Hawaii Revised Statutes 501-216 – State, not liable when
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Terms Used In Hawaii Revised Statutes 501-216
- Contract: A legal written agreement that becomes binding when signed.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- State: means the State of Hawaii. See Hawaii Revised Statutes 501-20
- Trustee: A person or institution holding and administering property in trust.
The State shall not be liable to pay for any loss, damage, or deprivation occasioned by a breach of trust, whether expressed, implied, or constructive, by any registered owner who is a trustee, or by the improper exercise of any power of sale in a mortgage. Nor shall any plaintiff prosecuting a contract claim under this chapter recover as compensation more than the fair market value of the real estate at the time when the plaintiff suffered the loss, damage, or deprivation thereof.