Haw. Rev. Stat. § 554G-1
Short title
This chapter shall be known and may be cited as the Permitted Transfers in Trust Act.
Hawaii Revised Statutes Chapter 554G — Permitted Transfers in Trust
Hawaii · statute · Haw. Rev. Stat. ch. 554G · 11 active provisions
Haw. Rev. Stat. § 554G-2
Definitions
As used in this chapter: "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. "Creditor" means, with respect to a transferor, a person who has a claim. "Debt" mea…
Haw. Rev. Stat. § 554G-4
Permitted trustees
If a permitted trustee of a trust ceases to meet the criteria for a permitted trustee as defined in section 554G-2, and there remains no trustee that meets the requirements, the permitted trustee shall be deemed to have resigned as of the time that the trustee ceases to meet the criteria. At that time, the successor pe…
Haw. Rev. Stat. § 554G-4.5
Advisors
(a) A transferor may appoint, through the trust instrument, one or more advisors or protectors, including: (1) Advisors who have authority under the terms of the trust to remove and appoint trustees, advisors, trust committee members, or protectors; (2) Advisors who have authority under the terms of the trust to direct…
Haw. Rev. Stat. § 554G-5
Trust instrument
(a) A trust instrument shall be irrevocable and shall expressly incorporate the laws of this State governing the validity, construction, and administration of the trust. (b) The trustee, in its discretion, may terminate any trust if and when its fair market value has declined to the extent that would make it uneconomic…
Haw. Rev. Stat. § 554G-6
Investments
Nothing in this chapter shall prohibit a trustee from diversifying trust assets.
Haw. Rev. Stat. § 554G-7
Retained interests of transferor
(a) A permitted transfer shall be subject to this chapter notwithstanding a transferor's retention of any or all of the powers and rights described in section 554G-5(c) and notwithstanding the transferor's service as investment advisor pursuant to section 554G-4.5(a)(3). (b) The transferor shall have only the powers an…
Haw. Rev. Stat. § 554G-8
Avoidance of permitted transfers in trust
(a) No claim, including an action to enforce a judgment entered by a court or other body having adjudicative authority, by a creditor against property that is subject to a permitted transfer that arises after a permitted transfer and no claim by a creditor to avoid a permitted transfer shall be brought at law or in equ…
Haw. Rev. Stat. § 554G-9
Limitations on permitted transfers
The limitations contained in section 554G-8 on actions by creditors to avoid permitted transfers shall not apply to: (1) Any person to whom the transferor is indebted on account of a family court-supervised agreement or family court order for the payment of support or alimony to the transferor's spouse, former spouse,…
Haw. Rev. Stat. § 554G-10
Effect of avoidance of permitted transfers
(a) A creditor may avoid a permitted transfer pursuant to section 554G-8 only to the extent necessary to satisfy the transferor's debt to the creditor at whose instance the transfer has been avoided, together with costs including attorney's fees as allowed by a court. (b) In an action pursuant to subsection (a) to avoi…
Haw. Rev. Stat. § 554G-11
Multiple transfers
If more than one permitted transfer is made by means of the same trust instrument: (1) The making of a subsequent permitted transfer shall be disregarded in determining whether a creditor's claim with respect to a prior permitted transfer is extinguished as provided in section 554G-8; and (2) Any distribution to a bene…