Hawaii Revised Statutes 481D-2 – Insurance, salvage, removal, going out of business, creditor’s, and other special sales; sale of damaged goods; notice required; exceptions
No person shall directly or indirectly advertise or cause to be advertised, represent or cause to be represented, or hold out to the public in any manner that any sale of goods is an insurance, salvage, removal, going out of business, insolvent’s, assignee’s, or creditor’s sale of goods, or that it is a sale of goods which have been damaged by fire, smoke, water, or otherwise, without first posting a notice as provided in this chapter, if that person:
Terms Used In Hawaii Revised Statutes 481D-2
- 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.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Goods: includes all goods, wares, merchandise, and other personal property, excepting choses in action and money. See Hawaii Revised Statutes 481D-1
- Person: includes a person, firm, corporation, partnership, association, or two or more persons having a joint or common interest. See Hawaii Revised Statutes 481D-1
- Trustee: A person or institution holding and administering property in trust.
This section shall not apply to any sales made under the direction of any court or trustee in bankruptcy, or to any person acting under the direction and supervision of state or federal courts in the course of their official duties. This section shall not apply to any sales by a person regularly engaged in insurance or salvage of goods, or sale of goods which have been damaged by fire, smoke, water, or otherwise, who acquired the goods for the account of others as a result of fire or other casualty.