For the purposes of this chapter:

(1) A transfer is made:

Terms Used In Hawaii Revised Statutes 651C-6

  • Asset: means property of a debtor but does not include:

    (1) Property to the extent that it is encumbered by a valid lien;

    (2) Property to the extent that it is generally exempt under nonbankruptcy law; or

    (3) An interest in property held in tenancy by the entireties to the extent that it is not subject to process by a creditor holding a claim against only one tenant. See Hawaii Revised Statutes 651C-1

  • Contract: A legal written agreement that becomes binding when signed.
  • Creditor: means a person who has a claim against a debtor. See Hawaii Revised Statutes 651C-1
  • Debtor: means a person against whom a creditor has a claim. See Hawaii Revised Statutes 651C-1
  • 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.
  • Property: means anything that may be the subject of ownership. See Hawaii Revised Statutes 651C-1
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes a payment of money, a release, a lease, and the creation of a lien or encumbrance. See Hawaii Revised Statutes 651C-1
(A) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset from the debtor against whom applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and
(B) With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this chapter that is superior to the interest of the transferee;
(2) If applicable law permits the transfer to be perfected as provided in paragraph (1) and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer is made immediately before the commencement of the action;
(3) If applicable law does not permit the transfer to be perfected as provided in paragraph (1), the transfer is made when it becomes effective between the debtor and the transferee;
(4) A transfer is not made until the debtor has acquired rights in the asset transferred;
(5) An obligation is incurred:

(A) If oral, when it becomes effective between the parties; or
(B) If evidenced by a writing, when the writing executed by the obligor is delivered to or for the benefit of the obligee.
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