Haw. Rev. Stat. § 412:8-101

Current through Chapter 253 of the 2024 Legislative Session
Section 412:8-101 - Definitions

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.

HRS § 412:8-101

Amended by L 2021, c 105,§ 4, eff. 7/1/2021.
L 1993, c 350, pt of §1