(a) A federal insurer of the Hawaii financial institution‘s deposits or accounts who serves as a conservator or receiver shall acquire both legal and equitable title to all assets, rights or claims and to all real or personal property of the institution, to the extent necessary to perform such duties or as may be necessary under applicable federal law to effectuate such appointment.

Terms Used In Hawaii Revised Statutes 412:2-404

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Conservator: means a person appointed by the commissioner to take possession and control of a Hawaii financial institution for a temporary period in order to preserve and protect the assets of the institution for the benefit of its depositors, beneficiaries, creditors, and shareholders or members. See Hawaii Revised Statutes 412:1-109
  • deposits: means money or its equivalent received or held by a person in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a demand, checking, savings, time, passbook, negotiable order of withdrawal, thrift, or share account, or which is evidenced by its passbook, certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument, or a check, draft, or share draft drawn against a deposit account and certified by a person, on which the person is primarily liable. See Hawaii Revised Statutes 412:1-109
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • Federal financial institution: means a national banking association, federal savings bank, federal savings and loan association or federal credit union. See Hawaii Revised Statutes 412:1-109
  • Financial institution: means a Hawaii financial institution, and unless the context indicates otherwise, a federal financial institution or foreign financial institution. See Hawaii Revised Statutes 412:1-109
  • Personal property: All property that is not real property.
  • Receiver: means a person appointed by the commissioner to take possession and control of a Hawaii financial institution for the purpose of liquidating and winding up the affairs of the institution. See Hawaii Revised Statutes 412:1-109
(b) If a federal insurer pays or makes available for payment its insurance proceeds to the depositors of an institution under conservatorship or receivership, the federal insurer shall be subrogated to the rights of such depositors, whether or not the federal insurer has become conservator or receiver thereof, in the same manner and to the same extent as it would be subrogated in the conservatorship or receivership of a federal financial institution insured by such federal insurer.

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