Terms Used In Hawaii Revised Statutes 560:6-109

• 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

• Decedent: A deceased person.
• Party: means a person who, by the terms of the account, has a present right, subject to request, to payment from a multiple-party account. See Hawaii Revised Statutes 560:6-101
• Request: means a proper request for withdrawal, or a check or order for payment, which complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the financial institution; but if the financial institution conditions withdrawal or payment on advance notice, for purposes of this part the request for withdrawal or payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for withdrawal;

  "Sums on deposit" means the balance payable on a multiple-party account including interest, dividends, and in addition any deposit life insurance proceeds added to the account by reason of the death of a party;

  "Trust account" means an account in the name of one or more parties as trustee for one or more beneficiaries where the relationship is established by the form of the account and the deposit agreement with the financial institution and there is no subject of the trust other than the sums on deposit in the account; it is not essential that payment to the beneficiary be mentioned in the deposit agreement. See Hawaii Revised Statutes 560:6-101

• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.