Hawaii Revised Statutes 412:10-306 – Joint accounts
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Terms Used In Hawaii Revised Statutes 412:10-306
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Person: means a natural person, entity or organization, including without limitation an individual, corporation, joint venture, partnership, sole proprietorship, association, cooperative, estate, trust, or governmental unit. See Hawaii Revised Statutes 412:1-109
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
A member may designate any person or persons to own a share or deposit account with the member in joint tenancy with the right of survivorship, as a tenant in common or under any other form of joint ownership permitted by law, but no co-owner, unless a member in the co-owner’s own right, shall be permitted to vote, obtain loans, or hold office or be required to pay a membership fee.