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Hawaii Revised Statutes Division 3. Property; Family § 514E-26

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In the case of a time share use plan, the trust for the time share units shall be irrevocable during the time that any owner of a time share interest has a right to the occupancy of a time share unit, except as provided in subsection (c).

(b) In a time share ownership plan, the trust for a time share unit shall be irrevocable until all blanket liens are extinguished, except as provided in subsection (c).

(c) The developer may elect to terminate the use of a trust for a time share unit if, at a later date[:]

(1) The trustee records a notice of time share plan after the recording of either:

(A) Nondisturbance agreements executed by every lienholder who has a blanket lien against the time share unit, or

(B) The director's acceptance of a surety bond or irrevocable letter of credit for that unit; or

(2) The director approves alternative arrangements [that] permit the termination of the trust.

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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 3. Property; Family § 514E-26 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-3-property-family/hi-rev-st-sect-514e-26/

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