(Emphasis added.) The case of Lord v. Lord, 35 Haw. 26, is cited as contrary to the numerous decisions that a trustor with the consent of the beneficiaries may revoke the trust. This case is where the settlor created a trust chiefly to provide alimony for his divorced wife.
"It is a maxim that equity regards the substance rather than the form." ( Lord v. Lord, 35 Haw. 26, 39.) Hence, "* * * whether a suit is one against a State is to be determined, not by the fact of the party named as a defendant on the record, but by the result of the judgment or decree which may be entered * * *." ( Minnesota v. Hitchcock, 185 U.S. 373, 387).
HRS § 571–3 (2006). “[E]quity regards the substance rather than the form.... Equity goes behind the form of the transaction in order to give effect to the intention of the parties....” Schrader v.Benton, 2 Haw.App. 564, 566, 635 P.2d 562, 564 (1981) (quoting Lord v. Lord, 35 Haw. 26, 39 (Haw.Terr.1939)) (internal quotation marks omitted). The promissory notes were part of an overall structure intended to pay Joel the entire amount of the Retention and Longevity Bonuses up front while ensuring that he would not have to pay taxes on those lump sums.
Equity goes behind the form of the transaction in order to give effect to the intention of the parties. . . ." Lord v. Lord, 35 Haw. 26 (1939) at 39. Thus, "the court of equity has plenary power to mold its decrees in such form as to conserve the equities of all parties * * *."
Equity regards substance rather than form. Lord v. Lord, 35 Haw. 26 (1939). Whether husband's relationship to prospective retirement benefits is called a "mere expectancy", and therefore not "property" as in French, or a "contractual right", and therefore "property" as in Brown, the fact is that 18 of the 20 years necessary to qualify for it were years in which the Linsons were partners in marriage.