Definitions. As used in this article, the following words shall have the meanings indicated:
DEVELOPMENT RIGHT
The right to erect a dwelling unit on property.
INSTRUMENT OF TRANSFER
An instrument, in the form required by this chapter, by which one or more development rights are transferred.
ORIGINAL INSTRUMENT OF TRANSFER
An instrument of transfer by which development rights are initially transferred from a sending parcel by the original transferor.
ORIGINAL TRANSFEROR
(1)
A transferor who is the owner of the sending parcel from which the rights are transferred; and
(2)
All persons who have any mortgage, deed of trust or other lien or encumbrance on the transferor parcel.
RECEIVING PARCEL
A parcel that is eligible to receive rights from a sending parcel.
SENDING PARCEL
A parcel of land located in a Wicomico County Agricultural Land Preservation District or a Maryland Agricultural Land Preservation District, within Wicomico County, and for which no easement has been sold and from which development rights are transferred.
TRANSFER
A transfer of development rights from a sending parcel to a receiving parcel by an instrument of transfer. Transfer includes a subsequent transfer to or among transferees.
TRANSFEREE
A person to whom development rights are transferred; and all persons who have any lien, security of interest, or other interest with respect to development rights held by a transferee.
TRANSFEROR
A person who transfers development rights; and all persons who have any lien, security of interest, or other interest with respect to development rights held by a transferor.