Hawaii Revised Statutes 207-11 – Definitions
Terms Used In Hawaii Revised Statutes 207-11
- 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.
- 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
- 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.
- Employee benefit plan: means any plan, fund, or program which was heretofore or is hereafter established in and under the laws of a state other than Hawaii by an employer or by an employee organization, or both, for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or annuity contracts or otherwise, medical, surgical, or hospital care or benefits, or benefits in the event of sickness, accident, disability, death, or unemployment, or retirement benefits, and includes any profit-sharing plan which provides benefits at or after retirement. See Hawaii Revised Statutes 207-11
- employee organization: means any labor union or any organization of any kind, or any agency or employee representation committee, association, group, or plan in which employees participate and which exists for the purpose, in whole or in part, of dealing with employers concerning an employee benefit plan or other matters incidental to employment relationships or any employees' beneficiary association organized for the purpose, in whole or in part, of establishing such a plan. See Hawaii Revised Statutes 207-11
- Fiduciary: A trustee, executor, or administrator.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: means any of the United States, the District of Columbia, Guam, the Commonwealth of Puerto Rico, and Virgin Islands. See Hawaii Revised Statutes 207-11
- Trustee: A person or institution holding and administering property in trust.
As used in this part:
“Employee benefit plan” means any plan, fund, or program which was heretofore or is hereafter established in and under the laws of a state other than Hawaii by an employer or by an employee organization, or both, for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or annuity contracts or otherwise, medical, surgical, or hospital care or benefits, or benefits in the event of sickness, accident, disability, death, or unemployment, or retirement benefits, and includes any profit-sharing plan which provides benefits at or after retirement. As used in the preceding sentence, the term “employee organization” means any labor union or any organization of any kind, or any agency or employee representation committee, association, group, or plan in which employees participate and which exists for the purpose, in whole or in part, of dealing with employers concerning an employee benefit plan or other matters incidental to employment relationships or any employees’ beneficiary association organized for the purpose, in whole or in part, of establishing such a plan.
“Foreign lender” means:
(1) “A depository institution” as defined in section 501(a)(2) of the federal Depository Institutions Deregulation and Monetary Control Act of 1980, a “real estate investment trust” as defined in the Internal Revenue Code, an insurance company, the principal office of which is in another state, whether incorporated or unincorporated and whether acting in its individual capacity or in a fiduciary capacity;
(2) The trustee or trustees from time to time in office of any employee benefit plan;
(3) A lender approved by the Secretary of the United States Department of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act;
(4) Any corporation of which all of the capital stock (except the directors’ qualifying shares) is owned by one or more foreign lenders specified in paragraphs (1), (2), and (3); and
(5) Any corporation of which all of the capital stock (except for the directors’ qualifying shares) is owned by one or more foreign lenders specified in paragraph (4);
provided that the term “foreign lender” does not include any financial services loan company licensed under article 9 of chapter 412.
“Loans” means obligations secured by liens upon real property, or any interest in real property, situated in this State, which liens may also cover such personal property as is or may from time to time be affixed or attached to or located on or in or about the real property or any improvements thereon or thereto, and include obligations secured by liens upon real property or interests therein situated both within and without this State.
“State” means any of the United States, the District of Columbia, Guam, the Commonwealth of Puerto Rico, and Virgin Islands.