Terms Used In Hawaii Revised Statutes > Chapter 557A - Uniform Principal and Income Act

• Accounting period: means a calendar year unless another twelve-month period is selected by a fiduciary. See Hawaii Revised Statutes 557A-102
• Alley: means a street or highway intended to provide access to the rear or side of lots or buildings and not intended for the purpose of through vehicular traffic. See Hawaii Revised Statutes 291C-1
• Amortization: Paying off a loan by regular installments.
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized emergency vehicle: includes fire department vehicles, police vehicles, ambulances, ocean safety vehicles, law enforcement vehicles, and conservation and resources enforcement vehicles authorized and approved pursuant to section 291-31. See Hawaii Revised Statutes 291C-1
• Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
• 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}
• Beneficiary: includes , in the case of a decedent's estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. See Hawaii Revised Statutes 557A-102
• Bicycle: means :
  (1) A vehicle propelled solely by human power upon which any person may ride, having two tandem wheels, and including any vehicle generally recognized as a bicycle though equipped with two front or two rear wheels except a toy bicycle; or
  (2) A low-speed electric bicycle, as defined under title 15 United States Code § 2085. See Hawaii Revised Statutes 291C-1
• Bicycle lane: means that portion of any highway which has been set aside for the preferential or exclusive use of bicycles. See Hawaii Revised Statutes 291C-1
• Board: means the contractors license board. See Hawaii Revised Statutes 444-1
• Board: means the wellness and resilience advisory board. See Hawaii Revised Statutes 346-431
• 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.
• Contract: A legal written agreement that becomes binding when signed.
• Contractor: means any person who by oneself or through others offers to undertake, or holds oneself out as being able to undertake, or does undertake to alter, add to, subtract from, improve, enhance, or beautify any realty or construct, alter, repair, add to, subtract from, improve, move, wreck, or demolish any building, highway, road, railroad, excavation, or other structure, project, development, or improvement, or do any part thereof, including the erection of scaffolding or other structures or works in connection therewith. See Hawaii Revised Statutes 444-1
• 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
• Crosswalk: means :
  (1) That part of a roadway at an intersection included within the connections of the lateral lines of the sidewalks on opposite sides of the highway measured from the curbs or, in the absence of curbs, from the edges of the traversable roadway; or
  (2) Any portion of a roadway at an intersection or elsewhere distinctly indicated for pedestrian crossing by lines or other markings on the surface. See Hawaii Revised Statutes 291C-1
• Decedent: A deceased person.
• Department: means the department of commerce and consumer affairs. See Hawaii Revised Statutes 444-1
• Department: means the department of human services. See Hawaii Revised Statutes 346-1
• Director: means the director of human services. See Hawaii Revised Statutes 346-1
• Donor: The person who makes a gift.
• Driver: means every person who drives or is in actual physical control of a vehicle. See Hawaii Revised Statutes 291C-1
• 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.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means a personal representative or a trustee. See Hawaii Revised Statutes 557A-102
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Highway: means the entire width between the boundary lines of every way publicly maintained and those private streets, as defined in § 46-16, over which the application of this chapter has been extended by ordinance, when any part thereof is open to the use of the public for purposes of vehicular travel. See Hawaii Revised Statutes 291C-1
• Income: means money or property a fiduciary receives as the current return from a principal asset. See Hawaii Revised Statutes 557A-102
• Income beneficiary: means a person to whom a trust's net income is or may be payable. See Hawaii Revised Statutes 557A-102
• Income interest: means an income beneficiary's right to receive all or part of the net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Hawaii Revised Statutes 557A-102
• Intersection: means the area embraced within the prolongation or connection of the lateral curb lines, or, if none, then the lateral boundary lines of the roadways of two highways which join one another at, or approximately at, right angles, or the area within which vehicles traveling upon different highways joining at any other angle may come in conflict. See Hawaii Revised Statutes 291C-1
• Laned roadway: means roadway which is divided into two or more clearly marked lanes for vehicular traffic. See Hawaii Revised Statutes 291C-1
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mandatory income interest: means an income beneficiary's right to receive net income that the terms of the trust require the fiduciary to distribute. See Hawaii Revised Statutes 557A-102
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Motor vehicle: means every vehicle which is self-propelled and every vehicle which is propelled by electric power but not operated upon rails but excludes a moped. See Hawaii Revised Statutes 291C-1
• Neighborhood electric vehicle: means a self-propelled electrically powered motor vehicle to which all of the following apply:
  (1) The vehicle is emission free;

  (2) The vehicle is designed to be and is operated at speeds of twenty-five miles per hour or less;
  (3) The vehicle has four wheels in contact with the ground;
  (4) The vehicle has a gross vehicle weight rating of less than three thousand pounds; and
  (5) The vehicle conforms to the minimum safety equipment requirements as adopted in the Federal Motor Vehicle Safety Standard No. See Hawaii Revised Statutes 291C-1
• Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period. See Hawaii Revised Statutes 557A-102
• 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.
• Office: means the office of wellness and resilience. See Hawaii Revised Statutes 346-431
• 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.
• Pedestrian: means any person afoot, in an invalid chair, or in a vehicle propelled by a person afoot. See Hawaii Revised Statutes 291C-1
• Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or any other legal or commercial entity. See Hawaii Revised Statutes 557A-102
• Personal property: All property that is not real property.
• Police officer: means every officer authorized to direct or regulate traffic or to make arrests for violations of traffic regulations. See Hawaii Revised Statutes 291C-1
• Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Hawaii Revised Statutes 557A-102
• 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.
• Remainder beneficiary: means a person, including another trust, entitled to receive principal when an income interest ends. See Hawaii Revised Statutes 557A-102
• Residence district: means the territory contiguous to and including a highway not comprising a business district when the property on the highway for a distance of three hundred feet or more is in the main improved with residences or residences and buildings in use for business. See Hawaii Revised Statutes 291C-1
• Right-of-way: means the right of one vehicle or pedestrian to proceed in a lawful manner in preference to another vehicle or pedestrian approaching under such circumstances of direction, speed, and proximity as to give rise to danger of collision unless one grants precedence to the other. See Hawaii Revised Statutes 291C-1
• Roadway: means that portion of a highway improved, designed, or ordinarily used for vehicular travel, exclusive of the berm or shoulder. See Hawaii Revised Statutes 291C-1
• 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.
• Street: means the entire width between boundary lines of every way publicly maintained when any part thereof is open to the use of the public for purposes of vehicular travel. See Hawaii Revised Statutes 291C-1
• Terms of a trust: means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. See Hawaii Revised Statutes 557A-102
• Testator: A male person who leaves a will at death.
• Traffic: means pedestrians, ridden or herded animals, vehicles, and other conveyances either singly or together while using any highway for purposes of travel. See Hawaii Revised Statutes 291C-1
• Traffic-control signal: means any device, whether manually, electrically, or mechanically operated, by which traffic is alternately directed to stop and permitted to proceed. See Hawaii Revised Statutes 291C-1
• 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 a court. See Hawaii Revised Statutes 557A-102
• Vehicle: means every device in, upon, or by which any person or property is or may be transported or drawn upon a roadway or highway, including mopeds and bicycles, but excluding toy bicycles, devices other than bicycles moved by human power, and devices used exclusively upon stationary rails or tracks. See Hawaii Revised Statutes 291C-1