Hawaii Revised Statutes 514B-155 – Association as trustee
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Terms Used In Hawaii Revised Statutes 514B-155
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means the unit owners' association organized under section 514B-102 or under prior condominium property regime statutes. See Hawaii Revised Statutes 514B-3
- Person: means an individual, firm, corporation, partnership, association, trust, or other legal entity, or any combination thereof. See Hawaii Revised Statutes 514B-3
- Trustee: A person or institution holding and administering property in trust.
With respect to a third person dealing with the association in the association’s capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person shall not be bound to inquire whether the association has power to act as trustee or is properly exercising trust powers. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, shall be fully protected in dealing with the association as if it possessed and properly exercised the powers it purports to exercise. A third person shall not be bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee.