REPORT TITLE:
Transfer of Foreclosure Apt


DESCRIPTION:
Provides that title from a transfer of foreclosure for
condominium apartments occurs beginning 36 days after the order
confirming the sale, 60 days after the hearing at which the court
grants the motion to confirm the sale, or upon the recording of
the deed, whichever occurs first.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           645
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO CONDOMINIUMS. 


BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 514A-90, Hawaii Revised Statutes, is
 
 2 amended by amending subsection (b) to read as follows:
 
 3      "(b)  Where the mortgagee of a mortgage of record or other
 
 4 purchaser of an apartment obtains title to the apartment as a
 
 5 result of foreclosure of the mortgage, the acquirer of title and
 
 6 the acquirer's successors and assigns shall not be liable for the
 
 7 share of the common expenses or assessments by the association of
 
 8 apartment owners chargeable to the apartment which became due
 
 9 prior to the acquisition of title to the apartment by the
 
10 acquirer.  The unpaid share of common expenses or assessments
 
11 shall be deemed to be common expenses collectible from all of the
 
12 apartment owners, including the acquirer and the acquirer's
 
13 successors and assigns.  
 
14      The mortgagee of record or other purchaser of the apartment
 
15 shall be deemed to acquire title and shall be required to pay the
 
16 apartment's share of common expenses and assessments beginning:
 
17      (1)  Thirty-six days after the order confirming the sale to
 
18           the acquirer has been filed with the court;
 
19      (2)  Sixty days after the hearing at which the court grants
 

 
Page 2                                                     
                                     S.B. NO.           645
                                                        
                                                        

 
 1           the motion to confirm the sale to the acquirer; or
 
 2      (3)  Upon the recording of the deed;
 
 3 whichever occurs first."
 
 4      SECTION 2.  New statutory material is underscored.
 
 5      SECTION 3.  This Act shall take effect upon its approval.
 
 6 
 
 7 INTRODUCED BY:  ______________________   ________________________