Terms Used In Hawaii Revised Statutes > Chapter 556 - Uniform Fiduciaries Act

• 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}
• Chief of police: means the chief of police of the counties of Hawaii, Maui, Kauai, or the city and county of Honolulu. See Hawaii Revised Statutes 134-1
• Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
• 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
• Department: means the department of human services. See Hawaii Revised Statutes 346-1
• Director: means the director of finance. See Hawaii Revised Statutes 256B-1
• Director: means the director of human services. See Hawaii Revised Statutes 346-1
• Eligible educational institution: means :

  (1) An institution described in sections 481(a)(1) or 1201(a) of the Higher Education Act of 1965 (20 U. See Hawaii Revised Statutes 257-1

• Emergency shelter: means a homeless facility designed to provide temporary shelter and appropriate and available services to homeless families or individuals for a specified period of time who are not able to stay in a transitional shelter or reside in a dwelling unit. See Hawaii Revised Statutes 346-361
• 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.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary organization: means an organization that serves as an intermediary between an individual account holder and the financial institution holding the individual's individual development account funds. See Hawaii Revised Statutes 257-1
• Financial assistance: means public assistance, except for payments for medical care, social service payments, transportation assistance, and emergency assistance under § 346-65, including funds received from the federal government. See Hawaii Revised Statutes 346-1
• Financial institution: means an organization authorized to do business pursuant to chapter 412, or under federal laws relating to financial institutions, and includes a bank, trust company, savings bank, building and loan association, savings and loan company or association, and credit union. See Hawaii Revised Statutes 257-1
• Firearm: means any weapon, for which the operating force is an explosive, including but not limited to pistols, revolvers, rifles, shotguns, automatic firearms, noxious gas projectors, mortars, bombs, and cannon. See Hawaii Revised Statutes 134-1
• 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.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• 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
• Homeless shelter stipend: means a payment to a provider agency from the department to provide temporary shelter and appropriate services for a homeless family or individual at a homeless facility operated or managed by the provider agency. See Hawaii Revised Statutes 346-361
• Household: means adults related by blood, marriage, or adoption, or who are unrelated but have maintained a stable family relationship together over a period of time, and individuals under eighteen years of age related to the above adults by marriage, blood, or adoption, who are living together. See Hawaii Revised Statutes 257-1
• Individual development account: means an optional, interest bearing, subsidized, tax-benefitted account used exclusively for the purpose of paying the qualified expenditure of an eligible individual as determined by the fiduciary organization. See Hawaii Revised Statutes 257-1
• month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
• 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.
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Program: means the Hawaii ABLE savings program established under this chapter. See Hawaii Revised Statutes 256B-1
• Program manager: means a financial organization selected by the director of finance to act as a depository and manager of the program. See Hawaii Revised Statutes 256B-1
• 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

• Qualified acquisition costs: means the costs of acquiring, constructing, or reconstructing a residence and shall include any usual or reasonable settlement, financing, or other closing costs. See Hawaii Revised Statutes 257-1
• Qualified business: means any business that does not contravene any law or public policy. See Hawaii Revised Statutes 257-1
• Qualified expenditures: means an expense as determined by a fiduciary organization, which may include but not be limited to:

  (1) Costs associated with first homeownership;

  (2) Post-secondary education;

  (3) Vocational training; and

  (4) Small or micro-business capitalization. See Hawaii Revised Statutes 257-1

• Qualified plan: means a business plan or a plan to use a business asset purchased, that:

  (1) Is approved by a financial institution, a micro-enterprise development organization, or a nonprofit loan fund having demonstrated fiduciary integrity;

  (2) Includes a description of services or goods to be sold, a marketing plan, and projected financial statements; and

  (3) May require the eligible individual to obtain the assistance of an experienced entrepreneurial advisor. See Hawaii Revised Statutes 257-1

• Quorum: The number of legislators that must be present to do business.
• 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.
• 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 account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.