Hawaii Revised Statutes 431:10D-652 – Purpose
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Terms Used In Hawaii Revised Statutes 431:10D-652
- 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
The purpose of this part is to require recognition of the escheat or unclaimed property statutes of this State and require the complete and proper disclosure, transparency, and accountability relating to any method of payment for life insurance death benefits regulated by the State’s insurance commissioner.