Whenever the value of property is to be determined under sections security box for valuables; limitation of liability for deposited valuables” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>486K-4 and 486K-5, the following shall apply:

(1) Value means the market value of the property.

Terms Used In Hawaii Revised Statutes 486K-9

  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Security box: means any metal or alloy box, used in a hotel for the safekeeping of any valuables, which may be securely locked with a locking mechanism that meets or exceeds Underwriters Laboratories standards and which shall be secured in a manner which precludes its removal from the room. See Hawaii Revised Statutes 486K-1
  • Valuables: includes money, bank notes, bonds, precious stones, jewelry, ornaments, watches, securities, transportation tickets, photographic cameras, checks, drafts, and other negotiable instruments, business papers, documents, and other papers, and other articles of value. See Hawaii Revised Statutes 486K-1
(2) Whether or not they have been issued or delivered, certain written instruments, not including those having a readily ascertained market value, shall be evaluated as follows:

(A) The value of an instrument constituting an evidence of debt, such as a check, traveler’s check, draft, or promissory note, shall be deemed the amount due or collectible thereon or thereby, that figure ordinarily being the face amount of the indebtedness less any portion thereof which has been satisfied;
(B) The value of any other instrument that creates, releases, discharges, or otherwise affects any valuable legal right, privilege, or obligation shall be deemed the greatest amount of economic loss which the owner of the instrument might reasonably suffer by virtue of the loss of the instrument.
(3) When property has value but that value cannot be ascertained pursuant to the standards set forth above, the value shall be deemed to be an amount not exceeding $50.

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