Hawaii Revised Statutes 412:2-406 – Compensation and expenses of conservator or receiver
Terms Used In Hawaii Revised Statutes 412:2-406
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
- 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
- Federal: means belonging to, part of, or related to the government of the United States of America. 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means a natural person, entity or organization, including without limitation an individual, corporation, joint venture, partnership, sole proprietorship, association, cooperative, estate, trust, or governmental unit. See Hawaii Revised Statutes 412:1-109
- 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
All expenses of any conservatorship or receivership shall be paid out of the assets of the Hawaii financial institution and shall be a lien on the assets, which shall be prior to any other lien provided by this chapter or otherwise. Such expenses shall include without limitation, all costs and expenses incurred by the State, conservator, receiver and any other person for rent, utilities, telephones, travel, equipment, supplies, and employee salaries and benefits (including state employees). No compensation shall be paid to the commissioner, the deputy commissioner or federal insurer for serving as conservator or receiver, but other persons serving in such capacity may receive a salary commensurate with the responsibilities of such position.