Hawaii Revised Statutes 412:8-101 – Definitions
Terms Used In Hawaii Revised Statutes 412:8-101
- 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
- Company: means any corporation, partnership, trust (business or otherwise), association, joint venture, pool syndicate, unincorporated organization, or any form of business entity not specifically listed herein and, unless specifically excluded, a financial institution; provided that "company" does not mean any trust existing on July 1, 1993, which under its terms must terminate within twenty-five years, or not later than twenty-one years and ten months after the death of individuals living on the effective date of the trust. See Hawaii Revised Statutes 412:1-109
- deposits: means money or its equivalent received or held by a person in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a demand, checking, savings, time, passbook, negotiable order of withdrawal, thrift, or share account, or which is evidenced by its passbook, certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument, or a check, draft, or share draft drawn against a deposit account and certified by a person, on which the person is primarily liable. See Hawaii Revised Statutes 412:1-109
- Division: means the division of financial institutions of the department of commerce and consumer affairs of this State. See Hawaii Revised Statutes 412:1-109
- Fiduciary: A trustee, executor, or administrator.
- Financial institution: means a Hawaii financial institution, and unless the context indicates otherwise, a federal financial institution or foreign financial institution. See Hawaii Revised Statutes 412:1-109
- Financial institution holding company: means a holding company which controls a Hawaii financial institution or which controls another financial institution holding company. See Hawaii Revised Statutes 412:1-109
- Grantor: The person who establishes a trust and places property into it.
- 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.
- Hawaii financial institution: means :
(1) A corporation or credit union that holds a charter or license under this chapter or under prior Hawaii law, authorizing it to accept deposits, to make loans in excess of the rates permitted in chapter 478, or to engage in the business of a trust company; or
(2) A resulting bank as defined in article 12,
and includes a corporation or credit union existing and chartered as a Hawaii financial institution or licensed to transact business in this State on July 1, 1993. See Hawaii Revised Statutes 412:1-109
- Holding company: means any company which controls another company. See Hawaii Revised Statutes 412:1-109
- Subsidiary: means a corporation, joint venture, partnership, or other company that is controlled by another corporation. See Hawaii Revised Statutes 412:1-109
- Trustee: A person or institution holding and administering property in trust.
In this article:
“Client” means a customer of a trust company, including without limitation a settlor or beneficiary with a vested interest, the grantor of a power, or the principal in an agency relationship. When context permits, both the settlor and the beneficiary may be clients at the same time.
“Nondepository trust company” means a type of trust company that is not authorized to accept deposits.
“Trust company” means a Hawaii financial institution which has been permitted to use the term “trust company” as part of its name, or a subsidiary, trust division or department of a bank that is a Hawaii financial institution, which engages primarily in the business of acting as a trustee, personal representative, guardian, agent, and other fiduciary, either by court appointment or by agreement.
“Trust holding company” means a financial institution holding company, other than a bank or a bank holding company which controls a trust company or another trust holding company. A bank which is authorized to engage in the business of a trust company through a subsidiary, division or department of the bank is not a trust holding company if its trust business is solely through such subsidiary, division or department.