Terms Used In Hawaii Revised Statutes > Chapter 490 > Article 2 - Sales

• Administrator: means the official or officials administering the Federal Highway Act. See Hawaii Revised Statutes 264-21
• Aircraft: means any contrivance now known or hereafter invented, used or designed for navigation of or flight in the air. See Hawaii Revised Statutes 261-1
• Airport: means any area of land or water which is used, or intended for use, for the landing and takeoff of aircraft, and any appurtenant areas which are used, or intended for use, for airport buildings or other airport facilities or rights-of-way, including approaches, together with all airport buildings and facilities located thereon. See Hawaii Revised Statutes 261-1
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• 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}
• board: means the governing body of the risk retention group elected by the shareholders or members to establish policy, elect or appoint officers and committees, and make other governing decisions. See Hawaii Revised Statutes 431K-1
• Buyer: means a person who buys or contracts to buy goods. See Hawaii Revised Statutes 490:2-103
• Capital costs: means part or all of the cost for capital improvements. See Hawaii Revised Statutes 264-121
• Commissioner: means the insurance commissioner of this State. See Hawaii Revised Statutes 431K-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.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Completed operations liability: means liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled by any person who:

  (1) Performs that work; or

  (2) Hires an independent contractor to perform that work; but shall include liability for activities which are completed or abandoned before the date of the occurrence giving rise to the liability. See Hawaii Revised Statutes 431K-1

• Contract: A legal written agreement that becomes binding when signed.
• Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Hawaii Revised Statutes 490:2-106
• 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.
• county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• department: means the department of transportation. See Hawaii Revised Statutes 264-141
• Department: means the department of transportation. See Hawaii Revised Statutes 264-121
• Development: means any artificial change to real property that requires a county grading or building permit including but not limited to construction, expansion, enlargement, alteration, or erection of buildings or structures. See Hawaii Revised Statutes 264-121
• Devise: To gift property by will.
• Director: means a natural person designated in the articles of the risk retention group or designated, elected, or appointed by any other manner, name, or title to act as a director. See Hawaii Revised Statutes 431K-1
• Director: means the director of transportation. See Hawaii Revised Statutes 264-121
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• 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}
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• feasibility study: means an analysis which presents the expected activities and results of a risk retention group including, not less than the following:

  (1) The coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer;

  (2) Historical and expected loss experience of the proposed members and national experience of similar exposures to the extent that this experience is reasonably available;

  (3) Pro forma financial statements and projections;

  (4) Appropriate opinions by a qualified, independent casualty actuary, including a determination of minimum premiums or participation levels required to commence operations and to prevent a hazardous financial condition;

  (5) Identification of management, underwriting procedures, managerial oversight methods, investment policies;

  (6) Identification of each state in which the risk retention group has obtained, or sought to obtain, a charter and license, and a description of its status in each state; and

  (7) Other matters as may be prescribed by the commissioner for liability insurance companies authorized by the insurance laws of the state in which the risk retention group is chartered. See Hawaii Revised Statutes 431K-1

• Federal Highway Act: means Title 23 of the United States Code, and all acts of the Congress of the United States amendatory or supplementary thereto, including future enactments not requiring substantial changes of the powers and duties provided for by this part. See Hawaii Revised Statutes 264-21
• Federal-aid funds: means funds appropriated by the Congress of the United States under or for the purposes of the Federal Highway Act, in which the State is entitled to share. See Hawaii Revised Statutes 264-21
• Federal-aid project: means any project for the construction or reconstruction of any highway or portion thereof upon which federal-aid funds are to be, are being, or have been, expended, in connection with local appropriations as in this section defined. See Hawaii Revised Statutes 264-21
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Financially impaired: means that a risk retention group:

  (1) Has admitted assets that are less than the sum of its aggregate liabilities and the amount of surplus to policyholders required to be maintained by a risk retention group chartered in this State and authorized to do the same kind or kinds of insurance; or

  (2) Has admitted assets that are less than the sum of its aggregate liabilities and outstanding capital stock; or

  (3) Is insolvent. See Hawaii Revised Statutes 431K-1

• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able to:

  (1) Meet obligations to policyholders with respect to known claims and reasonably anticipated claims; or

  (2) Pay other obligations in the normal course of business. See Hawaii Revised Statutes 431K-1

• Hybrid transaction: means a single transaction involving the sale of goods and:
  (a) The provision of services;
  (b) The lease of other goods; or
  (c) The sale, lease, or license of property other than goods. See Hawaii Revised Statutes 490:2-106
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insolvent: means that a risk retention group has admitted assets that are less than the aggregate amount of its liabilities. See Hawaii Revised Statutes 431K-1
• Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this State. See Hawaii Revised Statutes 431K-1
• Inter vivos: Transfer of property from one living person to another living person.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• 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}
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Legatee: A beneficiary of a decedent
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Liability: means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses because of injuries to other persons, damage to their property, or other damage or loss to those other persons resulting from or arising out of:

  (1) Any business, whether for profit or nonprofit, trade, product, services, including professional services, premises, or operations; or

  (2) Any activity of any state or county government, or any agency or political subdivision;

  but does not include personal risk liability and an employer's liability with respect to its employees other than legal liability under the Federal Employers' Liability Act, 45 U. See Hawaii Revised Statutes 431K-1

• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Local funds: means funds appropriated by the State or any county for the construction of any federal-aid project. See Hawaii Revised Statutes 264-21
• Member: means a person who, under the rules or practices of a nonprofit association, may participate in the selection of persons authorized to manage the affairs of the nonprofit association or in the development of policy of the nonprofit association. See Hawaii Revised Statutes 429-1
• month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
• Nonprofit association: means an unincorporated organization, other than one created by a trust, consisting of two or more members joined by mutual consent for a common, nonprofit purpose. See Hawaii Revised Statutes 429-1
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• 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, corporation, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Hawaii Revised Statutes 429-1
• Person: means any individual, firm, partnership, corporation, company, association, joint stock association, or body politic; and includes any trustee, receiver, assignee, or other similar representative thereof. See Hawaii Revised Statutes 261-1
• Personal property: All property that is not real property.
• Personal risk liability: means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities, rather than from responsibilities or activities referred to in paragraphs (1) and (2) in the definition of "liability". See Hawaii Revised Statutes 431K-1
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Police officer: means a police officer and any other state or county officer charged with the enforcement of state laws. See Hawaii Revised Statutes 261-1
• present sale: means a sale that is accomplished by the making of the contract. See Hawaii Revised Statutes 490:2-106
• Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of the person when the incident giving rise to the claim occurred. See Hawaii Revised Statutes 431K-1
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Purchasing group: means any group which:

  (1) Has as one of its purposes the purchase of liability insurance on a group basis;

  (2) Purchases this insurance only for its group members and only to cover their similar or related liability exposure, as described in [paragraph (3)];

  (3) Is composed of members whose businesses or activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations; and

  (4) Is domiciled in any state. See Hawaii Revised Statutes 431K-1

• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Risk retention group: means any corporation or other limited liability association formed under the laws of any state, Bermuda, or the Cayman Islands:

  (1) Whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members;

  (2) Which is organized for the primary purpose of conducting the activity described under paragraph (1);

  (3) Which:

  (A) Is chartered and licensed as a liability insurance company and authorized to engage in the business of insurance under the laws of any state; or

  (B) Before January 1, 1985, was chartered or licensed and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands and, before this date, had certified to the insurance commissioner of at least one state that it satisfied the capitalization requirements of that state, except that any group shall be considered to be a risk retention group only if the group has been engaged in business continuously since this date and only for the purpose of continuing to provide insurance to cover product liability or completed operations liability, as defined in the Product Liability Risk Retention Act of 1981, 15 U. See Hawaii Revised Statutes 431K-1

• Seller: means a person who sells or contracts to sell goods. See Hawaii Revised Statutes 490:2-103
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: means any state of the United States or the District of Columbia. See Hawaii Revised Statutes 431K-1
• State highway improvements: means capital improvements to the physical infrastructure of state highways. See Hawaii Revised Statutes 264-121
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Summons: Another word for subpoena used by the criminal justice system.
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Venue: The geographical location in which a case is tried.