Hawaii Revised Statutes 514E-23 – Requirements for trustees

If time share units are conveyed to a trustee pursuant to § 514E-19, the following requirements shall be met:

(1) The trustee must be a bank, savings and loan association, or a trust company meeting the requirements of any rules adopted by the director pursuant to chapter 91.

Need help reviewing a real estate contract?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In Hawaii Revised Statutes 514E-23

Association: means the time share owners association. See Hawaii Revised Statutes 514E-1
Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 514E-1
Trustee: A person or institution holding and administering property in trust.

(2) The trustee must at all times:

(A) Maintain fidelity bonds in a form approved by the director in such amounts and providing coverage as required by rules adopted by the director pursuant to chapter 91; and

(B) Maintain a policy of errors and omissions insurance in a form approved by the director in such amounts and providing coverage as required by rules adopted by the director pursuant to chapter 91.

Chapter 514E Contents

LawServer

Hawaii Revised Statutes 514E-23 – Requirements for trustees

Terms Used In Hawaii Revised Statutes 514E-23

Law Offices of David W. Barlow

941 Law Help