Terms Used In Hawaii Revised Statutes 490:5-106

• 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.
• Applicant: means a person at whose request or for whose account a letter of credit is issued. See Hawaii Revised Statutes 490:5-102
• 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}
• Beneficiary: means a person who under the terms of a letter of credit is entitled to have its complying presentation honored. See Hawaii Revised Statutes 490:5-102
• Confirmer: means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another. See Hawaii Revised Statutes 490:5-102
• Issuer: means a bank or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family, or household purposes. See Hawaii Revised Statutes 490:5-102
• Letter of credit: means a definite undertaking that satisfies the requirements of § 490:5-104 by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value. See Hawaii Revised Statutes 490:5-102