Hawaii Revised Statutes 449-16.5 – Earnings on funds
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Hawaii Revised Statutes 449-16.5
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means any transaction affecting the title to real property, including leaseholds, proprietary leaseholds, and condominiums, in which a person not a party to the transaction and neither having nor acquiring any interest in the title receives from one party to the transaction, holds until the happening of an event or performance of a condition and then delivers to another party to the transaction, any money or other consideration or any instrument affecting the title to that real property, all in accordance with the terms of the agreement between the parties to the transaction. See Hawaii Revised Statutes 449-1
- Fiduciary: A trustee, executor, or administrator.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
In all escrow agreements involving the purchase of real property or appurtenances thereon and in which an escrow depository acts as a fiduciary party holding the funds in escrow, any earnings on such funds during the holding thereof shall accrue to the credit of the purchaser in such transaction unless otherwise instructed in writing by the purchasers and sellers in the escrow.