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Hawaii Revised Statutes > Chapter 490 > Subpart 1 – Short Title, Definitions, and General Concepts

490:9-101 Short title
490:9-102 Definitions and index of definitions
490:9-103 Purchase-money security interest; application of payments; burden of establishing
490:9-104 Control of deposit account
490:9-105 Control of electronic chattel paper
490:9-106 Control of investment property
490:9-107 Control of letter-of-credit right
490:9-108 Sufficiency of description

Terms Used In Hawaii Revised Statutes > Chapter 490 > Subpart 1

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Aviation artifact: means airplanes, fallen aircraft, crash sites, or any objects or materials associated with the history of aerospace in Hawaii which are over fifty years old, or determined to be of exceptional historic significance by the department. See Hawaii Revised Statutes 6E-2
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • Burial site: means any specific unmarked location where prehistoric or historic human skeletal remains and their associated burial goods are interred, and its immediate surrounding archaeological context, deemed a unique class of historic property and not otherwise included in section 6E-41. See Hawaii Revised Statutes 6E-2
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Department: means the department of land and natural resources. See Hawaii Revised Statutes 6E-2
  • Devise: To gift property by will.
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • 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.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Historic preservation: means the research, protection, restoration, rehabilitation, and interpretation of buildings, structures, objects, districts, areas, and sites, including underwater sites and burial sites, significant to the history, architecture, archaeology, or culture of this State, its communities, or the nation. See Hawaii Revised Statutes 6E-2
  • Historic property: means any building, structure, object, district, area, or site, including heiau and underwater site, which is over fifty years old. See Hawaii Revised Statutes 6E-2
  • Human skeletal remains: means the body or any part of the body of a deceased human being. See Hawaii Revised Statutes 6E-2
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lineal descendant: Direct descendant of the same ancestors.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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: 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: means an individual, group, partnership, firm, association, corporation, trust, governmental agency, governmental official, administrative body, or tribunal or any form of business or legal entity. See Hawaii Revised Statutes 46-122
  • Person: means any individual, firm, corporation, partnership, or association. See Hawaii Revised Statutes 6E-2
  • Personal property: All property that is not real property.
  • Premises: shall include but not be limited to a lodging or tenement house, group residence, group living arrangement, hotel, boardinghouse, or restaurant as further defined in section 445-90, or any other like facility serving unsupervised or unrelated individuals. See Hawaii Revised Statutes 46-15.6
  • Principal: means a person who has entered into a development agreement pursuant to the procedures specified in this chapter, including a successor in interest. See Hawaii Revised Statutes 46-122
  • 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
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State historic preservation officer: means that officer appointed by the governor as provided in section 6E-5. See Hawaii Revised Statutes 6E-2
  • Statute: A law passed by a legislature.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trustee: A person or institution holding and administering property in trust.

Hawaii Revised Statutes > Chapter 490 > Subpart 1 – Effectiveness and Attachment

490:9-201 General effectiveness of security agreement
490:9-202 Title to collateral immaterial
490:9-203 Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites
490:9-204 After-acquired property; future advances
490:9-205 Use or disposition of collateral permissible
490:9-206 Security interest arising in purchase or delivery of financial asset

Terms Used In Hawaii Revised Statutes > Chapter 490 > Subpart 1

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Aviation artifact: means airplanes, fallen aircraft, crash sites, or any objects or materials associated with the history of aerospace in Hawaii which are over fifty years old, or determined to be of exceptional historic significance by the department. See Hawaii Revised Statutes 6E-2
  • Burial good: means any item reasonably believed to have been intentionally placed with the human skeletal remains of an individual or individuals at the time of burial. See Hawaii Revised Statutes 6E-2
  • Burial site: means any specific unmarked location where prehistoric or historic human skeletal remains and their associated burial goods are interred, and its immediate surrounding archaeological context, deemed a unique class of historic property and not otherwise included in section 6E-41. See Hawaii Revised Statutes 6E-2
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
  • Department: means the department of land and natural resources. See Hawaii Revised Statutes 6E-2
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • 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.
  • Historic property: means any building, structure, object, district, area, or site, including heiau and underwater site, which is over fifty years old. See Hawaii Revised Statutes 6E-2
  • Human skeletal remains: means the body or any part of the body of a deceased human being. See Hawaii Revised Statutes 6E-2
  • 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.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mitigation plan: means a plan, approved by the department, for the care and disposition of historic properties, aviation artifacts, and burial sites or the contents thereof, that includes monitoring, protection, restoration, and interpretation plans. See Hawaii Revised Statutes 6E-2
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • oath: includes a solemn affirmation. See Hawaii Revised Statutes 1-21
  • 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.
  • Person: means an individual, group, partnership, firm, association, corporation, trust, governmental agency, governmental official, administrative body, or tribunal or any form of business or legal entity. See Hawaii Revised Statutes 46-122
  • Person: means any individual, firm, corporation, partnership, or association. See Hawaii Revised Statutes 6E-2
  • Premises: shall include but not be limited to a lodging or tenement house, group residence, group living arrangement, hotel, boardinghouse, or restaurant as further defined in section 445-90, or any other like facility serving unsupervised or unrelated individuals. See Hawaii Revised Statutes 46-15.6
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Project: means any activity directly undertaken by the State or its political subdivisions or supported in whole or in part through appropriations, contracts, grants, loans, or other forms of funding assistance from the State or its political subdivisions or involving any lease, permit, license, certificate, land use change, or other entitlement for use issued by the State or its political subdivisions. See Hawaii Revised Statutes 6E-2
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.

Hawaii Revised Statutes > Chapter 490 > Subpart 1 – Law Governing Perfection and Priority

490:9-301 Law governing perfection and priority of security interests
490:9-302 Law governing perfection and priority of agricultural liens
490:9-303 Law governing perfection and priority of security interests in goods covered by a certificate of title
490:9-304 Law governing perfection and priority of security interests in deposit accounts
490:9-305 Law governing perfection and priority of security interests in investment property
490:9-306 Law governing perfection and priority of security interests in letter-of-credit rights
490:9-307 Location of debtor

Terms Used In Hawaii Revised Statutes > Chapter 490 > Subpart 1

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Contract: A legal written agreement that becomes binding when signed.
  • county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
  • Department: means the department of land and natural resources. See Hawaii Revised Statutes 6E-2
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Historic preservation: means the research, protection, restoration, rehabilitation, and interpretation of buildings, structures, objects, districts, areas, and sites, including underwater sites and burial sites, significant to the history, architecture, archaeology, or culture of this State, its communities, or the nation. See Hawaii Revised Statutes 6E-2
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Person: means an individual, group, partnership, firm, association, corporation, trust, governmental agency, governmental official, administrative body, or tribunal or any form of business or legal entity. See Hawaii Revised Statutes 46-122
  • Principal: means a person who has entered into a development agreement pursuant to the procedures specified in this chapter, including a successor in interest. See Hawaii Revised Statutes 46-122
  • Public nuisances: shall include but not be limited to the placement of structures, stalls, stands, furniture, and containers on streets, sidewalks, and public places where the placement of structures, stalls, stands, furniture, and containers are inconsistent with or frustrate the purpose, function, or activity for which the street, sidewalk, or public place was intended. See Hawaii Revised Statutes 46-15.6
  • Quorum: The number of legislators that must be present to do business.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Statute: A law passed by a legislature.

Hawaii Revised Statutes > Chapter 490 > Subpart 1 – Filing Office; Contents and Effectiveness of Financing Statement

490:9-501 Filing office
490:9-502 Contents of financing statement; record of mortgage as financing statement; time of filing financing statement
490:9-503 Name of debtor and secured party
490:9-504 Indication of collateral
490:9-505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions
490:9-506 Effect of errors or omissions
490:9-507 Effect of certain events on effectiveness of financing statement
490:9-508 Effectiveness of financing statement if new debtor becomes bound by security agreement
490:9-509 Persons entitled to file a record
490:9-510 Effectiveness of filed record
490:9-511 Secured party of record
490:9-512 Amendment of financing statement
490:9-513 Termination statement
490:9-514 Assignment of powers of secured party of record
490:9-515 Duration and effectiveness of financing statement; effect of lapsed financing statement
490:9-516 What constitutes filing; effectiveness of filing
490:9-517 Effect of indexing errors
490:9-518 Claim concerning inaccurate or wrongfully filed record

Terms Used In Hawaii Revised Statutes > Chapter 490 > Subpart 1

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
  • Decedent: A deceased person.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Joint resolution: A legislative measure which requires the approval of both chambers.
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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.
  • Person: means an individual, group, partnership, firm, association, corporation, trust, governmental agency, governmental official, administrative body, or tribunal or any form of business or legal entity. See Hawaii Revised Statutes 46-122
  • Personal property: All property that is not real property.
  • Principal: means a person who has entered into a development agreement pursuant to the procedures specified in this chapter, including a successor in interest. See Hawaii Revised Statutes 46-122
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Statute: A law passed by a legislature.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.

Hawaii Revised Statutes > Chapter 490 > Subpart 1 – Default and Enforcement of Security Interest

490:9-601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes
490:9-602 Waiver and variance of rights and duties
490:9-603 Agreement on standards concerning rights and duties
490:9-604 Procedure if security agreement covers real property or fixtures
490:9-605 Unknown debtor or secondary obligor
490:9-606 Time of default for agricultural lien
490:9-607 Collection and enforcement by secured party
490:9-608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus
490:9-609 Secured party’s right to take possession after default
490:9-610 Disposition of collateral after default
490:9-611 Notification before disposition of collateral
490:9-612 Timeliness of notification before disposition of collateral
490:9-613 Contents and form of notification before disposition of collateral: general
490:9-614 Contents and form of notification before disposition of collateral: consumer-goods transaction
490:9-615 Application of proceeds of disposition; liability for deficiency and right to surplus
490:9-616 Explanation of calculation of surplus or deficiency
490:9-617 Rights of transferee of collateral
490:9-618 Rights and duties of certain secondary obligors
490:9-619 Transfer of record or legal title
490:9-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral
490:9-621 Notification of proposal to accept collateral
490:9-622 Effect of acceptance of collateral
490:9-623 Right to redeem collateral
490:9-624 Waiver

Terms Used In Hawaii Revised Statutes > Chapter 490 > Subpart 1

  • Adjustment rate: means a percentage rate or rates of adjustment of the assessment base determined by the director of finance at the time the tax increment district is established, based on the historical and projected increases to the assessed values of taxable real property within the boundary of the tax increment district and the projected cost increases to the county for servicing the new developments within the tax increment district. See Hawaii Revised Statutes 46-102
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • agency: means an agency defined in section 53-1 or the Hawaii community development authority as established pursuant to chapter 206E. See Hawaii Revised Statutes 46-102
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appraisal: A determination of property value.
  • Assessment base: means the total assessed values of all taxable real property in a tax increment district as most recently certified by the director of finance on the date of creation of the tax increment district. See Hawaii Revised Statutes 46-102
  • Assessment increment: means the amount by which the current assessed values of taxable real property located within the boundaries of a tax increment district exceeds its assessment base. See Hawaii Revised Statutes 46-102
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Community development plan: means a plan established pursuant to section 206E-5. See Hawaii Revised Statutes 46-102
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Council: means the council of the county in which a tax increment district is situated. See Hawaii Revised Statutes 46-102
  • county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dependent: A person dependent for support upon another.
  • Director of finance: means the officer or officers of the county charged with the responsibility of administering the real property taxation function of the county. See Hawaii Revised Statutes 46-102
  • district: means a contiguous or noncontiguous geographic area designated pursuant to section 46-103 by the county council for the purpose of tax increment financing. See Hawaii Revised Statutes 46-102
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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 market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Loan program: means the activities and policies undertaken by the office to provide assistance to any department of the State or to any county or board, agency, or instrumentality thereof, or to private individuals or organizations, by making loans or causing loans to be made available to them or by buying, refinancing, or guaranteeing loans made to or other obligations incurred by them for the betterment of native Hawaiians. See Hawaii Revised Statutes 10-21
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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.
  • Person: means an individual, group, partnership, firm, association, corporation, trust, governmental agency, governmental official, administrative body, or tribunal or any form of business or legal entity. See Hawaii Revised Statutes 46-122
  • Personal property: All property that is not real property.
  • Principal: means a person who has entered into a development agreement pursuant to the procedures specified in this chapter, including a successor in interest. See Hawaii Revised Statutes 46-122
  • project: means :

         (1)  The lawful acquisition of any property, real, personal, or mixed, tangible or intangible, or any interests therein, pursuant to section 10-4(2);

         (2)  Any capital improvement projects on lands held by the office pursuant to section 10-4(2) or in the public land trust, including but not limited to the construction of buildings and other improvements; infrastructure development, and other enterprises which are acquired, constructed, reconstructed, rehabilitated, improved, altered, or repaired by or on behalf of the office;

         (3)  Pilot projects, demonstrations, or both, where those projects or demonstrations fulfill criteria established by the board, pursuant to section 10-5(7); and

         (4)  Any other projects determined by rules adopted by the board pursuant to chapter 91 or otherwise authorized by the board in accordance with applicable law to be for the betterment of native Hawaiians and are consistent with the purposes of this chapter. See Hawaii Revised Statutes 10-21

  • Project costs: means expenditures made or estimated to be made or monetary obligations incurred or estimated to be incurred by the agency that are listed in a tax increment financing plan as costs of public works or public improvements in a tax increment district, plus other costs incidental to the expenditures or obligations. See Hawaii Revised Statutes 46-102
  • 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
  • Redevelopment plan: means a plan as defined in section 53-1. See Hawaii Revised Statutes 46-102
  • Reserves: means reserves required or permitted in the covenants in the resolution or resolutions of the board authorizing the obtaining of loans or issuance of revenue bonds under this part. See Hawaii Revised Statutes 10-21
  • Revenue bonds: means revenue bonds, interim certificates, notes, debentures, or other evidence of indebtedness of the board authorized by or issued under this part. See Hawaii Revised Statutes 10-21
  • Statute: A law passed by a legislature.
  • Tax increment: means the amount of real property taxes levied for one year on the assessment increment. See Hawaii Revised Statutes 46-102
  • Tax increment financing plan: means the plan for tax increment financing for a tax increment district submitted to the county council. See Hawaii Revised Statutes 46-102
  • Tax increment fund: means a fund which shall be held by the director of finance or other fiduciary designated by the county council and into which all tax increments and other moneys pledged by the county for payment of tax increment bonds are paid, and all proceeds from the sale of tax increment bonds are deposited, and from which moneys are disbursed to pay project costs for the tax increment district or to satisfy claims of holders of tax increment bonds issued for the district. See Hawaii Revised Statutes 46-102
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.