Hawaii Revised Statutes 518-2 – No recovery on illegal covenants
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Terms Used In Hawaii Revised Statutes 518-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
Any covenant or clause contained in any lease made by any person, association, firm, or corporation in violation of this chapter is declared to be illegal, and no recovery thereon shall be had, provided that the illegal covenant or clause shall not affect the validity of the remainder of the lease.