Hawaii Revised Statutes 667-40 – Use of power of sale foreclosure in certain non-mortgage situations
Terms Used In Hawaii Revised Statutes 667-40
- 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
- Nonjudicial foreclosure: means foreclosure under power of sale. See Hawaii Revised Statutes 667-1
- 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
A power of sale foreclosure under this part may be used in certain non-mortgage situations where a law or a written document contains, authorizes, permits, or provides for a power of sale, a power of sale foreclosure, a power of sale remedy, or a nonjudicial foreclosure. These laws or written documents are limited to those involving time share plans, condominium property regimes, and agreements of sale.