivery is a separate lease' or its equivalent. See South Carolina Code 36-2A-103
Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
Intangible property: means all property other than tangible property. See South Carolina Code 12-6-30
Internal Revenue Code: means the Internal Revenue Code as provided in § 12-6-40(A). See South Carolina Code 12-60-30
Intestate: Dying without leaving a will.
issuer: means the business organization or financial institution or its duly authorized agent which issues a financial transaction card. See South Carolina Code 16-14-10
Issuer: means a bailee who issues a document of title or, in the case of an unaccepted delivery order, the person who orders the possessor of goods to deliver. See South Carolina Code 36-7-102
Joint resolution: A legislative measure which requires the approval of both chambers.
Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See South Carolina Code 36-2A-103
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}
Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this chapter. See South Carolina Code 36-2A-103
Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See South Carolina Code 36-2A-103
Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See South Carolina Code 36-2A-103
Legal residence: means the taxpayer's legal residence pursuant to § 12-43-220(c). See South Carolina Code 12-6-1610
Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
Lessee: means a person who acquires the right to possession and use of goods under a lease. See South Carolina Code 36-2A-103
Lessor: means a person who transfers the right to possession and use of goods under a lease. See South Carolina Code 36-2A-103
Level II check-cashing service: means any person or entity engaged in the business of cashing checks, drafts, or money orders for a fee, service charge, or other consideration. See South Carolina Code 34-41-10
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
License: shall mean the privilege certificate issued by the Board under the authority of this chapter to conduct the business regulated by this chapter. See South Carolina Code 34-29-10
License: includes the whole or part of any agency permit, franchise, certificate, approval, registration, charter, or similar form of permission required by law, but does not include a license required solely for revenue purposes. See South Carolina Code 1-23-505
Licensee: shall mean a person to whom one or more licenses have been issued. See South Carolina Code 34-29-10
Licensee: means a person licensed to provide deferred presentment services pursuant to this chapter. See South Carolina Code 34-39-120
Licensee: means a person or entity licensed to engage in either a Level I or Level II check-cashing service pursuant to this chapter. See South Carolina Code 34-41-10
Lien: A claim against real or personal property in satisfaction of a debt.
Lien: means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See South Carolina Code 36-2A-103
Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
Lineal descendant: Direct descendant of the same ancestors.
Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
Loan: means an obligation subject to repayment which is provided by the bank to a qualified borrower for all or a part of the eligible cost of a qualified project. See South Carolina Code 11-43-130
Loan broker: means any person who:

(a) for or in expectation of consideration arranges or attempts to arrange or offers to fund a loan of money, a credit card, or a line of credit;

(b) for or in expectation of consideration assists or advises a borrower in obtaining or attempting to obtain a loan of money, a credit card, a line of credit, or related guarantee, enhancement, or collateral of any kind or nature;

(c) acts for or on behalf of a loan broker for the purpose of soliciting borrowers; or

(d) holds himself out as a loan broker. See South Carolina Code 34-36-10
Local governing body: means , for property tax purposes, the governing body of a county, municipality, or other political subdivision that is entitled to receive any portion of the tax revenue generated from a property tax assessment. See South Carolina Code 12-60-30
Location: means the entire space in which deferred presentment services are provided. See South Carolina Code 34-39-120
Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See South Carolina Code 36-2A-103
Mathematical or clerical error: means :

(a) an error in addition, subtraction, multiplication, or division shown on a return;

(b) an incorrect use of a table provided by the department for use with a return, if the incorrect use is apparent from the existence of other information on the return;

(c) an omission of information which is required to be supplied on the return to substantiate an entry on the return; or

(d) an entry of a deduction or credit item in an amount which exceeds the statutory limit that is either:

(i) a specified monetary amount; or

(ii) a percentage, ratio, or fraction, if the items entering into the application of that limit appear on the return. See South Carolina Code 12-60-30
Mental institution: includes mental health facilities, mental hospitals, sanitariums, psychiatric facilities, and other facilities that provide diagnoses by licensed professionals of mental retardation or mental illness, including a psychiatric ward in a general hospital. See South Carolina Code 23-31-1010
Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See South Carolina Code 36-2A-103
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Mortgagee: The person to whom property is mortgaged and who has loaned the money.
Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
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}
National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
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.
Nonresident beneficiary: means a beneficiary other than a resident beneficiary. See South Carolina Code 12-6-30
Nonresident estate: means an estate other than a resident estate. See South Carolina Code 12-6-30
nonresident individual: means an individual other than a resident individual or a part-year resident. See South Carolina Code 12-6-30
Nonresident trust: is a trust other than a resident trust. See South Carolina Code 12-6-30
Office: means the Division of Public Safety Programs, Office of the Governor. See South Carolina Code 23-4-20
Organized militia: refers to both the National Guard and the organized militia not in National Guard service. See South Carolina Code 25-1-10
Other financial assistance: means , but is not limited to, grants, contributions, credit enhancement, capital or debt reserves for bonds or debt instrument financing, interest rate subsidies, provision of letters of credit and credit instruments, provision of bond or other debt financing instrument security, and other lawful forms of financing and methods of leveraging funds that are approved by the board, and in the case of federal funds, as allowed by federal law. See South Carolina Code 11-43-130
Oversight: Committee review of the activities of a Federal agency or program.
Pardon: means that an individual is fully pardoned from all the legal consequences of his crime and of his conviction, direct and collateral, including the punishment, whether of imprisonment, pecuniary penalty or whatever else the law has provided. See South Carolina Code 24-21-940
Parent organization: means that part of a charitable organization which coordinates, supervises, or exercises control over policy, fundraising, and expenditures, or assists or advises one or more chapters, branches, or affiliates in this State. See South Carolina Code 33-56-20
Part-year resident: means an individual who is a resident individual for only a portion of the tax year. See South Carolina Code 12-6-30
Participant: means an inmate/offender placed into an electronic monitoring program or into some other suitable program which provides supervision and/or monitoring in the community. See South Carolina Code 24-13-1520
Participating financial institution: means a financial institution authorized to do business in South Carolina that is sponsoring a savings promotion contest. See South Carolina Code 34-45-20
partnership: includes a limited liability company taxed for South Carolina income tax purposes as a partnership;

(2) "partner" includes a member of a limited liability company taxed for South Carolina income tax purposes as a partnership;

(3) "corporation" includes a limited liability company or professional or other association taxed for South Carolina income tax purposes as a corporation; and

(4) "shareholder" includes a member of a limited liability company taxed for South Carolina income tax purposes as a corporation. See South Carolina Code 12-2-25
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.
Party: means each person or agency named or admitted as a party, or properly seeking and entitled as of right to be admitted as a party. See South Carolina Code 1-23-505
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
Person: means an individual, an organization, a trust, a foundation, a group, an association, a partnership, a corporation, a society, or a combination of them. See South Carolina Code 33-56-20
Person: shall mean an individual, partnership, association, corporation and all other legal and commercial entities. See South Carolina Code 34-29-10
Person: means an individual, group of individuals, partnership, association, corporation, or other business unit or legal entity. See South Carolina Code 34-39-120
Person: means an individual, partnership, association, or corporation. See South Carolina Code 34-41-10
person: includes an individual, his executor, administrator or other personal representative, or a corporation, partnership, association or any other legal or commercial entity, whether or not a citizen or domiciliary of this State and whether or not organized under the laws of this State. See South Carolina Code 36-2-801
Person: means an individual, trust, estate, fiduciary, partnership, limited liability company, limited liability partnership, corporation, or any other legal entity. See South Carolina Code 12-35-20
Personal identification code: means a numeric or alphabetical code assigned to the cardholder of a financial transaction card by the issuer to permit authorized electronic use of that FTC. See South Carolina Code 16-14-10
Personal property: All property that is not real property.
Personal representative: includes a personal representative, administrator, or other person who performs substantially the same functions by law. See South Carolina Code 35-6-10
Picture identification: means :

(a) a valid driver's license or photographic identification card issued by the state in which the applicant resides; or

(b) an official photographic identification card issued by the Department of Revenue, a federal or state law enforcement agency, an agency of the United States Department of Defense, or the United States Department of State. See South Carolina Code 23-31-210
Plaintiff: The person who files the complaint in a civil lawsuit.
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.
Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Preliminary hearing: A hearing where the judge decides whether there is enough evidence to make the defendant have a trial.
present sale: means a sale which is accomplished by the making of the contract. See South Carolina Code 36-2-106
Present value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See South Carolina Code 36-2A-103
Presenting: means those actions taken by a cardholder or any person to introduce a financial transaction card into an automated banking device, including utilization of a personal identification code, or merely displaying or showing a financial transaction card to the issuer, or to any person or organization providing money, goods, services, or anything else of value, or any other entity with intent to defraud. See South Carolina Code 16-14-10
Principal: means any officer, director, partner, joint venturer, branch manager, or other person with similar managerial or supervisory responsibilities for a loan broker. See South Carolina Code 34-36-10
Principal place of business: means the domicile of a corporation. See South Carolina Code 12-6-30
Private entity: means a private person or entity that has entered into a contract with a government unit to design, finance, construct, and operate a highway, bridge, tunnel, or approach that is within the jurisdiction of the government unit that is responsible for complying with applicable federal requirements. See South Carolina Code 11-43-130
Pro se: A Latin term meaning "on one's own behalf"; in courts, it refers to persons who present their own cases without lawyers.
Probable cause: A reasonable ground for belief that the offender violated a specific law.
Probate: Proving a will
Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
Professional fundraising counsel: means a person that for a fixed rate of compensation plans, conducts, manages, prepares materials for, advises, or acts as a consultant, directly or indirectly, in connection with soliciting contributions for or on behalf of a charitable organization, but that actually does not solicit, receive, or collect contributions as a part of these services. See South Carolina Code 33-56-20
Professional solicitor: means a person that, for monetary or other consideration, solicits contributions for or on behalf of a charitable organization, either personally or through its agents, servants, or employees or through agents, servants, or employees who are specially employed by or for a charitable organization, who are engaged in the solicitation of contributions under the direction of that person. See South Carolina Code 33-56-20
Project revenues: means all rates, rents, fees, assessments, charges, and other receipts derived or to be derived by a qualified borrower from a qualified project or made available from a special source, and, as provided in the applicable financing agreement, derived from any system of which the qualified project is a part of, from any other revenue producing facility under the ownership or control of the qualified borrower including, without limitation, proceeds of grants, gifts, appropriations and loans, including the proceeds of loans made by the bank, investment earnings, reserves for capital and current expenses, proceeds of insurance or condemnation and proceeds from the sale or other disposition of property and from any other special source as may be provided by the qualified borrower. See South Carolina Code 11-43-130
Proof of training: means an original document or certified copy of the document supplied by an applicant that certifies that he is either:

(a) a person who, within three years before filing an application, successfully has completed a basic or advanced handgun education course offered by a state, county, or municipal law enforcement agency or a nationally recognized organization that promotes gun safety. See South Carolina Code 23-31-210
Property tax: means ad valorem taxes on real and personal property. See South Carolina Code 12-60-30
Property tax assessment: means a valuation or determination of property value for annual property tax purposes arrived at by multiplying the fair market value or special use value of the property by the appropriate assessment ratio for the taxable property's classification. See South Carolina Code 12-60-30
Property tax assessor: means the county assessor, the county auditor, the department, or a government official who issues a property tax assessment. See South Carolina Code 12-60-30
Proposed assessment: means the first written notice sent or given to the taxpayer stating that a division within the department has concluded that a tax is due. See South Carolina Code 12-60-30
Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
Protest: means a written appeal of a proposed assessment or a division decision made in accordance with this chapter. See South Carolina Code 12-60-30
Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See South Carolina Code 36-2A-103
Qualified borrower: means any government unit or private entity which is authorized to construct, operate, or own a qualified project. See South Carolina Code 11-43-130
Qualified deductible: means the deductible for the individual's homeowner's policy for a taxpayer's legal residence. See South Carolina Code 12-6-1610
Qualified nonresident: means an individual who owns real property in South Carolina, but who resides in another state. See South Carolina Code 23-31-210
Qualified project: means an eligible project which has been selected by the bank to receive a loan or other financial assistance from the bank to defray an eligible cost. See South Carolina Code 11-43-130
Qualifying account: means :

(a) a savings account or other savings product or program offered by a participating financial institution into which deposits may be made by a depositor;

(b) the account is evidenced by periodic statements that are delivered to the depositor or are available to the depositor through electronic access; and

(c) the interest rate for the qualifying account is similar to, and not less than, the interest rates of other comparable nonqualifying accounts. See South Carolina Code 34-45-20
Quorum: The number of legislators that must be present to do business.
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Recess: A temporary interruption of the legislative business.
Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
Remand: When an appellate court sends a case back to a lower court for further proceedings.
Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
Resident: means an individual who is present in South Carolina with the intention of making a permanent home in South Carolina or military personnel on permanent change of station orders. See South Carolina Code 23-31-210
Resident beneficiary: means a beneficiary of an estate or trust who is a resident individual, resident estate, resident trust, resident partnership, or resident corporation. See South Carolina Code 12-6-30
Resident corporation: means a corporation whose principal place of business, as defined in item (9), is located within this State. See South Carolina Code 12-6-30
Resident estate: means the estate of a decedent who was domiciled in this State at death. See South Carolina Code 12-6-30
Resident individual: means an individual domiciled in this State. See South Carolina Code 12-6-30
Resident partner: means a partner who is a resident individual, resident estate, resident trust, or resident corporation or resident partnership during the taxable year. See South Carolina Code 12-6-30
Resident trust: means a trust administered in this State. See South Carolina Code 12-6-30
Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
Revenues: means , when used with respect to the bank, any receipts, fees, income, or other payments received or to be received by the bank including, without limitation, receipts and other payments deposited in the bank and investment earnings on its funds and accounts. See South Carolina Code 11-43-130
Rifle: means a weapon designed or redesigned, made or remade, and intended to be fired from the shoulder and designed or redesigned and made or remade to use the energy of the explosive in a fixed cartridge to fire only a single projectile through a rifled bore for each single pull of the trigger. See South Carolina Code 23-31-310
Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
sale: includes a sale, lease, exchange, or other disposition of property and assets of the corporation except a mortgage of or other security interest in the property and assets. See South Carolina Code 33-12-103
Sales tax: means the tax imposed pursuant to Article 9, Chapter 36 of this title. See South Carolina Code 12-35-20
Savings promotion contest: means a contest or promotion sponsored by a financial institution or a group of financial institutions in which a chance of winning designated prizes is obtained by a depositor when the depositor:

(a) deposits a specified amount of money or makes a specified number of deposits into the depositor's qualifying account; or

(b) participates in one or more savings products or programs. See South Carolina Code 34-45-20
Sawed-off rifle: means a rifle having a barrel or barrels of less than sixteen inches in length or a weapon made from a rifle which as modified has an overall length of less than twenty-six inches or a barrel or barrels of less than sixteen inches in length. See South Carolina Code 23-31-310
Sawed-off shotgun: means a shotgun having a barrel or barrels of less than eighteen inches in length or a weapon made from a shotgun which as modified has an overall length of less than twenty-six inches or a barrel or barrels of less than eighteen inches in length. See South Carolina Code 23-31-310
Security: means and is defined as provided in § 35-1-102(29) and as a security account. See South Carolina Code 35-6-10
Seller: means a person who sells or contracts to sell goods. See South Carolina Code 36-2-103
Seller: means a person making sales, leases, or rentals of personal property or services. See South Carolina Code 12-35-20
Serious bodily injury: means a physical condition which creates a substantial risk of death, serious personal disfigurement, or protracted loss or impairment of the function of a bodily member or organ. See South Carolina Code 23-31-400
Service of process: The service of writs or summonses to the appropriate party.
Shipper: means a person that enters into a contract of transportation with a carrier. See South Carolina Code 36-7-102
Shock incarceration program: means a program pursuant to which eligible inmates are ordered by the court to participate in the program and serve ninety days in an incarceration facility, which provides rigorous physical activity, intensive regimentation, and discipline and rehabilitation therapy and programming. See South Carolina Code 24-13-1310
Shotgun: means a weapon designed or redesigned, made or remade, and intended to be fired from the shoulder and designed or redesigned and made or remade to use the energy of the explosive in a fixed shotgun shell to fire through a smooth bore either a number of ball shot or a single projectile for each pull of the trigger. See South Carolina Code 23-31-310
Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
solicitation: means to request and the request for money, credit, property, financial assistance, or other thing of value, or a portion of it, to be used for a charitable purpose or to benefit a charitable organization. See South Carolina Code 33-56-20
Special use value: means property valued pursuant to § 12-43-220(d). See South Carolina Code 12-60-30
State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See South Carolina Code 35-6-10
State: means a state of the United States and the District of Columbia. See South Carolina Code 12-35-20
State accounts: means , collectively, the separate account for state highway funds and state transit funds. See South Carolina Code 11-43-130
State board: means the governing board of the State Fiscal Accountability Authority. See South Carolina Code 11-43-510
Statute: A law passed by a legislature.
Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See South Carolina Code 36-2A-103
Subpoena: A command to a witness to appear and give testimony.
Subpoena duces tecum: A command to a witness to produce documents.
Summons: Another word for subpoena used by the criminal justice system.
Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See South Carolina Code 36-2A-103
Supply contract: means a contract under which a lessor buys or leases goods to be leased. See South Carolina Code 36-2A-103
Tangible property: includes real property and corporeal personal property but does not include money, bank deposits, shares of stock, bonds, credits, evidences of debt, choses in action, or evidences of an interest in property. See South Carolina Code 12-6-30
taxes: means taxes, licenses, permits, fees, or other amounts, including interest, regulatory and other penalties, and civil fines, imposed by this title, or subject to assessment or collection by the department. See South Carolina Code 12-60-30
Taxpayer: includes an individual, trust, estate, partnership, association, company, corporation, or any other entity subject to the tax imposed by this chapter or required to file a return. See South Carolina Code 12-6-30
Taxpayer: includes a licensee and an applicant for a license, issued by or administered by the department. See South Carolina Code 12-60-30
Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
Testify: Answer questions in court.
Testimony: Evidence presented orally by witnesses during trials or before grand juries.
Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
Transportation infrastructure bonds: means all general obligation bonds of this State designated as transportation infrastructure bonds, which are now outstanding and which may hereafter be issued pursuant to the authorizations of this article. See South Carolina Code 11-43-510
Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
Trustee: A person or institution holding and administering property in trust.
Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
Uphold: The decision of an appellate court not to reverse a lower court decision.
Use a firearm: means to discharge a firearm. See South Carolina Code 23-31-400
Use tax: means the tax imposed pursuant to Article 13, Chapter 36 of this title. See South Carolina Code 12-35-20
Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}
Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
Venue: The geographical location in which a case is tried.
Verdict: The decision of a petit jury or a judge.
Warehouse: means a person engaged in the business of storing goods for hire. See South Carolina Code 36-7-102
Writ: A formal written command, issued from the court, requiring the performance of a specific act.

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South Carolina Code > Title 12 > Chapter 6 – South Carolina Income Tax Act

Terms Used In South Carolina Code > Title 12 > Chapter 6 - South Carolina Income Tax Act

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