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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2564 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the land trust act.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 558-7, Hawaii Revised Statutes, is amended to read as follows:
"[[]§558-7[]] Personal property[.]; real property;
definition and declaration of interest.
In all cases where the recorded instrument contains a provision defining
and declaring the interest of beneficiaries to be personal property only, the
provision shall be controlling for all purposes where the determination shall
become an issue under the laws or in the courts of this State. If no such personal property definition and
declaration appears in the recorded instrument, the interests of the
beneficiaries are real property."
SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
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 Statutory material to be repealed is bracketed and stricken.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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Report Title:
Land Trust Act; Definition and Declaration of Interests; Property
Description:
Clarifies the definition and declaration of interests of beneficiaries of land trusts.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.