Hawaii Revised Statutes 667-1 – Definitions
Terms Used In Hawaii Revised Statutes 667-1
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Borrower: means the borrower, maker, cosigner, or guarantor under a mortgage agreement. See Hawaii Revised Statutes 667-1
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Department: means the department of commerce and consumer affairs. See Hawaii Revised Statutes 667-1
- Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 667-1
- Dispute resolution: means a facilitated negotiation under part V between a mortgagor and mortgagee for the purpose of reaching an agreement for mortgage loan modification or other agreement in an attempt to avoid foreclosure or to mitigate damages if foreclosure is unavoidable. See Hawaii Revised Statutes 667-1
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Mortgage: means a mortgage, security agreement, or other document under which property is mortgaged, encumbered, pledged, or otherwise rendered subject to a lien for the purpose of securing the payment of money or the performance of an obligation. See Hawaii Revised Statutes 667-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgaged property: means the property that is subject to the lien of the mortgage. See Hawaii Revised Statutes 667-1
- Mortgagee: means the current holder of record of the mortgagee's or the lender's interest under the mortgage or the current mortgagee's or lender's duly authorized agent. See Hawaii Revised Statutes 667-1
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: means the mortgagor or borrower named in the mortgage and, unless the context otherwise indicates, includes the current owner of record of the mortgaged property whose interest is subject to the mortgage. See Hawaii Revised Statutes 667-1
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Nonjudicial foreclosure: means foreclosure under power of sale. See Hawaii Revised Statutes 667-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- power of sale foreclosure: means a nonjudicial foreclosure when:
(1) The mortgage contains, authorizes, permits, or provides for a power of sale, a power of sale foreclosure, a power of sale remedy, or a nonjudicial foreclosure; or
(2) For the purposes of part VI, an association enforces its claim of an association lien, regardless of whether the association documents provide for a power of sale, a power of sale foreclosure, a power of sale remedy, or a nonjudicial foreclosure. See Hawaii Revised Statutes 667-1
- Property: means property (real, personal, or mixed), an interest in property (including fee simple, leasehold, life estate, reversionary interest, and any other estate under applicable law), or other interests that can be subject to the lien of a mortgage. See Hawaii Revised Statutes 667-1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Record: means to record or file a document in the office of the assistant registrar of the land court under chapter 501 or to record a document in the bureau of conveyances under chapter 502, or both, as applicable. See Hawaii Revised Statutes 667-1
- Residential property: means real property that is improved and used for residential purposes. See Hawaii Revised Statutes 667-1
- Service of process: The service of writs or summonses to the appropriate party.
- Summons: Another word for subpoena used by the criminal justice system.
- Trustee: A person or institution holding and administering property in trust.
As used in this chapter:
“Approved budget and credit counselor” means a Hawaii-based budget and credit counseling agency that has received approval from a United States trustee or bankruptcy administrator to provide instructional courses concerning personal financial management pursuant to title 11 United States Code § 111.
“Approved housing counselor” means a Hawaii-based housing counseling agency that has received approval from the United States Department of Housing and Urban Development to provide housing counseling services pursuant to section 106 (a) (2) of the Housing and Urban Development Act of 1968, title 12 United States Code § 1701x, as the agency appears on the United States Department of Housing and Urban Development website.
“Assessment” has the same meaning as “common expenses” in § 514B-3 and “assessment” in § 421J-2.
“Association” has the same meaning as defined in §§ 421J-2 and 514B-3.
“Association documents” has the same meaning as defined in § 421J-2 and includes the “declaration” defined in § 514B-3 and the “bylaws” described in § 514B-108, respectively.
“Association lien” has the same meaning as the lien established under section 421J-10.5 or 514B-146.
“Borrower” means the borrower, maker, cosigner, or guarantor under a mortgage agreement.
“Department” means the department of commerce and consumer affairs.
“Director” means the director of commerce and consumer affairs.
“Dispute resolution” means a facilitated negotiation under part V between a mortgagor and mortgagee for the purpose of reaching an agreement for mortgage loan modification or other agreement in an attempt to avoid foreclosure or to mitigate damages if foreclosure is unavoidable.
“Foreclosure notice” means notice of default and intention to foreclose prepared pursuant to section 667-22.
“Mailed” means to be sent by first class mail, postage prepaid, unless otherwise expressly directed in this chapter.
“Mortgage” means a mortgage, security agreement, or other document under which property is mortgaged, encumbered, pledged, or otherwise rendered subject to a lien for the purpose of securing the payment of money or the performance of an obligation.
“Mortgage agreement” includes the mortgage, the note or debt document, or any document amending any of the foregoing.
“Mortgaged property” means the property that is subject to the lien of the mortgage.
“Mortgagee” means the current holder of record of the mortgagee‘s or the lender’s interest under the mortgage or the current mortgagee’s or lender’s duly authorized agent.
“Mortgagor” means the mortgagor or borrower named in the mortgage and, unless the context otherwise indicates, includes the current owner of record of the mortgaged property whose interest is subject to the mortgage.
“Neutral” means a person who is a dispute resolution specialist assigned to facilitate the dispute resolution process required by part V.
“Nonjudicial foreclosure” means foreclosure under power of sale.
“Owner-occupant” means a person, at the time that a notice of default and intention to foreclose is served on the mortgagor under the power of sale:
(1) Who owns an interest in the residential property, and the interest is encumbered by the mortgage being foreclosed; and
(2) For whom the residential property is and has been the person’s primary residence for a continuous period of not less than two hundred days immediately preceding the date on which the notice is served.
“Power of sale” or “power of sale foreclosure” means a nonjudicial foreclosure when:
(1) The mortgage contains, authorizes, permits, or provides for a power of sale, a power of sale foreclosure, a power of sale remedy, or a nonjudicial foreclosure; or
(2) For the purposes of part VI, an association enforces its claim of an association lien, regardless of whether the association documents provide for a power of sale, a power of sale foreclosure, a power of sale remedy, or a nonjudicial foreclosure.
“Property” means property (real, personal, or mixed), an interest in property (including fee simple, leasehold, life estate, reversionary interest, and any other estate under applicable law), or other interests that can be subject to the lien of a mortgage.
“Record” means to record or file a document in the office of the assistant registrar of the land court under chapter 501 or to record a document in the bureau of conveyances under chapter 502, or both, as applicable.
“Residential property” means real property that is improved and used for residential purposes.
“Serve”, when referring to providing notice of intention to foreclose or notice of default and intention to foreclose pursuant to a nonjudicial foreclosure, means to have service of the notice of default and intention to foreclose made in accordance with the service of process or the service of summons under the Hawaii rules of civil procedure and under sections 634-35 and 634-36, excluding however, any return or affidavit of service obligations required therein.
“Time share interest” has the same meaning as in § 514E-1.
“Unit” has the same meaning as in §§ 421J-2 and 514B-3.
“Unit owner” has the same meaning as “member” in § 421J-2 and “unit owner” in § 514B-3.