Terms Used In Hawaii Revised Statutes > Chapter 554G - Permitted Transfers in Trust

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Applicant: means the person for whose use and benefit application for services or public assistance is made. See Hawaii Revised Statutes 346-1
• 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.
• 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}
• Claim: means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured. See Hawaii Revised Statutes 554G-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
• Creditor: means , with respect to a transferor, a person who has a claim. See Hawaii Revised Statutes 554G-2
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Debt: means liability on a claim. See Hawaii Revised Statutes 554G-2
• Department: means the department of human services. See Hawaii Revised Statutes 346-1
• Donor: means any individual, partnership, corporation, joint-stock company, unincorporated organization, foundation, estate, trust, or any other person or firm that donates money, real property, goods, or services to a homeless facility or any other program for the homeless authorized by this part, including members of any governing body, trustees, officers, partners, principals, stockholders, members, managers, employees, contractors, agents of these entities, or any person who was involved with the donation. See Hawaii Revised Statutes 346-361
• Donor: The person who makes a gift.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• Former spouse: means a person to whom the transferor was married where the marriage was dissolved before the time of the permitted transfer, or person with whom the transferor was in a civil union where the civil union was dissolved before the time of the permitted transfer. See Hawaii Revised Statutes 554G-2
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Homeless: means :

  (1) An individual or family who lacks a fixed, regular, and adequate night-time residence; or

  (2) An individual or family who has a primary night-time residence that is:

  (A) A supervised publicly or privately operated shelter designed to provide temporary living accommodations;

  (B) An institution that provides temporary residence for individuals intended to be institutionalized; or

  (C) A public or private place not designed for or ordinarily used as sleeping accommodations for human beings. See Hawaii Revised Statutes 346-361

• Homeless facility: means a development designed to provide shelter for homeless families or individuals pursuant to this part, or to facilitate any other homeless program authorized by this part, and may include emergency or transitional shelters. See Hawaii Revised Statutes 346-361
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Permitted property: includes real property, personal property, and interests in real or personal property. See Hawaii Revised Statutes 554G-2
• Permitted transfer: means a transfer of permitted property by or from one or more transferors who own an undivided interest in the property to one or more trustees, at least one of which is a permitted trustee, by means of a trust instrument, regardless of whether consideration is exchanged. See Hawaii Revised Statutes 554G-2
• Permitted trustee: means a person, other than the transferor, who is a resident of this State or a bank or trust company that is authorized to do business in this State, possesses and exercises trust powers, has its principal place of business in this State; and:

  (1) Maintains or arranges for custody of some or all of the property that is the subject of the permitted transfer;

  (2) Maintains records for the trust on an exclusive or nonexclusive basis;

  (3) Prepares or arranges for the preparation of fiduciary income tax returns; or

  (4) Otherwise materially participates in the administration of the trust. See Hawaii Revised Statutes 554G-2

• Person: means a natural person. See Hawaii Revised Statutes 554G-2
• Personal property: All property that is not real property.
• Probate: Proving a will
• Provider: means any person or public or private institution, agency or business concern authorized by the department to provide health care, service or supplies to beneficiaries of medical assistance. See Hawaii Revised Statutes 346-1
• Provider agency: means an organization, including its governing board, officers, employees, contractors, or agents, contracted by the department to provide labor and services to any homeless facility or any other program for the homeless authorized by this part that is:

  (1) A for-profit organization incorporated under the laws of the State; or

  (2) A nonprofit organization determined by the Internal Revenue Service to be exempt from the federal income tax; that has a governing board whose members have no material conflict of interest and who serve without compensation, and that has adopted bylaws or policies that describe the manner in which business is conducted, including policies that relate to nepotism and management of potential conflict of interest situations. See Hawaii Revised Statutes 346-361

• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recipient: means the person for whose use and benefit services are rendered or a grant of public assistance is made. See Hawaii Revised Statutes 346-1
• 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}
• 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.
• Spouse: means a person to whom the transferor is married or with whom the person is party to a civil union at the time of the permitted transfer. See Hawaii Revised Statutes 554G-2
• Statute: A law passed by a legislature.
• Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
• Transfer: means the disposition, conveyance, or assignment of property, including the change in the legal ownership of property occurring upon the substitution of one trustee for another or the addition of one or more new trustees, or the exercise of a power that causes the disposition, conveyance, or assignment of permitted property to a trustee or trustees, but shall not include the release or relinquishment of an interest in property that was formerly the subject of a permitted transfer. See Hawaii Revised Statutes 554G-2
• Transferor: means :

  (1) An owner of permitted property;

  (2) The holder of a power of appointment that authorizes the holder to appoint in favor of the holder, the holder's creditors, the holder's estate, or the creditors of the holder's estate; or

  (3) A trustee who directly or indirectly makes a disposition of permitted property. See Hawaii Revised Statutes 554G-2

• Transitional shelter: means a homeless facility designed to provide temporary shelter and appropriate and available services for a maximum of twenty-four months to homeless families or individuals qualified by the pertinent provider agency or department to stay in the transitional shelter. See Hawaii Revised Statutes 346-361
• Trust instrument: means an irrevocable instrument appointing a permitted trustee or permitted trustees for the permitted property that is the subject of a disposition. See Hawaii Revised Statutes 554G-2
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by court. See Hawaii Revised Statutes 554G-2
• Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.