Hawaii Revised Statutes 560:6-102 – Ownership as between parties, and others; protection of financial institutions
Terms Used In Hawaii Revised Statutes 560:6-102
- Account: means a contract of deposit of funds between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, share account and other like arrangement;
"Beneficiary" means a person named in a trust account as one for whom a party to the account is named as trustee;
"Financial institution" means any organization authorized to do business under state or federal laws relating to financial institutions, including, without limitation, banks, savings banks, savings and loan companies or associations, financial services loan companies, and credit unions;
"Joint account" means an account payable on request presently or in the future to one or more of two or more parties whether or not mention is made of any right of survivorship;
A "multiple-party account" is any of the following types of account:
(1) a joint account,
(2) a payable-on-death account, or
(3) a trust account. See Hawaii Revised Statutes 560:6-101
- Withdrawal: includes payment to a third person pursuant to check or other directive of a party. See Hawaii Revised Statutes 560:6-101
The provisions of §§ 560:6-103 to 560:6-105 concerning beneficial ownership as between parties and payable-on-death payees, or as between parties or beneficiaries of multiple-party accounts, are relevant only to controversies between these persons and their creditors and other successors, and have no bearing on the power of withdrawal of these persons as determined by the terms of account contracts. The provisions of sections 560:6-108 to 560:6-113 govern the liability of financial institutions who make payments pursuant thereto, and their setoff rights.