(a) The expiration, before or after July 1, 2009, of a period of limitation on the owner‘s right to receive or recover property, whether specified by contract, statute, or court order, shall not preclude the property from being presumed abandoned or affect a duty to file a report or to pay or deliver or transfer property to the administrator as required by this part.

Terms Used In Hawaii Revised Statutes 523A-19

  • Administrator: means the director of finance. See Hawaii Revised Statutes 523A-2
  • Contract: A legal written agreement that becomes binding when signed.
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Holder: means a person obligated to hold for the account of, or deliver or pay to, the owner of property that is subject to this part. See Hawaii Revised Statutes 523A-2
  • Owner: means a person who has a legal or equitable interest in property subject to this part or the person's legal representative. See Hawaii Revised Statutes 523A-2
  • Property: means tangible property described in § 523A-4 or a fixed and certain interest in intangible property that is held, issued, or owed in the course of a holder's business, or by a government, governmental subdivision, agency, or instrumentality, and all income or increments therefrom. See Hawaii Revised Statutes 523A-2
  • State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession subject to the jurisdiction of the United States. See Hawaii Revised Statutes 523A-2
  • Statute: A law passed by a legislature.
(b) An action or proceeding may not be maintained by the administrator to enforce this part in regard to the reporting, delivery, or payment of property more than ten years after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property. In the absence of such a report or other express notice, the period of limitation shall be tolled. The period of limitation shall also be tolled by the filing of a report that is fraudulent.
(c) Beginning on July 1, 2014, any claim made under this part for funds in the unclaimed property trust fund shall be void if the claim is:

(1) For funds totaling less than $100; and
(2) Filed more than ten years after the date that the full amount of the claim was deposited into the unclaimed property trust fund;

provided that for funds totaling less than $100 that were deposited into the unclaimed property trust fund on or prior to June 30, 2014, the ten-year time limitation on claiming the funds shall commence on July 1, 2014. Unclaimed funds subject to this subsection, upon the expiration of the ten-year time limitation, shall escheat to the State and be transferred to the general fund.

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