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Terms Used In Hawaii Revised Statutes 412:2-420

  • Contract: A legal written agreement that becomes binding when signed.
  • Financial institution: means a Hawaii financial institution, and unless the context indicates otherwise, a federal financial institution or foreign financial institution. See Hawaii Revised Statutes 412:1-109

Recovery on a claim against an insolvent Hawaii financial institution in receivership resulting from wrongful termination of an employment contract shall not exceed the unpaid compensation, without acceleration, pursuant to the contract when the employee was directed to terminate or when the employee actually terminated performance under the contract, whichever first occurred, plus compensation as provided under the contract, without acceleration, for ninety days thereafter.