port Title:
Condominiums; Nonjudicial Foreclosures; Common Expenses
Description:
Establishes the time in which a nonjudicial foreclosure of a condominium unit is effective for the purposes of having the new owner pay the owner's share of common assessments and expenses.
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THE SENATE |
S.B. NO. |
373 |
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TWENTY-SECOND LEGISLATURE, 2003 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO CONDOMINIUM PROPERTY REGIMES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 514A-90, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) Except as provided in subsection (g), when the mortgagee of a mortgage of record or other purchaser of an apartment obtains title to the apartment as a result of foreclosure of the mortgage, the acquirer of title and the acquirer's successors and assigns shall not be liable for the share of the common expenses or assessments by the association of apartment owners chargeable to the apartment which became due prior to the acquisition of title to the apartment by the acquirer. The unpaid share of common expenses or assessments shall be deemed to be common expenses collectible from all of the apartment owners, including the acquirer and the acquirer's successors and assigns. The mortgagee of record or other purchaser of the apartment shall be deemed to acquire title and shall be required to pay the apartment's share of common expenses and assessments beginning:
(1) Thirty-six days after the order confirming the sale to the purchaser has been filed with the court;
(2) Sixty days after the hearing at which the court grants the motion to confirm the sale to the purchaser; [or]
(3) In a nonjudicial power of sale foreclosure, the sooner of five days from the date of the recordation of the affidavit of sale or thirty days after the completion of the auction; or
[(3)] (4) Upon the recording of the deed,
whichever occurs first."
SECTION 2. Act 39, Session Laws of Hawaii 2000, is amended by amending section 4 to read as follows:
"SECTION 4. This Act shall take effect upon its approval and shall be repealed on December 31, 2003; provided that section 514A-90, Hawaii Revised Statutes, shall be reenacted in the form in which it read on the day before approval of this Act[.]; as further amended by section 1 of Act , Session Laws of Hawaii 2003."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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