651C-1 Definitions
651C-2 Insolvency
651C-3 Value
651C-4 Transfers fraudulent as to present and future creditors
651C-5 Transfers fraudulent as to present creditors
651C-6 When transfer is made or obligation is incurred
651C-7 Remedies of creditors
651C-8 Defenses, liability, and protection of transferee
651C-9 Extinguishment of cause of action
651C-10 Supplement of provisions

Terms Used In Hawaii Revised Statutes > Chapter 651C

  • Affiliate: means :

         (1)  A person who directly or indirectly owns, controls, or holds with power to vote, twenty or more per cent of the outstanding voting securities of the debtor, other than a person who holds the securities:

              (A)  As a fiduciary or agent without sole discretionary power to vote the securities; or

              (B)  Solely to secure a debt, if the person has not in fact exercised the power to vote;

         (2)  A corporation, twenty or more per cent of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by a person who directly or indirectly owns, controls, or holds with power to vote, twenty or more per cent of the outstanding voting securities of the debtor, other than a person who holds the securities:

              (A)  As a fiduciary or agent without sole discretionary power to vote the securities; or

              (B)  Solely to secure a debt, if the person has not in fact exercised the power to vote;

         (3)  A person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or

         (4)  A person who operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets. See Hawaii Revised Statutes 651C-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.
  • 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

  • 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.
  • Business: includes every trade, occupation, and profession. See Hawaii Revised Statutes 425-101
  • 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 651C-1
  • 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.
  • 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.
  • Creditor: means a person who has a claim against a debtor. See Hawaii Revised Statutes 651C-1
  • Debt: means liability on a claim. See Hawaii Revised Statutes 651C-1
  • Debtor: means a person against whom a creditor has a claim. See Hawaii Revised Statutes 651C-1
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Distribution: means a transfer of money or other property from a partnership to a partner in the partner's capacity as a partner or to the partner's transferee. See Hawaii Revised Statutes 425-101
  • 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.
  • Fiduciary: A trustee, executor, or administrator.
  • 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
  • Fraud: Intentional deception resulting in injury to another.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Insider: includes :

         (1)  If the debtor is an individual:

              (A)  A relative of the debtor or of a general partner of the debtor;

              (B)  A partnership in which the debtor is a general partner;

              (C)  A general partner in a partnership described in subparagraph (B); or

              (D)  A corporation of which the debtor is a director, officer, or person in control;

         (2)  If the debtor is a corporation:

              (A)  A director of the debtor;

              (B)  An officer of the debtor;

              (C)  A person in control of the debtor;

              (D)  A partnership in which the debtor is a general partner;

              (E)  A general partner in a partnership described in subparagraph (D); or

              (F)  A relative of a general partner, director, officer, or person in control of the debtor;

         (3)  If the debtor is a partnership:

              (A)  A general partner of the debtor;

              (B)  A relative of a general partner in, of a general partner of, or of a person in control of the debtor;

              (C)  Another partnership in which the debtor is a general partner;

              (D)  A general partner in a partnership described in subparagraph (C); or

              (E)  A person in control of the debtor;

         (4)  An affiliate, or an insider of an affiliate as if the affiliate were the debtor; and

         (5)  A managing agent of the debtor. See Hawaii Revised Statutes 651C-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.
  • Lien: means a charge against or an interest in property to secure payment of a debt or performance of an obligation, including a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien, or a statutory lien. See Hawaii Revised Statutes 651C-1
  • Limited liability partnership: means a partnership that has filed a statement of qualification under section 425-152 and does not have a similar statement in effect in any other jurisdiction. See Hawaii Revised Statutes 425-101
  • 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: means an association of two or more persons to carry on as co-owners a business for profit formed under section 425-109, a predecessor law, or comparable law of another jurisdiction. See Hawaii Revised Statutes 425-101
  • Partnership agreement: means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Hawaii Revised Statutes 425-101
  • Person: includes any individual or entity. See Hawaii Revised Statutes 425-101
  • Property: means all property, real, personal, or mixed, tangible or intangible, or any interest therein. See Hawaii Revised Statutes 425-101
  • 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.
  • Relative: means an individual related within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree. See Hawaii Revised Statutes 651C-1
  • Statement: means a registration or annual statement filed under section 425-1, a statement of correction filed under section 425-1. See Hawaii Revised Statutes 425-101
  • 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.
  • Transfer: includes an assignment, conveyance, lease, mortgage, deed, and encumbrance. See Hawaii Revised Statutes 425-101
  • 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
  • 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
  • Valid lien: means a lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings. See Hawaii Revised Statutes 651C-1
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.