[§526-2]  Definitions.  In this chapter:

Terms Used In Hawaii Revised Statutes 526-2

  • 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.
  • Fiduciary: A trustee, executor, or administrator.
  • 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.
  • 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.
  • 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
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.

     “Disclaimant” means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made.

     “Disclaimed interest” means the interest that would have passed to the disclaimant had the disclaimer not been made.

     “Disclaimer” means the refusal to accept an interest in or power over property.

     “Fiduciary” means a personal representative, trustee, agent acting under a power of attorney, or other person authorized to act as a fiduciary with respect to the property of another person.

     “Jointly held property” means property held in the name of two or more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property.

     “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation, or any other legal or commercial entity.

     “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.  The term includes an Indian tribe or band, or Alaskan native village, recognized by federal law or formally acknowledged by a state.

     “Trust” means:

    [(1)] An express trust, charitable or noncharitable, with additions thereto, whenever and however created; and

    [(2)] A trust created pursuant to a statute, judgment, or decree which requires the trust to be administered in the manner of an express trust.