Terms Used In South Carolina Code > Title 12 > Chapter 67 - South Carolina Abandoned Buildings Revitalization Act

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Building: means a structure surrounded by exterior walls or permanent firewalls. See South Carolina Code 12-21-3920
• 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.
• Department: means the South Carolina Department of Revenue. See South Carolina Code 12-21-3920
• Donee: The recipient of a gift.
• Donor: The person who makes a gift.
• 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.
• Fair: means a recognized annual state or county fair. See South Carolina Code 12-21-3920
• Fund: means the Parks and Recreation Development Fund. See South Carolina Code 12-21-3920
• game: means a specific game of chance, commonly known as bingo, in which prizes are awarded on the basis of designated numbers or symbols on a card conforming to numbers and symbols selected at random. See South Carolina Code 12-21-3920
• individual: means a human being. See South Carolina Code 12-2-20
• Nonprofit organization: means an entity which is organized and operated exclusively for charitable, religious, or fraternal purposes and which is exempt from federal income taxes pursuant to Internal Revenue Code Section 501(c)(3), 501(c)(4), 501(c)(7), 501(c)(8), 501(c)(10), or 501(c)(19). See South Carolina Code 12-21-3920
• Oath: A promise to tell the truth.
• 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.
• 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.
• 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
• Personal property: All property that is not real property.
• Player: means one who participates in a game of bingo other than as an agent, promoter, or representative of the house. See South Carolina Code 12-21-3920
• Promoter: means an individual, corporation, partnership, or organization licensed as a professional solicitor by the Secretary of State who is hired by a nonprofit organization to manage, operate, or conduct the licensee's bingo game. See South Carolina Code 12-21-3920
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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}
• Session: means a consecutive series of games which must occur only between the hours of 12:00 p. See South Carolina Code 12-21-3920