Hawaii Revised Statutes 523A-6 – Dormancy charge
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Terms Used In Hawaii Revised Statutes 523A-6
- Contract: A legal written agreement that becomes binding when signed.
- 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
A holder may deduct from property presumed abandoned a charge imposed by reason of the owner‘s failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the charge and the holder regularly imposes the charge, which is not regularly reversed or otherwise canceled. The amount of the deduction shall be limited to an amount that is not unconscionable.