Terms Used In Hawaii Revised Statutes 651C-1

• Affiliate: means :

  (1) A person who directly or indirectly owns, controls, or holds with power to vote, twenty or more per cent of the outstanding voting securities of the debtor, other than a person who holds the securities:

  (A) As a fiduciary or agent without sole discretionary power to vote the securities; or

  (B) Solely to secure a debt, if the person has not in fact exercised the power to vote;

  (2) A corporation, twenty or more per cent of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by a person who directly or indirectly owns, controls, or holds with power to vote, twenty or more per cent of the outstanding voting securities of the debtor, other than a person who holds the securities:

  (A) As a fiduciary or agent without sole discretionary power to vote the securities; or

  (B) Solely to secure a debt, if the person has not in fact exercised the power to vote;

  (3) A person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or

  (4) A person who operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets. See Hawaii Revised Statutes 651C-1

• Asset: means property of a debtor but does not include:

  (1) Property to the extent that it is encumbered by a valid lien;

  (2) Property to the extent that it is generally exempt under nonbankruptcy law; or

  (3) An interest in property held in tenancy by the entireties to the extent that it is not subject to process by a creditor holding a claim against only one tenant. See Hawaii Revised Statutes 651C-1

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Claim: means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured. See Hawaii Revised Statutes 651C-1
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• 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.
• Creditor: means a person who has a claim against a debtor. See Hawaii Revised Statutes 651C-1
• Debt: means liability on a claim. See Hawaii Revised Statutes 651C-1
• Debtor: means a person against whom a creditor has a claim. See Hawaii Revised Statutes 651C-1
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fiduciary: A trustee, executor, or administrator.
• Insider: includes :

  (1) If the debtor is an individual:

  (A) A relative of the debtor or of a general partner of the debtor;

  (B) A partnership in which the debtor is a general partner;

  (C) A general partner in a partnership described in subparagraph (B); or

  (D) A corporation of which the debtor is a director, officer, or person in control;

  (2) If the debtor is a corporation:

  (A) A director of the debtor;

  (B) An officer of the debtor;

  (C) A person in control of the debtor;

  (D) A partnership in which the debtor is a general partner;

  (E) A general partner in a partnership described in subparagraph (D); or

  (F) A relative of a general partner, director, officer, or person in control of the debtor;

  (3) If the debtor is a partnership:

  (A) A general partner of the debtor;

  (B) A relative of a general partner in, of a general partner of, or of a person in control of the debtor;

  (C) Another partnership in which the debtor is a general partner;

  (D) A general partner in a partnership described in subparagraph (C); or

  (E) A person in control of the debtor;

  (4) An affiliate, or an insider of an affiliate as if the affiliate were the debtor; and

  (5) A managing agent of the debtor. See Hawaii Revised Statutes 651C-1

• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lien: means a charge against or an interest in property to secure payment of a debt or performance of an obligation, including a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien, or a statutory lien. See Hawaii Revised Statutes 651C-1
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, partnership, corporation, association, organization, government or governmental subdivision or agency, business trust, estate, trust, or any other legal or commercial entity. See Hawaii Revised Statutes 651C-1
• Property: means anything that may be the subject of ownership. See Hawaii Revised Statutes 651C-1
• Relative: means an individual related within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree. See Hawaii Revised Statutes 651C-1